White-label brokerage Side this week confirmed it has made another round of staff cuts, its second since June.
The venture-backed brokerage did not disclose the number of employees who were laid off. In a statement, the company said the layoffs were “the result of planned technology advancements that have increased our efficiency, as well as consideration of the broader macroeconomic climate.”
The spokesperson said the cuts had “virtually no impact” to its product, engineering or agent growth teams.
Side, a luxury-focused outfit that’s attracted some of the biggest producers in residential real estate in recent years, announced a layoff of about 10% of its workforce in early June, with CEO Guy Gal acknowledging the company had grown too fast.
The Real Deal first reported the October round of layoffs.
Its brokerage rivals have been trimming staff as well. Compass, Anywhere Real Estate and Redfin have all made cuts in recent months as sales volume falls.
Side raised $200 million in 2021 for a valuation of $2.5 billion at the time. Valuations for real estate and mortgage companies in general have fallen substantially in recent months as the Federal Reserve’s rate hikes chill the housing market.