As the housing market continues to slow, real estate firms looking to cut costs have undergone layoffs, and employees at venture capital-fueled firm Flyhomes are the latest victims.
The real estate firm announced the layoffs on Wednesday in a LinkedIn post.
“Building the world’s best home buying and selling experience can only happen if we continue to adapt to the rapidly shifting market conditions, and take the necessary, albeit painful steps, to preserve capital through uncertain economic conditions to ensure the long term trajectory of the company,” the post read. “The reality is, the housing sector is now in a recession, and the latest reports show that the market is expected to continue cooling for longer than anyone initially predicted.”
This is Flyhomes’ second round of layoffs in the past four months. The Seattle-based company laid off 20% of its workforce in mid-July.
A spokesperson for the firm would not disclose the size or scope of the most recent round of layoffs.
Through subsidiaries, which include Flyhome Brokerage, Flyhomes Mortgage and Flyhomes Closing, Flyhome claims to provide end-to-end home buying services. Founded in 2016, Flyhomes offers a cash offer program for homebuyers with a majority of its revenue coming from agent commissions.
Earlier this year, Flyhomes CEO and co-founder Tushar Garg told RealTrends that the future success of his company is guaranteed by the wide variety of services the firm offers.
“We put people at the heart of the transaction,” Garg told RealTrends in September. “It is one of the largest transactions in someone’s life and we wanted to make it incredible for them, making each part of it better. We are not just a brokerage, or a mortgage company or a title firm. We are a consumer company helping customers be able to buy their homes the best way possible.”
