Fly Homes Lays Off Workers Amid ‘Housing Depression’

The layoffs are the second layoffs this year by the end-to-end platform pioneer. They also add thousands of other real estate layoffs this year.

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fly homes Vertically integrated broker and mortgage lenders said they would lay off workers on Wednesday. This is her second layoff in the last five months.

The company announced the layoffs on LinkedIn, saying, “We are very sad to share that we are saying goodbye to many beloved teammates at Flyhomes today. The percentage of employees killed was not disclosed.

In response to Inman’s inquiry, the company said it had no plans to share any additional information beyond the LinkedIn announcement.

However, the announcement pointed to “rapidly changing market conditions” that required “painful steps” to be taken to “secure the long-term trajectory of the company.”

“The reality is that the housing sector is currently in recession, and the latest report expects the market to remain cold longer than anyone initially predicted,” the announcement continued.

fly homes previously laid off 20% of the workforce in July. At the time, the company cited rapidly rising mortgage rates and declining demand for housing as reasons for the cut.

In the case of Wednesday’s new layoffs, Flyhomes said on LinkedIn that employees who lost their jobs will receive a severance package and “transition assistance.”

fly homes Active as an all-in-one pioneer real estate platform. In addition to the brokerage business and mortgage business, power buyer product. Flyhomes launched in his 2016 and expanded rapidly. $150 million in Series C Funds raised last year.

But the company’s growth also came headlong into the worsening housing recession. The recession hit mortgage providers first, then spilled over to other sectors. in total, Thousands of real estate professionals lost their jobs Lenders, brokerages and technology companies are all scrambling to cope with changing market conditions.

The recession has also hit real estate technology companies particularly hard. Listed companies that do not include Flyhomes stock prices fall for monthsSome of the most important stories in real estate tech these days include the Opendoor revelation. lost about $1 billion in one quarterand Redfin has now discontinued the iBuying program.

In the case of Flyhomes, the company thanked its employees for their contributions as they eventually left.

“They have worked tirelessly to build this company, and the Flyhomes story will forever be part of their legacy,” said a LinkedIn announcement. “He’s a great group of people who came to Flyhomes because they want to solve really hard problems and they don’t back down from a challenge.”

Email Jim Dalrymple II

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