{"id":3293,"date":"2022-07-07T21:59:18","date_gmt":"2022-07-07T21:59:18","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/07\/07\/re-max-quietly-lays-off-17-of-staff\/"},"modified":"2025-03-13T02:44:32","modified_gmt":"2025-03-13T02:44:32","slug":"re-max-quietly-lays-off-17-of-staff","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/07\/07\/re-max-quietly-lays-off-17-of-staff\/","title":{"rendered":"RE\/MAX quietly lays off 17% of staff"},"content":{"rendered":"\n

Denver-based RE\/MAX<\/strong> is a residential real estate institution, rewriting the agent and brokerage playbook back in the 1970s and 80s. But on Thursday RE\/MAX announced that 17% of its staff, or 120 employees, would be let go by the end of the year. <\/p>\n\n\n\n

The layoffs will affect company technology workers, including operators of the booj platform, its customer relationship management software for brokers and agents. <\/p>\n\n\n\n

RE\/MAX also said in a Securities and Exchange Commission<\/strong> filing that the company is making a “strategic investment” in lending arm, Motto Mortgage<\/strong>, and plans to hire an unspecified number of workers in that division by the end of the year.<\/p>\n\n\n\n

RE\/MAX, whose business model is collecting fees from franchisees, notified the affected workers.* News of the layoffs appeared on page four of a six-page release. The first few pages discuss how RE\/MAX is trying to attract and retain teams of real estate agents. The release also discusses an unspecified planned investment in mortgage sales and marketing.<\/p>\n\n\n\n

The layoffs come amid other real estate companies such as Redfin<\/strong>, Compass<\/strong> and HomeLight<\/strong> announcing pink slips, not to mention a plethora<\/a> of mortgage lending company layoffs. <\/p>\n\n\n\n

RE\/MAX, though, has not suffered the income losses of Redfin <\/strong>and Compass. The company generated $1.2 million in the first quarter of 2022, on $91 million in revenue. <\/p>\n\n\n\n

RE\/MAX CEO Adam Contos stepped down<\/a> in January and a replacement has not been named. Steve Joyce has served as interim CEO.<\/p>\n\n\n\n

* UPDATE July 7: After publication of the story, a RE\/MAX spokesperson informed RealTrends that the affected employees have all been notified. Also the spokesperson noted that the layoffs were partly due to a partnership between RE\/MAX and Inside Real Estate<\/strong>, a technology provider. “With this evolutionary step in our technology strategy, some of the existing software products developed in-house will sunset. As a result, the size of our technology team has been adjusted,” the spokesperson said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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