{"id":3597,"date":"2022-10-21T15:05:41","date_gmt":"2022-10-21T15:05:41","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/10\/21\/side-makes-another-round-of-layoffs\/"},"modified":"2025-03-13T02:47:41","modified_gmt":"2025-03-13T02:47:41","slug":"side-makes-another-round-of-layoffs","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/10\/21\/side-makes-another-round-of-layoffs\/","title":{"rendered":"Side makes another round of layoffs"},"content":{"rendered":"\n<p>White-label brokerage <strong>Side<\/strong> this week confirmed it has made another round of staff cuts, its second since June. <\/p>\n\n\n\n<p>The venture-backed brokerage did not disclose the number of employees who were laid off. In a statement, the company said the layoffs were &#8220;the result of planned technology advancements that have increased our efficiency, as well as consideration of the broader macroeconomic climate.&#8221;<\/p>\n\n\n\n<p>The spokesperson said the cuts had &#8220;virtually no impact&#8221; to its product, engineering or agent growth teams. <\/p>\n\n\n\n<p>Side, a luxury-focused outfit that&#8217;s attracted <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/realtrending-sides-guy-gal-on-why-side-real-estate-is-worth-2-5-billion-valuation\/\" target=\"_blank\" rel=\"noreferrer noopener\">some of the biggest producers<\/a> in residential real estate in recent years, announced a layoff of about 10% of its workforce in early June, with CEO Guy Gal<a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/side-lays-off-about-40-employees\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a0acknowledging the company<\/a>\u00a0had grown too fast.<\/p>\n\n\n\n<p>The Real Deal <a href=\"https:\/\/therealdeal.com\/la\/2022\/10\/19\/white-label-brokerage-side-confirms-new-round-of-layoffs\/\" target=\"_blank\" rel=\"noreferrer noopener\">first reported<\/a> the October round of layoffs. <\/p>\n\n\n\n<p>Its brokerage rivals have been trimming staff as well. <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/compass-chasing-profitability-makes-another-round-of-cuts\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Compass<\/strong><\/a>, <strong><a href=\"https:\/\/profiles.realtrends.com\/broker-details\/realogy+brokerage+group\/r\/recb6TtvHdtVSq0jJ\">Anywhere Real Estate<\/a><\/strong> and <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/redfin-lays-off-8-of-workforce\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Redfin<\/strong><\/a> have all made cuts in recent months as sales volume falls. <\/p>\n\n\n\n<p>Side raised $200 million in 2021 for a <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/side-raises-second-round-of-financing-doubles-valuation-to-2-5-billion\/\" target=\"_blank\" rel=\"noreferrer noopener\">valuation of $2.5 billion<\/a> at the time. Valuations for real estate and mortgage companies in general have fallen substantially in recent months as the Federal Reserve&#8217;s rate hikes chill the housing market. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>White-label brokerage Side this week confirmed it has made another round of staff cuts, its second since June.<\/p>\n","protected":false},"author":11941,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[773],"class_list":["post-3597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Side makes another round of layoffs - RealTrends - 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