The power buyer previously cut 20 percent of its staff in August. The cuts come as the broader real estate industry grapples with soaring mortgage rates and slowing sales.
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Austin-based power buyer Homeward announced Wednesday that it is cutting staff in what is now its second round of layoffs this year.
Tim Heyl
Founder and CEO Tim Heyl announced the cuts in a blog post and email Wednesday, writing that “we will be parting ways with 25 percent of our Homeward team.” The post added that additional employees would be furloughed, while still others would be moved into new positions, though Heyl did not mention how many individuals would be impacted by such changes. Heyl further explained the need for cuts by noting that “we — and many other companies — are entering a challenging time” and that the market has “continued to evolve beyond our initial expectations.”
The cuts come about three months after Homeward previously laid off 20 percent of its staff. The company also cited a shifting market when announcing those layoffs.
Heyl did not say how many total employees would be leaving the company in Wednesday’s announcement of the latest cuts. However, the last round of cuts left the company with roughly 480 workers. Twenty-five percent of that number would be 120 — which is about the same number of cuts Homeward made in the previous round of layoffs.
The company didn’t immediately respond to Inman’s request for additional information Wednesday.
Workers leaving Homeward will receive severance, two months of health insurance and other incentives.
The layoffs come as a bruising year in real estate nears its conclusion. Though expectations were bright at the…