In line with some of the recent moves of its competitors, Anywhere Real Estate has cut its staff as part of the company’s ongoing cost-saving efforts amid a choppy market.
An Anywhere spokesperson declined to provide specifics on which departments or positions were impacted or how many employees were swept up in the process. However, it seems the layoffs didn’t include employees of Anywhere Brands (formerly known as “Realogy Franchise Group”) or Anywhere Advisors (“Realogy Brokerage Group”).
“Over the past few years, we have been relentless on costs and proactive in strengthening our balance sheet, and we continue to make decisions that enable us to both navigate today’s environment and further invest in our future,” the spokesperson told Inman on Thursday. “Part of our ongoing cost management includes evaluating business initiatives, finding simplification and efficiencies, and right-sizing the enterprise to be in line with demand.”
During its second-quarter earnings call, Anywhere Chief Executive Officer and President Ryan Schneider and Executive Vice President and Chief Financial Officer Charlotte Simonelli both said they would be laser-focused on further strengthening the company’s balance sheet in the face of a possible recession.
“We have targeted an additional $70 million of cost savings to give us greater flexibility to balance our strategic priorities and growth investments against the current housing market backdrop,” Simonelli said of the results of Anywhere’s cost-saving strategies during the first half of the year.
Although Schneider nor Simonelli explicitly mentioned the possibility of layoffs at the time, both leaders said they’d focus on improving efficiencies and driving growth within the business segments most likely to help the company glide through a potential recession, such as Cartus.
“Our relocation business generated favorable operating EBITDA in the quarter led by strong client initiation volume, which was up almost 40 percent year-over-year, including a resurgence of international volume are Anywhere Advisors business, which [have] an average price point above $700,000,” Simonelli said of Cartus’ robust performance during Q2.
Throughout the summer, multiple real estate companies have streamlined their workforces in preparation for a projected recession in 2023.
Keller Williams cut its marketing team in half three days before its annual Mega Camp conference on Aug. 23, and Anywhere-rival Compass slashed 10 percent of its full-time workforce inflation and rising mortgage rates put the crunch on the company’s cash flow. Redfin, RE/MAX and REX Real Estate also announced layoffs amid restructuring efforts in their tech and mortgage subsidiaries.