Flyhomes, a Seattle-based real estate startup, announced another round of job cuts last week amid low home sales and housing inventory.
In a LinkedIn post, Flyhomes said the layoffs are part of an effort to restructure the business and "meet the needs of our customers in a rapidly evolving real estate market."
"Each and every staff member impacted by this decision is an incredible teammate and a great person and any organization in need would be lucky to have them. We will continue to share more details around the proactive steps we are taking to help customers navigate the challenging market, but for now, our focus is on those leaving today," the post read.
It is unclear how many Flyhomes employees will lose their jobs. It is also unclear which roles the real estate startup plans to remove. However, several employees working in field operations and escrow have posted on LinkedIn that they were laid off by the company, per Seattle Times.
Previous Job Cuts
This is not the first time Flyhomes laid off its employees. In late July, the real estate firm removed 20% of its staff, the third layoffs it did this year.
"I will confirm that this extremely difficult decision was necessary for the company to navigate the sustained, challenging real estate market conditions and drive our continued focus toward profitability," Flyhomes spokesperson Justin O'Neill told GeekWire in an emailed statement.
The company also declined to provide details on the number of employees affected by the cut, but posts from employees suggested that the Flyhomes layoffs impacted operations associates and underwriters, according to GeekWire.
The Housing Wire also reported that 200 employees in Seattle and India were affected by the job cut, as well as a senior client success specialist in Washington.
FlyHomes launched in 2016 with the aim of providing short-term loans that allow home buyers to offer cash payments, making them more competitive in the housing market. The company has grown quickly since it opened, securing $150 million in funding in the summer of 2021. By early 2022, the firm had 820 employees.
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