Realtor.com®, operated by Rupert Murdoch-owned News Corp. subsidiary Move. Inc., recently announced a reduction to its workforce.
In an internal memo obtained by RISMedia, David Doctorow, chief executive of Move, told employees the staff cuts were “part of a broader effort to cut expenses and to continue the realignment of our organization.” The Real Deal reported that realtor.com® laid off more than 100 of its 1,400 employees—a company spokesperson was unable to confirm this number.
Doctorow took the helm in February as part of a larger organizational “realignment.” In additional executive restructuring, Michael Lam was named chief operating officer on April 22, a new position.
However, the staff cuts are not simply due to organizational changes. According to Doctorow, the need to cut costs rapidly is a direct result of the current pandemic, which hit the company hard in March.
“It was then that we quickly recognized how urgent it was to cut costs significantly. In response, we announced major reductions to our hiring, travel and marketing expenses on March 31, and enacted those immediately, hoping these steps would be sufficient to weather the storm,” said Doctorow in the memo.
Realtor.com® then made the decision to implement further reductions across all “functions and levels,” impacting “every office and business unit.”
Doctorow said he plans to release additional updates at the company’s “all hands” meeting later this month. In addition, the leadership team will be hosting an “Ask Me Anything” session on May 6 for employees.
“Every office and business unit was impacted, and the reductions were spread across all functions and levels,” a Move spokesperson told RISMedia. “Our commitment to our customers has not changed. We have provided billing relief to our customers over the past two months, and we remain focused on delivering the highest value to them as we move ahead.”
Amidst the coronavirus pandemic, several notable real estate companies are having to make difficult staffing decisions. These include layoffs by Redfin, OpenDoor and Compass.
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