Side has undergone a round of layoffs this week, real deal Learned.

The San Francisco-based white label brokerage laid off 12 employees, according to founder Guy Gal.

“We laid off 12 people and plan to rehire into those positions, not remotely,” Gall said upon arrival Thursday. All affected employees are from the sales department.

This isn’t the first time Side has faced layoffs. In October, the brokerage confirmed layoffs, but did not specify how many. According to media reports, as early as June 2022, Side laid off 10% of its staff. “We’ve grown our team faster than we can train, support, and develop everyone to meet the demands of changing roles and processes,” Side co-founder Guy Gal said in an email to employees.

And it’s far from the only agency cutting staff. Behemoths including Compass and Anywhere Real Estate, as well as boutique firms like Agency, have laid off staff over the past year.

In January, Side hired Zillow veteran Stephen Capezza as president to drive national growth. Last summer, the company courted Tal and Oren Alexander, who launched their official Side-affiliated partnership.

Side last raised money at a $2.5 billion valuation during the 2021 venture capital boom.

This story was updated with a comment from Side.

read more

Leave a Reply

Your email address will not be published. Required fields are marked *