Layoffs at eXp? 35 employees ‘venturing into new opportunities’
In a LinkedIn post, eXp’s EVP of People implied that nearly three dozen people had been laid off. The company later acknowledged "a small reorganization."
Key points:
- eXp’s EVP of People, Mike Vein, shared a list on LinkedIn of former employees who he said “have been invaluable members of our team.”
- An eXp spokesperson said the company does not "take these decisions lightly."
- Other big companies in the industry, such as Zillow and RE/MAX, have also conducted layoffs in recent months.
Despite increasing optimism for a stronger economy and housing market in 2024, layoff announcements continue to pile up across many industries, including in real estate.
On Friday afternoon, eXp's EVP of People, Mike Vein, announced via LinkedIn that the company is looking to help roughly 35 people "venturing into new opportunities."
While Vein does not explicitly state that the employees listed in a spreadsheet attached to the post were laid off by eXp, a spokesperson confirmed to Real Estate News late Friday that the company had "a small reorganization that impacted a mix of fulltime and contractors."
"We hire and train the best talent, and don't take these decisions lightly. We are committed to supporting our people in finding their next role," the spokesperson said.
The bulk of the former employees on the list had roles in brokerage or business operations. As eXp is a cloud-based brokerage, the former employees in the post are based in various locations across the country.
"We are sharing a list of these skilled professionals with our network, confident in their potential to excel in future roles," Vein wrote in the post. "They have been invaluable members of our team, and I am confident they will be tremendous assets wherever their careers take them next."
eXp is not the only company in the real estate industry to see layoffs in recent months. In November, Zillow confirmed a layoff that affected roughly two dozen employees. In August, RE/MAX reduced its workforce by about 7%, in an effort to "streamline the Company's operations and yield cost savings," the company said.
During eXp's Q3 earnings report in November, CEO Glenn Sanford indicated that the company had increased market share and added agents even as revenue remained flat. Sanford also said that he saw "international as the largest driver of future growth" for the company as it continued to operate "in a challenging market."