UPDATED: OCT. 20, 12:15 P.M.:
Side, a venture-backed white-label brokerage that has teamed up with some of the biggest residential dealmakers, just conducted a new round of layoffs, The Real Deal has learned.
When asked for comment, San Francisco-based Side confirmed the layoffs, but declined to specify how many there were.
“We notified some Side employees that their roles will be eliminated,” a spokesperson for the firm said in a statement. “This was a result of planned technology advancements that have increased our efficiency, as well as consideration of the broader macroeconomic climate. There was virtually no impact to our product, engineering or agent growth teams.”
Residential firms across the country have been laying off staff in a bid to cut costs and prepare for a slower housing market. Brokerages that have recently laid off employees include Anywhere Real Estate and Compass.
The recent layoffs come several months after Side cut 10 percent of its workforce. Brokerage founder Guy Gal blamed a softening economy in part for cuts that took place in June.
“We expanded the team faster than we could train, support and develop everyone to meet the demands of changing roles and processes,” Gal said in an email to employees, which was quoted in media reports.
Side’s last known valuation was $2.5 billion in 2021, when it raised $200 million.
Correction: Previous story had incorrect amount of Side’s last capital raise and stated that Side was looking for more money, which a company spokesperson clarified as not accurate.