The Agency is the latest company to suffer staff reductions

The Agency is the latest real-estate brokerage to be affected by the 2023 layoff bug. According to the agency, The Agency laid off 4% or less than 15 employees last week.
“Due to the current economic challenges, we made the difficult choice to reduce The Agency’s staff by less than 15 this week. “We are not immune from the economic environment that all businesses, especially real estate firms, are facing right now,” Mauricio Umasky, CEO of The Agency, stated in an emailed statement.
“We want to express our deepest appreciation for all the contributions made by our employees. This decision was not taken lightly. However, it is a good sign for our future success. The Agency is committed to long-term profitability and sustainable growth.
According to LinkedIn posts by former employees of The Agency this appears to be The Agency’s third round in six-months of layoffs. The recent rounds of layoffs affected employees in IT and administrative positions.
Many real estate firms have had a difficult start to the year. Wells Fargo announced earlier this week that it had eliminated 140 jobs from the correspondent channel. In January, Anywhere Real Estate saw another round of cuts, bringing its head count down to 11% since June 2022.
Compass also announced its fourth round in layoffs since June 2022, just a few days before the new year began.