Homie

Homie, a Utah-based real estate technology company that aimed to disrupt the traditional homebuying and selling process, has laid off its remaining real estate agents as it shuts down its brokerage business. The company, which previously employed around 200 people at its peak, did not specify the exact number of agents affected in this final round, but the move effectively ends its direct brokerage operations. This decision, announced in late November 2023, is part of Homie's shift to a referral-based model, where it will connect clients with external real estate agents and contractors instead of employing its own. The layoffs follow a period of financial struggles and leadership changes within the company, reflecting challenges in the competitive proptech industry. Homie, once a growing startup, continues to operate on a reduced scale, focusing on its technology platform and referral services.

Utah-based real estate tech company Homie conducted significant layoffs last month, quietly letting go of a large portion of its workforce before rehiring some employees. The company, which aimed to disrupt the traditional homebuying and selling process, is struggling to stay relevant amid a challenging real estate market. These continuing workforce reductions reflect the broader pressures within the tech and real estate sectors as the company scales back operations.

Homie, a Utah-based flat-fee real estate brokerage startup, laid off 40 employees in early October 2022, representing about 13% of its remaining workforce. This followed a previous round of layoffs in February that cut 28% of staff. The company, which operates in several western states, is struggling with severe market turmoil, including soaring mortgage rates and early recession signs that have disrupted the housing industry. Co-founder and CEO Johnny Hanna departed his role amid these challenges, though he remains as board chairman, while fellow co-founder Mike Peregrina stepped up as CEO. Homie is among many proptech and brokerage firms facing significant cutbacks as the pandemic-driven real estate frenzy cools.

In February 2022, Utah-based real estate technology startup Homie conducted companywide layoffs, reducing its workforce by 28%, which impacted 119 employees across its operations in several western states. The cuts were a response to a roiled real estate market characterized by record low housing inventories and intense competition, making 2021 and early 2022 exceptionally challenging for buyers and sellers. CEO Johnny Hanna described the decision as extremely difficult, citing unprecedented market conditions that forced the company to make critical operational changes to navigate the downturn.