{"id":3953,"date":"2023-02-03T16:06:06","date_gmt":"2023-02-03T16:06:06","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2023\/02\/03\/the-agency-becomes-the-latest-firm-to-undergo-staff-cuts\/"},"modified":"2025-03-13T02:49:01","modified_gmt":"2025-03-13T02:49:01","slug":"the-agency-becomes-the-latest-firm-to-undergo-staff-cuts","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2023\/02\/03\/the-agency-becomes-the-latest-firm-to-undergo-staff-cuts\/","title":{"rendered":"The Agency becomes the latest firm to undergo staff cuts"},"content":{"rendered":"\n<p><strong>The Agency<\/strong> is the latest real estate brokerage to be hit by the layoff bug in 2023. According to the firm, The Agency laid off 4% of its work force, or fewer than 15 of its staff members, last week.<\/p>\n\n\n\n<p>\u201cDue to the challenges presented by <a href=\"https:\/\/www.housingwire.com\/housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">the current economic climate<\/a>, we made the difficult decision to reduce less than 15 members of The Agency\u2019s staff this week. We are not immune to the economic environment that all companies, especially real estate companies are facing right now,\u201d Mauricio Umansky, the CEO of The Agency, wrote in an emailed statement. <\/p>\n\n\n\n<p>\u201cWe would like to express our deepest gratitude for the contributions of all our employees. While this decision was not made lightly, we believe this positions us for future success. The Agency continues to make efforts to be fiscally responsible and is fundamentally committed to profitability and long-term, sustainable growth.\u201d<\/p>\n\n\n\n<p>Based on <strong>LinkedIn<\/strong> posts from former employees of The Agency, this appears to be the firm\u2019s third round of layoffs in the last six months. Employees impacted by the recent rounds of layoffs held <a href=\"https:\/\/www.linkedin.com\/posts\/amanda-rogers-a863a975_laidoff-nextopportunity-jobhunting-activity-6957800778421936128-8LCg?utm_source=share&amp;utm_medium=member_desktop\" target=\"_blank\" rel=\"noreferrer noopener\">administrative<\/a> and <a href=\"https:\/\/www.linkedin.com\/posts\/codey-h-5584011b4_opportunities-work-career-activity-7004248038789537792-RXqP?utm_source=share&amp;utm_medium=member_desktop\" target=\"_blank\" rel=\"noreferrer noopener\">IT positions<\/a>. \u00a0<\/p>\n\n\n\n<p>The start of the year has been a tough one for many firms in the real estate industry. Earlier this week, <strong>Wells Fargo<\/strong> announced that it had cut <a href=\"https:\/\/www.housingwire.com\/articles\/wells-fargo-cuts-140-jobs-as-it-exits-the-correspondent-channel\/\" target=\"_blank\" rel=\"noreferrer noopener\">140 jobs<\/a> due to its exit of the correspondent channel, and in January<strong>, Anywhere Real Estate<\/strong> underwent <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/anywhere-real-estate-makes-another-round-of-cuts\/\" target=\"_blank\" rel=\"noreferrer noopener\">another round of cuts<\/a> \u2014 bringing its head count down 11% since the end of June 2022. <\/p>\n\n\n\n<p>Meanwhile, while <strong>Compass<\/strong> announced its <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/compass-further-reduces-staff\/?cx_testId=6&amp;cx_testVariant=cx_1&amp;cx_artPos=2&amp;cx_experienceId=EXSCFTQKT12O#cxrecs_s\" target=\"_blank\" rel=\"noreferrer noopener\">fourth round of layoffs<\/a> since June 2022 just a few days into the new year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Agency cut 4% of its staff last week, citing the housing market slowdown and overall economic climate as the cause.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - 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