With home transactions slowing down, discount brokerage Homie has announced a second round of layoffs for 2022 and the resignation of its CEO.

Homie laid off 40 workers in September, following a 25% staff cut in February, the Salt Lake Tribune reported. The first round affected 119 of the 414 people that Homie employed then.

In a very public announcement at Salt Lake City’s Silicon Slopes Summit, Homie co-founder Johnny Hanna said he would step down as CEO.

“The real estate market … has been thrown into turmoil,” Hanna explained, as reported by Axios. “Interest rates are near triple what they were in recent years. Add that to the beginning of a recession, and you’ve got an uphill battle.”

Co-founder Mike Peregrina will take on full management of Homie, though Hanna will maintain his role as chairman of the company’s board.

Homie, founded in 2014, has staked its business on discounted agent fees. It charges sellers $3,500 to list homes rather than a more typical 5%-6% of the selling price. 

The company serves clients in Utah, Phoenix, Las Vegas, Boise and Denver. It has raised $31.4 million in funding, according to Crunchbase.

 

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