Realtor.com has reportedly slashed more than 100 jobs amidst the economic turmoil caused by the COVID-19 pandemic.
Inman, citing “a source close to the company,” first reported the layoffs at Realtor.com, which is operated by News Corp. subsidiary Move. Inc. The source did not confirm the exact number of job cuts, but said it was more than 100 employees but less than 20% of Realtor.com’s staff. The real estate listing site employs about 1,400 people.
Move CEO David Doctorow announced the layoffs in a letter to staff Tuesday, Inman reported. Doctorow said that the job cuts were partially due to COVID-19, but were also motivated by a larger restructuring of the company.
In his letter to Realtor.com employees, Doctorow said that when he took the reins at Move. Inc. earlier this year, he began a review and realignment of the company’s structure.
“As we were working through what this realignment would look like and the impact it would have on all of us, the COVID-19 global pandemic hit with full force in March,” Doctorow said. “It was then that we quickly realized how urgent it was to cut costs significantly.”
Doctorow said that the company cut hiring, travel and marketing expenses in an effort to save costs.
“But with each passing day, we have seen more evidence that no industry will emerge unscathed, and there was a need to continue streamlining our business given the business climate, in order to secure a stronger platform for our company and our people in the months and years ahead,” he said.
Doctorow said in his letter that the cuts were “spread across functions and levels” and that every office and business unit would be impacted.