Homie Don’t Play That – Fires 20% of Staff
Published On: October 5, 2022 Posted by: Jeremy Peterson
In another sign that the grandiose promises of “technological disruption” in the real estate market have once again come up empty, Utah based Homie has announced that it is laying off up to 20% of its workforce. You might recall that Homie started as a low listing fee brokerage wrapped in the cloak of a tech company. Due to revenue struggles it branched out into title services and financing to help keep the company bottom line going.
We have to give them credit for trying. But, alas, a business model based on low margins and high volume is bound to be clobbered when sales volume fails like it is right now. Of course, there isn’t much love lost between agents in the market and Homie as it has recently, and historically, characterized other listing agent’s commissions as a sinister breach of public trust. Such dubious marketing has left it lonely among the fellowship of Realtors.
So, will Homie survive this new lower volume market? We are only four months into a new market dynamic. We will watch and see. In the meantime, the company is following the admonition of my favorite 1990’s clown curmudgeon Homey: “Homey don’t play that!”
