Realtors: Compass lays off 375 staffers & expects 50% revenue drop over next 6 months |
- Compass lays off 375 staffers & expects 50% revenue drop over next 6 months
- Licensed in 2 markets. Should I move?
- Leverage
- Bad move to become a realtor now?
| Compass lays off 375 staffers & expects 50% revenue drop over next 6 months Posted: 24 Mar 2020 06:09 AM PDT "Today was not an easy day for Compass," he wrote. "While the timing of the economic recovery is uncertain, we are certain that by making these hard decisions today, our company's future is secure." After raising $1.5 billion from investors, Compass ended 2019 with 15,500 agents and 2,500 staffers nationwide. The layoffs cost roughly 375 staff members their jobs. In Reffkin's letter, he said showings dropped by more than 60 percent as residents of major cities, including New York, San Francisco and Los Angeles, stayed home en masse. "We are modeling a six-month decline in revenue of 50%," he said. 375 staff workers in RE industry is a big number given most of its employees are independent contractors. Add 50% revenue drop to that. This does not look good for the rest of industry. Compass is a well funded firm and if they are not doing well whats in store for the rest of brokerages. [link] [comments] |
| Licensed in 2 markets. Should I move? Posted: 24 Mar 2020 10:18 AM PDT I'm licensed in 2 markets. One considers real estate an essential business. One (where I live) doesn't. I have a home in the other market. Do you think it's worth it to relocate until the shutdowns are over? [link] [comments] |
| Posted: 24 Mar 2020 10:07 AM PDT Is offering to lower your commission as a buyers agent to beat out other offers in a multiple offer situation a good negotiating tactic? [link] [comments] |
| Bad move to become a realtor now? Posted: 24 Mar 2020 08:52 AM PDT At the start of this year I had decided I wanted to become a real estate agent. I had given myself a one-year timeline to take the required coursework (75 hours in NY state), sit the two exams, and pad out my emergency fund before quitting my current job at the start of 2021. Then COVID-19 happened, and I'm out of work anyway. My new idea is to grind through the 75 hours, sit my exams, but then still wait until new years to begin working. This would mean a gap of about six months between passing my exams and hanging my license. Would this look bad? Will there even be much of a market for me to enter into? [link] [comments] |
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