Opendoor, the San Francisco-based iBuyer, is laying off around a fifth of its workforce for the second time in less than six months. The company finished 2022 with 12,788 homes in its inventory.
Opendoor, an online real estate firm, is laying off 560 employees, or 22% of the company — the second major job cut at the San Francisco-based company in less than six months.and confirmed in a note to SFGATE, the layoff round will mainly hit workers in Opendoor’s operations unit. A spokesperson said laid-off workers will receive severance pay, extended health benefits and job transition support.
“We’re taking these actions now to better align our operational costs with the anticipated near-term market opportunity,” the spokesperson’s statement said. The spokesperson did not respond to questions about severance specifics or office space changes. Headquartered in SoMa, Opendoor is a so-called “iBuyer," or instant buyer, a data-driven real estate buyer that uses pricing algorithms to quickly buy and sell homes. Opendoor has steadily expanded its services metro by metro, and in early 2022, it started buying houses in the
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