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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/09\/better-com-lays-off-real-estate-team-and-shutters-business-unit\/<\/a><\/br> Digital mortgage lender Better.com<\/a> is exiting the real estate business.<\/span><\/p>\n The struggling fintech startup<\/a> laid off its real estate team on June 7, multiple sources confirmed to TechCrunch. The company is said to be shifting from an in-house agent model to a partnership agent model.<\/span><\/p>\n One person who was impacted by the move told TechCrunch that the agents had received \u201clittle to no severance\u2026<\/span>after getting a more than 50% salary cut in November in order to \u2018ensure\u2019 our jobs to come.\u201d<\/span><\/p>\n TechCrunch reached out to Better.com, which declined to comment on the record. It is not clear how many people were impacted.<\/span><\/p>\n The news is not shocking considering that rumors of Better.com\u2019s plans to exit the real estate business have swirled for some time as the housing market has experienced a major slowdown driven by rising mortgage interest rates. As early as April of 2022, TechCrunch reported that it was<\/a><\/span>\u00a0suspected that all of Better Real Estate<\/a> could be scrapped. The unit was at one time the \u201cbaby\u201d of the company, sources said, and where a big chunk of investment dollars were going to go toward in 2022.<\/p>\n Better had been vocal about its desire to build out its purchase experience and move beyond digital lending to help people find and purchase homes \u2014 hence changing its name from Better Mortgage to just Better. It was also working to expand value-added offerings like title and homeowner\u2019s insurance as part of its product suite.<\/p>\n \u201cThey wanted to touch every part of home ownership,\u201d a source close to the company who preferred to remain anonymous told TechCrunch at the time. \u201cThe company invested resources in building out consumer experiences and agent-facing tools for the Better Real Estate business, including its first native mobile app, not all of which came to fruition, given the trajectory of the business.\u201d<\/p>\n Better Real Estate aimed to be competitive with the likes of Zillow and Redfin, and the company had reportedly followed the same salaried-agent model.<\/p>\n Better.com has been making headlines for its layoffs<\/a> since <\/span>it first gained notoriety by <\/span>laying off about 900 employees<\/span><\/a> over Zoom on December 1, 2021. It\u00a0 has since been laying off smaller groups very systematically, say sources. Last August, TechCrunch also reported the fact that Better.com had conducted its fourth round of layoffs<\/a> since the previous December.<\/span><\/p>\n The company is <\/span>not exactly known for its tactful approach to letting employees go<\/span><\/a>. In less than a nine-month period, it let go of thousands of workers, saw <\/span>numerous senior executives step down<\/span><\/a> and delayed a SPAC that it still claims to be working toward.<\/span><\/p>\n In March, TechCrunch reported <\/span>Better.com\u2019s <\/span>SPAC deal<\/span><\/a> with Aurora Acquisition Corp. got <\/span>a new lease on life<\/span><\/a>, extending its timeframe to close the transaction through the end of Q3 2023.<\/span><\/p>\n Want more fintech news in your inbox? Sign up <\/span><\/i>here<\/span><\/i><\/a>.<\/span><\/i><\/p>\n Got a news tip or inside information about a topic we covered? We\u2019d love to hear from you. You can reach me at maryann@techcrunch.com. Or you can drop us a note at tips@techcrunch.com. Happy to respect anonymity requests.\u00a0<\/span><\/i><\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nBetter.com lays off real estate team and shutters business unit<\/br>
\n2023-06-09 21:40:50<\/br><\/p>\n