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Opendoor laid off 40 employees this week in a move the company called a “targeted restructuring,” as it continues to overhaul operations and reduce losses, according to internal communications obtained by Inman.
The layoffs primarily affected the sales team and come amid a broader shift toward what Opendoor describes as a “multi-product, multi-channel” business model.
The company also reassigned 70 employees to unspecified new roles as part of the restructuring.
“Yesterday, Opendoor implemented a small, targeted restructuring, primarily within our sales organization,” the spokesperson told Inman. “This change reflects our continued shift toward a unified go-to-market strategy — one that brings sales, marketing and industry channels into tighter alignment.”
The San Francisco-based iBuyer — once the largest player in the sector — has been retooling its strategy after years of steep financial losses and a cooling housing market.
Since going public in late 2020, Opendoor has posted a net loss in 16 of the last 18 quarters, totaling nearly $2.8 billion.
iBuyers have struggled to crack the code for consistent profitability amid high interest rates and economic uncertainty — and their influence in the real estate market has steadily waned.
Faced with ongoing volatility, both Opendoor and Offerpad have dramatically scaled back their homebuying operations, shrinking inventory pipelines and tightening margins. Last week, the company announced plans for a reverse stock split in an attempt to avoid Nasdaq delisting — after shares dipped below $1 and remained there.
The latest cuts follow several previous rounds of layoffs across the past three years — some of which have totaled more than 500 workers.
