Colliers announces layoffs, halt in merit-based raises, and cut in benefits
This is all following a year of record profits. All other major brokerages appear to be doing the same.
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This was bound to happen. Transaction volume is dead. Anyone with listings is seeing no movement. Brokerage side will get heavily laid off. Not just on CRE, but RE as well. I remember reading somewhere there were like 3 million real estate agents in America or something. The industry sadly needs to scale down, we were all super happy for a decade but things need to calm down now.
There are obviously lots of brokers who add value but there are also a lot of lazy morons who have been swimming naked for a long time and are about to be exposed now that the tide is finally going out.
Headcount is based on future expectations, not prior year's result. Surprised it has taken brokerages this long to start laying people off.
Not sure where you got the lay offs part, no layoffs only cost containment.
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