My entire team just got let go, hold on tight boys!
Nice of them to do this before the holidays. Mid-size acq shop focused on multifamily. There was nothing to do for awhile, but management indicated they wanted to hold onto the staff for as long as possible in hopes of a rebound. I think they finally hit their limit. We were helping out on the AM side of the business but there was just too many hands and not enough work. I understand the decision, but this sucks. Hold on tight and be grateful, its going to be a bumpy ride.
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Sorry to hear that. Pretty crappy timing from the former shop to not wait until the New Year but at least the Holidays can be a reset.
Sorry to hear the news. Keep your head up. The feds think they hit the soft-landing spot for the rates we are at right now considering inflation. Things could possibly pick up in 2024 just in time for elections too.
Bro I’d sooner trust a kindergartner’s assessment of the economy than that of the Fed
"Inflation is transitory"
I'm in the same boat and the timing is the worst. Traditionally you didn't do this before the holidays. How many members of your team were affected? Was a severance provided?
We had a team of 12. 2 of the juniors were transitioned to AM. They were the cheapest on the team. The remaining 10 all gone. Yes, good severance provided. Company was professional on it and management genuinely seemed upset, but they dont forecast the type of rebound needed to keep us employed.
Sorry to hear that. Where are most of the companies assets located?
Sorry to hear this. I hope you bounce back quickly. I was laid off 2 months before my first born child came into the world. It's a cold world. Good luck on the next move! For those out there in the real estate world no employer cares. If you're not in it to learn how do it yourself, you're wasting time. Much more lucrative and stable professions with real pay, benefits, management processes. Stuff like this will be a real turn off to the next generation hopeful real estate professionals.
Haha second child on the way, so feeling the pain, but oh well, more time to spend with the family which is more important
I just took what I can find knowing it would be a bumpy ride for a year plus. Yes focusing on family and the ultimate move to be on my own at this point. I have little faith in the big real estate development in my area. Good luck!
What other professions are you referring to? Easy to transition to them from a real estate background?
Question: Which more luc, stabile professions are you referring to (the trads: Law, Med, Accounting, Etc. or something intra-re-industry)?
Company start with an R? It's brutal out there.
No
If any of y’all have development experience and are open to move, dm me.
What metro/state is the role in?
New England area, very prominent shop
Definitely Gilbane.
darn
I got laid off about two weeks ago as well. Me and one other guy from my office of a national developer, there were layoffs across the country. People are definitely tightening their belts.
Just take it easy and enjoy the holidays with the family. Thats what I and everyone else in the same boat are doing. Not worth getting worked up. Apply for UE and just relax.
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