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RealtyIQ Lays Off 60% of National Workforce as It Hopes for New Investors

NEW YORK CITY-Insiders see repositioning to better serve markets, but no major re-invention of its market focus and absolutely no plans to close doors entirely.

By John Salustri & Connie Gore | Updated on December 21, 2000

NEW YORK CITY-Details are still sketchy, but RealtyIQ, the Manhattan-based information service provider, has laid off more than 100 people nationally, more than 60% of its workforce. According to a company insider, the cash-strapped company is scrambling to dig up more investors and as it does so, has made the drastic move in order to “make it leaner and stronger.

“They are not closing their doors,” the spokesperson said. “And they are not going to change their business model,” a reference to CapitalThinking, the on-line lender that revamped itself a few weeks ago. There is going to be reorganization and a redeployment of assets. “But RealtyIQ will remain a research-driven information service provider. It is fair to say, however, that the company will have to reprioritize the markets and focus on doing an even better job in some of the markets they are in right now,” the executive concluded.It wasn’t all that long ago that RealtyIQ made news on its mercurial rise in the industry, when it purchased Cushman & Wakefield’s SiteSolutions database earlier this year. That purchase set off a firestorm of controversy about broker disintermediation.

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