San Mateo, California-based Reali, a financial technology company providing a platform for real estate buyers and sellers to collaboratively complete transactions, has announced ceasing operations and laying off all employees.
The shutdown will impact 140 employees and is scheduled for September 9, 2022. Reali is in ongoing conversations with companies that have expressed interest in acquiring specific parts of its business, including mortgage origination, title & escrow, and power buying.
Reali Co-Founder and Chairman Amit Haller noted, "Due to the challenging real estate and financial market conditions and unfavorable capital-raising environment, Reali determined the best course of action is to close."
"Reali was one of the pioneering companies to offer the 'buy before you sell' and 'cash offer' programs to homeowners. We believed deeply in benefiting the consumer foremost in every transaction. The six years Reali spent evolving the prop tech market in California helped elevate and transform the industry."
Reali Chief Executive Officer Tyler Baldwin added, "We had an incredible six-year run delighting homeowners. We want to extend our deepest gratitude to the thousands of homeowners who trusted Reali with their homeownership journeys, the Reali team, our investors, and those who rooted for us from the sidelines. It has been a pleasure to serve our communities."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?