Property Manager Evolve Lays Off 20% of Its Workforce
Photo Credit: An exterior view of a vacation rental in the Colorado mountains recently available via property manager and marketer Evolve. Source: Evolve. Evolve
Skift Take
It's clear that elements of these layoffs include some offshoring support, and trims that are AI-induced.
Denver-based property manager Evolve is laying off 20% of its workforce, Skift has learned.
The company shared the details, and co-founder and CEO Brian Egan's letter explaining it all to staff, after Skift asked the company for details. The firings covered around 175 employees, the company said.
The layoffs followed job cuts of 14% of staff in May, when the property manager said that supply in the vacation rental market had exceeded demand, and average daily rates, bookings and revenue per property fell below expectations. In that round, Evolve fired 164 employees.
Egan told employees Tuesday that the company determined it would have to scrutinize all its costs, including payroll employees and non-payroll staff so it could transform the company into a very profitable enterprise.
"In May, we were reacting quickly to a precipitous shortfall in Revenue, it was defensive and volume-driven; this decision is the polar opposite, we are acting stra
