As coronavirus is hitting the housing market in waves, eXp Realty announced on Wednesday it let go of 15% of its staff.

“Staff departures aren’t easy, but we are doing this with the utmost respect for each and every person. We are grateful for the contributions of those who are leaving us,” eXp Realty CEO Jason Gesing said in a statement. “However, we are confident about our business model and these changes are the right thing to do to put eXp on a stronger path to grow when business – and life – returns to normal.”

Other measures the company said it would be taking during the economic downturn include holding open positions and reducing its number of contractors.

In a release, eXp said that Founder Glenn Sanford, Chief Executive Officer Jason Gesing, eXp World Holdings CFO Jeff Whiteside and eXp World Holdings Chief Accounting Officer Alan Goldman have taken a significant salary reduction.

Those on eXp World Holdings board have had their cash compensation for board service reduced significantly as well.

“This global health crisis is unlike anything we’ve ever seen in our lifetimes, and our hearts go out to everyone impacted around the world, especially our agents, staff, partners and their families,” eXp Realty Chief Executive Officer Jason Gesing said in a release. “From day one, we have run a lean and agile business so that eXp would be sustainable for the future.

“During the past year we grew headcount to stay ahead of our historic growth curve. While business has gone well through the first quarter of this year, we need to be prepared for challenges that may lie ahead for the entire real estate industry in the near future.”

The virtual real estate brokerage said that April looks to be on track for year over year growth in sales volume and transactions, but is anticipating significantly reduced real estate transactions in the coming months due to the spread of coronavirus.