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Drama and Favoritism
Buckle up... With a business model thats "disrupting the real estate market in NYC" there's always drama. There's always someone pointing the finger at you for doing something wrong, no matter how big or small. There was no praise for doing a good job, but 10x the amount of criticism if you messed up. Not the best place to be if you want to grow as an agent, which they advertise. There is also a "leader board" with the top producers plastered on the TV. Want to know who's making the most money and getting the best clients, just look at that board. Theres nothing more motivating than seeing how much money other people are making.... not. On top of that, if you have an in with someone who has stock in the company (like your dad is an investor, your friend is the Co-Founder, or your sleeping with the cofounders brother) you'll do pretty well! These agents get the best clients.... its great. Sleeping your way to the top has never been more prevalent. When you start, they give you a decent client or two, just to get you hooked. What you do with that client determines how your following clients will be. If you can't perform to their standard, they don't fire you.. they just give you terrible clients and essentially make you go broke trying to make money, until you're forced out. Additionally, once the new agents come in (and receive those good clients) older agents who aren't in the top producers, get bad clients too. They say they give out clients fairly, but it's clearly not like that. Management is willing to take money out of your pocket at any chance they can get. Mess up your deal sheet? that'll be $100. You leave the company and are still owed money? Good luck trying to get it... "It's lost in the mail" "I never received it" How can a company with "$5 Million a year in revenue" nickel and dime previous agents who have worked hard to build up Loftey's business? Maybe if there was less money going to snacks, N64, and to some girl who makes over 90K to build partnerships up (who are they even partnered with?), they wouldn't have this issue. There is SO much extra, unnecessary work to do when you work here. Not only are you learning about real estate, but about Loftey's business model, which confuses every agent and client you come across. You're jumping through hula hoops covered in flames to make a rental commission, it doesn't have to be like that (clearly, since I've made more in the little time I've been at my new job than I did in my entire time at Loftey) Other agents in NYC make a great living and have a great work environment... you CAN have both...Ryan Serhant probably paid a desk fee at some point... This company came about by an entrepreneur, which is exactly why the environment is the way that it is. All he cares about is money. There is zero care for the agents who work there. Let me reiterate: ALL HE CARES ABOUT IS MAKING MONEY, and enough of it, to pay back investors and eventually sell the company - which I'm sure is not far away. If you enjoy just being a number, being treated like garbage, and working in a frat house, Loftey is for you. If you don't, please don't be fooled by the ads stating "No Desk Fees, 20 QUALIFIED LEADS PER MONTH, Best Commission Splits, Highest Closing Rates" -- its all a fabrication and you'll hate this company.
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