LoopNet

  www.loopnet.com
Work in HR? Unlock Free Profile

LoopNet Reviews

Updated Jun 11, 2014
All Employees Current Employees Only

3.2 56 reviews

76% Approve of the CEO

LoopNet President, LoopNet Marketplace Fred Saint

Fred Saint

(17 ratings)

54% of employees recommend this company to a friend

Review Highlights

Pros
  • Happy hours, free commuter checks, subsidized gym membership, free ball game tickets, hep working space (in 9 reviews)

  • Happy hour on Fridays, free breakfast on Mondays (in 5 reviews)


Cons
  • In fact, there are some services that are less expensive online than through the sales team (in 5 reviews)

  • very cut-throat when you do not hit goal no matter what condition the commercial real-estate industry is in (in 3 reviews)

More Highlights
56 Employee Reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    I hope you like talking on the phone

    Sales Associate (Former Employee) San Francisco, CA

    ProsPeople are friendly
    Office is close to ball park

    ConsCompensation is poor
    Hours are long

    Advice to Senior ManagementDrinking together doesn't make up for a shitty work environment

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    4 people found this helpful  

    Terrible since Costar took over...

    Territory Manager (Former Employee) San Francisco, CA

    ProsLoopnet is one of the few jobs that will give new hires a chance right out of college and give them sales & CRM experience and a legitimate job selling so that they can put something on their resume. It is the minor leagues of sales and if you are decent at it, you can find other decent jobs in the area that pay and treat you better. Like any sales jobs, Loopnet does pay well to top performers. I have succeeded for a number of months at this company and they have always paid for performance. For that I am grateful

    ConsHowever, recently Costar bought Loopnet out. Since that time, things have really tanked. Other sales reps are a lot of times not 100% clear with the length of term that they are selling and will sneak in the fact that users are signing up for an annual contract. As long as you are a top performer, it seems like mid level management will turn a deaf ear to these tactics. Most of the con comes from the way the senior management treats employees. Back in January, a handful of employees were laid off with no warning whatsoever, even though they had hit their goal the previous months before. When asked for an explanation, the only answer received was "performance issue." Last week, we encountered a price increase with no warning to the sales reps whatsoever. The price of the service has doubled in the last 6 months even though the service has plateaued. Furthermore, the management gives us absolutely no edge to sell over the online price. In fact, there are some services that are less expensive online than through the sales team. No wonder people are lying...they have to manipulate the service in order to get credit for their sales. While I enjoyed my time at Loopnet prior to the merger, Costar is the big bully at the playground. They are corporate, cutthroat, and not a company you will enjoy. There are better companies to work for out there.

    Advice to Senior ManagementMy advice to senior management is to not use fear as a motivator and to not only treat the top 5-10 sales reps well. 3 Territory Managers have left in the last 2 weeks and over half the entire sales department are either talking to other recruiters or looking for other jobs. What does that tell you about the satisfaction of the employees? Stop being so money hungry and show a little more care for the employees who are bringing in the money.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

    4 people found this helpful  

    cut-throat company that's constantly downsizing...

    Territory Representative (Former Employee) San Francisco, CA

    Prosgreat coworkers, awesome location, free beer/snacks on Fridays, free breakfast on Mondays, monthly commuter check or discounted parking permit, good to great product/sales training, etc.

    ConsAs a recent grad I accepted an offer from LoopNet in hopes of launching my career in sales. My start date was October 1, 2012. Two weeks was given for product/sales training followed by two weeks of training on the phones. I finished top three in the October head of class incentive out of 13 new hires. We were told November, December, and January were our ramp months to get us up to goal ($4,000 in revenue, which was changed mid-November to $5,000) by February. I hit my ramp goal in November (70% of goal) and hit over goal in December by 112%. I was on track in January to hit goal again, but was let go on January 11, 2013 for 'poor performance metrics'. That day they let go of 35 employees in their SF, Glendora, and DC office.

    My coworkers would vouch I went above and beyond while I was at LoopNet. I came into work everyday at 7am, made 150+ outbound calls, never used one day of PTO, and had a performance review two weeks earlier saying I was on track to get better leads and promoted in April if I continue to hit goal. I knew (thanks to glassdoor) prior to accepting my offer at LoopNet, that my job could be terminated at anytime with or without reason.

    The acquisition of LoopNet by the CoStar Group and finalization of the merge resulted in a 15% layoff at the San Francisco office alone. Two main reasons why CoStar wanted to acquire LoopNet was 1) eliminate the competition between the two companies and 2) utilize the 6M+ users (leads) that LoopNet has acquired.

    I like LoopNet. It's unfortunate the company is being force to restructure itself to CoStar. Our President of Sales was very loyal to LoopNet and was put in a position to resign to not hurt the company he grew. Now the new President of Sales (a CoStar employee) is making the changes the executives of CoStar want to see.

    IF my position was to open up again I hope this gives you insight on the company and allows you to address any concerns. Keep an open mind this job is a revolving door.

    No, I would not recommend this company to a friend

  1. We want your feedback – Are these company reviews helpful to you?  Yes | No
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

    1 person found this helpful  

    It use to be a decent place to work...

    Client Services Associate (Former Employee) San Francisco, CA

    ProsYour co workers and some free perks are now the only reason anyone would stay at this job now... I help positions in 2 departments for a total of about 3 years and was very impressed in the first year with the company culture, perks and what I learned.

    ConsNow that LN has been bought out things have drastically gone down hill- particularly in the Client Services and sales departments ( the heart of the company) Even before the take over ( I say take over because the new co is literally sucking the life and culture out of what use to be a decent place) The mgmt in the client service department was not great. It reeks of favoritism and fear. God help you if you get on their bad side or have any kind of opinion . The pay is meager and they throw a 1-3% raise at you once a year to get your hopes up and preach about the "opportunity to come"as well.( BTW - it never comes) Since they have been taken over there is even less hope. Those same horrible managers are on edge since their jobs are now in jeopardy and they micromanage to the point of almost giving you an anxiety attack. Your questioned about EVERYTHING including using the restroom during peak business hours ( I am not kidding) and to top it off no one speaks up or goes to HR because they are afraid of their managers. Day to day-You are logged into a queue where you take back to back calls of clients ranging from literally teaching them how to turn on the computer to adding a listing. In this role you are made to feel like you must assist the client so fast to get to the next one you not only frustrates you but the clients as well. Management makes this worse by sending you IM's asking what is taking so long... It is like they do not even remember what its like to do the job.. Oh and if your SUPER busy- don't expect them to log in and help take calls to help, they send most of their calls to VM anyway... And that is if they are even present.. Some of them get to work from home 90% of the year... At the end of the day you feel used up and under appreciated in the client service department and that is the upside if your a favorite"- which is blatantly obvious who they like and who they hate ( yes hate). Sales department is not doing much better - but the "review from a top performer" covers that pretty well- so make sure to read that if you are going into sales there.

    Advice to Senior ManagementThe only advice I can give to Management in the Client Service department is - GROW UP and stop micro managing, and stop playing favorites-- Do you wonder why more 4 + people have quit or left the department in less than 4 months...

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

    4 people found this helpful  

    Here is the Truth... from a top performer

    Territory Manager (Current Employee) San Francisco, CA

    Pros-Great coworkers, friendly team, competitive environment, a descent amount of incentives, location next to AT&T park, weekly happy hours with free alcohol, free breakfast on Mondays, free fruit and coffees everyday, comp plan easy to understand, you manage your own book of business.

    ConsLet me begin by saying this... I have been with LoopNet for roughly a year and a half, and within that time, I have consistently been a top 5 producer of sales. So, I tell you this, because a lot of people make false claims because they are not hitting their numbers and not making money, so this will allow you to see the opinion of someone who is actually making more money than 90% of the company.

    - The upper management is extremely sub-par: they make decisions and changes without consulting or even considering the sales team. It is the type of environment where the orders filter down from the top, their is no questioning the policies, it is what it is. Not all, but most of these negatively affect the sales team by making goals higher, but also making it harder to earn more.

    - The job is a total grind. From 7:30am-4:30pm, you do the same job, calling 100+ people, trying to sell the product. Here are some issues with this. A lot of the leads you are given are bad leads. Some have fake numbers and some have bad email addresses. Unlike most companies, LoopNet does not filter bad numbers or email addresses from their system. For example, you may be given the lead "John Doe or Daffy Duck" with a phone number of 111-111-1111. LoopNet strives on having the most amount of registered users, so it does not require its members to verify their number or email address. This can be very frustrating. Also, many of the people you call, do not understand why you are calling them because they "register" because LoopNet blocks them from continuing on their search unless they fill in their name, number, and email address. So many of these "warm leads" they tell you about, are people who mistakenly come to the site and are prompted to enter this information.

    - You lose many sales to their "ecom" system. This means that when one of your accounts signs up online, you do not make a commission. Here is the problem: As a sales rep, you are not given a discount to offer, so the client really has no advantage calling you back and giving a credit card over the phone.

    - Finally... the pay is not competitive. You make a $35k base starting out, after 6-12 months, you can make $38k and after 1.5-2 years, you can make $42k. All of these positions that you are promoted to, you do the exact same job as before. Also, a good sales rep makes about $2500/month in commission; average would be around $1500. Do the math and make your decision.

    All in all, the place is a revolving door, roughly 10 new hires a month. If you are producing, the management will lay low, but the instant you begin to slip or not hit your numbers, be prepared to have meetings with your regional manager about your numbers.

    Advice to Senior ManagementRead the review and take note. You should consider and value your employees opinions and not make decisions that better the company but hurt the very people that are making the money. Give the sales team advantages over the online rate. But wait.. we all know, that you would rather people sign up online so you do not have to pay commission. This too is why you have your marketing department offer discounted rates to the very accounts that we hold.

    No, I would not recommend this company to a friend

     

    A great place to learn and be supporting while learning how to be effective in sales and business

    Territory Representative (Current Employee) San Francisco, CA

    Prosthe work environment is fun

    ConsThe pressure of meeting quota

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

    1 person found this helpful  

    Go with your gut!

    Territory Representative (Current Employee) San Francisco, CA

    ProsGreat to get inside sales experience, learn the basics but not for anyone that is already a sales professional. Very young environment. Good place to be if you want to get into the tech industry.

    ConsHorrible Pay, even if you are hitting goal. Revolving door, they really don't care if you make it or not, they have about 5-10 new hires every month!

    Advice to Senior ManagementCultivate the talent you have rather than constantly letting people go who could make it if management just put the effort in to help their sales reps grow in their careers. 2 weeks of training then straight to the phones for a lot of the people you hire with no sales experience is not going to cut it, that should be obvious.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Good company for recent undergraduates looking to get a strong start!

    Territory Manager (Former Employee) San Francisco, CA

    ProsGreat fellow employees, almost all of upper management is a pleasure to work with, compassionate folks who still know how to sell very well. Super team environment!

    ConsNot much room to move up once you reach a certain point. Can be a little bit too young of an atmosphere sometimes.

    Advice to Senior ManagementAllow for more growth and keep encouraging a positive team atmosphere as you have done so in the past! Thank you!

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

    1 person found this helpful  

    Came in and crushed it from day one but still felt underpaid, unsupported, and undervalued.

    Territory Representative (Former Employee) San Francisco, CA

    ProsGreat initial sales training, awesome location near the ball park, average benefits, free beer/snacks on Fridays, free breakfast on Mondays, free baseball tickets once a month during the season. Most of the sales team is young with college degrees.

    ConsIf one of your customers that you have been working on for any amount of time signs up online instead of over the phone with you, you will get no credit and this happens a lot. You also have to tag all of your leads once every 30 days or another rep might get the sale or if the client calls in to sign up you will get nothing. If a client has a duplicate (two) account the first person to call them gets the credit not matter who did the work or what account gets upgraded. They do not want you chasing/closing big deals or working with any customers who are already premium members. You can not upgrade/up-sell current members to better products.The system is also designed to reward the top reps with inbound sales calls as well as better leads. But if everyone got the best leads and inbound phone calls there would not be enough to go around so they keep the quotas high and the door revolving. They also do not give you any discounts to sell with, you pitch the same price that your customer sees on the website. The system also strongly resists change. The pay is not very good even if you are a top 10. Real young atmosphere - lot's of egos, gossip, drama. Upper management will lie about all the future opportunities and dangle carrots in front of you when nothing is ever going to present itself. There is not much of a career path, you do not want to be there long enough to get to Senior Territory Manager. You have to clock in and clock out or risk losing any incentive pay outs. They will teach you to be agressive, talk to the decision makers, make them feel uncomfortable, and go for the hard sale, but you run the risk of getting in trouble for doing any of these things. Once you finish sales training you will not have much support after that, they kind of throw you to the wolves and it is up to you to succeed or not.

    Advice to Senior ManagementBe better investigators when problems arise, have more open communication from the bottom up, as well as from the top down, be more open to change, do not worry about bending the rules on a case by case basis if it makes sense. Look out for your reps.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

    1 person found this helpful  

    Not a good place for a software developer

    Senior Software Developer (Former Employee) Glendora, CA

    ProsSome good co-workers.
    Breakfast some days.
    Good pay.

    ConsInherent limitation in the system that prevents advancement.
    Managers fail to put people in their appropriate roles.
    About every other position that I've been placed at has been better than this one.

    Advice to Senior ManagementSince non-qualified people are becoming managers due to experience alone, you should pay more attention to what your director is doing.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

Worked for LoopNet? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.