This was a fast paced company with a young energetic atmosphere. Being in my early twenties at the time it was perfect. You need the mindset of someone in their 20's looking to work hard and get financially rewarded for it. Very nice office in Mt Adams. Co-workers are easy to get a long with, management really does want you to succeed. There aren't many pointless obstacles and politics you need to pass or adhere to get ahead like in bigger companies; it is all up to you if you want to make a high income or just get by.
Need to be highly motivated at all times or it will be difficult to be successful. It can be frustrating and stressful at times. Have to be willing to learn and adapt new selling methods taught by management to succeed. The hard part for me was selling in a way that I would not normally sell. If you let management teach you these skills and use them, you will undoubtedly be successful. If you don't, then you will probably just get by.
Advice to Management
Try to understand employees views or opinions more often. Keep up the good feedback, motivation, and coaching.
I worked at Rapid Cincinnati full-time (Less than a year)
The office is very young and energeting. If you are a young person in your early 20s you will fit right in. They do a great job of training you in the mortgage industry and selling. Their approach is very hands on and you are never just sitting around with nothing to do
100% commission is the hardest part of this job. They tell you money should not be an object or a worry for you, yet everything they talk about in the office is money and what people are making in fees. Very easy to start out and go a few months without earning a dime.
They mislead you in the interviews as well. They say that you make a percent of the fee as your commission and it starts out at 90% and goes down by 10% each month until you are at 50% until you're one year anniversary. What they fail to tell you is that this high commission rate is only on your largest fee. To start out you have to run your deals with a Senior Loan Officer, so the 90% is not 90% of the entire fee but rather 90% of half the entire deal (and only on your largest deal)- so you only make 45% on your largest deal. After your largest deal, it goes down to 50%, or 25% of the total fee.
Aside from all of this, they also take out additional money each month for office expenses and charge each LO for every loan they close- this makes sense because it covers their overhead expenses but is never disclosed to employees unless they do some digging.
Finally, the hours take a toll on you. Monday-Thursday you work from 9:30 AM- 3:30 PM and have 3:30 to 5:45 off. From 5:45 until 8 PM you are making calls. They are not cold calls though, as the company gets leads on people who had their credit pulled for a mortgage. Appointments are variable as well. You could have an appointment in the middle of the day, but the majority are in the evenings after 8 PM and weekends. So you usually do not get home until 11-midnight if your appointment goes well during the weekdays. Also, you cannot miss the call block ever. If you have to miss due to being sick, vacation, or on an appointment, you are expected to stay late or arrive early for call blocks until you make up the lost time.
Advice to Management
There needs to be a small salary for employees, especially when they are starting out. Also, realize that the hours can be very demanding and days off could be very useful. Finally, be more honest with employees as they are left in the dark on most matters related to the company.
Caveh Azadeh & Scott Thompson are the two senior partners and they were very good for me professionally. I ended up here out of college and it gave a really good look at what it takes to be successful.
This is a standard sales job: a lot of time at the office, even more time outside with clients. The upside to this is that the commissions are BY FAR the largest in the industry, even after I moved to a larger city I was still shocked at how much money I made at Rapid.
Not just that, but it is a really good company where everyone is like a family and the bosses truly care about their people and want them to do well. They put a lot of emphasis on everyone working together, they took us to Reds games, rented buses to take us to the Derby's every year, to the casinos, and a lot of happy hours and just great get togethers. It says a lot about a company when everyone who works together only hangs out with their co-workers outside of work, its because it really is like a family.
Scot Thompson and Caveh Azadeh run a tight ship, but if you get to know them you know that they each started out as loan officers themselves. They were able to rise through the ranks and now they run the company. This is really good because if anyone is able to speak to loan officers and mentor them it is them. They were really caring, inspiring, and yet stern bosses- helped my career more than I can even describe.
It's a great experience for anyone who wants to be in business, not to mention the training and support system Scott and Caveh provide is second to none. I really miss working here.
It is difficult to get the hang of working as much as you have to for this job.
But then again, if you want to be successful it really takes hitting the bricks. I made a few thousand short of $100K in my first year, although I worked very very very hard.
So the only downside is the level of work, but if you're not ready to work your tail off then you really should not be working in business period.
Advice to Management
Thanks! Scott Thompson & Caveh Azadeh really dont get enough credit for the quality of leadership the provide. Although sometimes I hated you guys, looking back I can not even tell you how much you helped me advance my career and develop into a young professional.
The only advice I'd give Scott adn Caveh would be to keep working with your people as you do. You two really never let me fail, and that is something that became contageous because I have been able to roll that whole level of work ethic into my current position.
If it wasn't for you guys and all the help and mentoring you gave, I'm not to sure where I'd be right now but I do know I wouldnt be anywhere nearly as successful
You have the ability to make a lot of money... I mean 6 figures right out of college! Great corporate culture, a lot of fun company paid for trips and outings.
The managers are very supportive managers, theres a lot of room for advancement, great experience in sales with constant mentoring from seasoned professionals. Rapid also offers great benefits, gym memberships, health, dental vision, very good benefits.
The downside is that this job is very demanding. You end up working weird hours, from 9 am to 3 pm, a few hours off, then in the evening for call block. You have to really work hard at this job at all times, no phoning in it! It begins problematic if you have outside stuff going on, girlfriend problems or what not, because you always have to be on your game. It is a standard sales job with great support systems in place and all the tools needed to do great, it is just a matter of you wanting to be the absolute best you can.
Advice to Management
I'd suggest Scott & Caveh give the staff a break from time to time. Days off are great, more company outings would be good too. It is very demanding, you guys know because you've done it forever, it'd be nice to get a little more intangible rewards than just a large pay check.
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