As 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.
