They will show you "no fee" apartments, and then when you put down a deposit, they tell you the landlord has already rented the apartment and will drag their heels returning the money, with the hope that you will just go away. Do yourself a favor and don't even step foot inside any of their offices. This happened to me and it can happen to you too!
I've worked with Rapid Realty for over a year, and I'd be more than happy to answer any questions you might have. I want to thank the other brokers and agents who responded, as it's always good to see the real estate community helping out one of their own, but I'd like to clear up a few misconceptions that have been raised here:
First, while we do provide unlicensed applicants with the education and training necessary for them to get their real estate licenses (free of charge, so no, that is most definitely not how Rapid makes its money), we are always more than happy to work with individuals who have prior real estate experience in New York or elsewhere. I can't speak to Barbara's friend's experience, but I personally know more than a dozen Rapid Realty agents who already had their licenses and had worked at other brokerages before joining Rapid.
Second, our commission structure begins at 25%, and bringing in deals can increase that up to 40% very quickly. Many agents hit 40% within their first month. And that's just for showing apartments - no listing, no closing. Agents who do choose to list and close can make an additional 20%, bringing them up to 60%. The commission split does not simply reset after a month, but rather it is based on average activity over time, so if you have a couple of really great months followed by one that's not so hot, you don't just lose everything you've earned.
Rapid has more than 40 offices throughout Brooklyn, the Bronx, Queens, Manhattan, and Long Island. The company started in Brooklyn and that's still where it has the majority of its offices, with two locations in Park Slope, as well as offices in Carroll Gardens, Fort Greene, Prospect Heights, Williamsburg, Sunset Park, Bay Ridge, Bensonhurst, Flatbush, Kensington, Bed-Stuy, and Bushwick, just to name a few. We're the biggest rental company in Brooklyn, with a major market share in every prime or up-and-coming neighborhood.
One of the things that most impressed me about working with Rapid is the sheer size of the inventory. Although each Rapid office is a separately owned franchise, they all share a common inventory, so that Bay Ridge agents can show apartments in Park Slope or Astoria and vice versa. We represent thousands and thousands of properties throughout New York City and Long Island. As a rental agent, I worked in South Park Slope but actually did the bulk of my business in Fort Greene, Clinton Hill, Carroll Gardens, Cobble Hill, and Boerum Hill.
What I've always appreciated about working with Rapid is that it's a "what you see is what you get" kind of place. From day one, they're up front about how commissions work and they stick to it. Some of the agents who joined Rapid around the same time told me some horror stories about working at other companies where agents stole clients and commissions from one another or where brokers cheated agents out of commissions. I've never seen anything like that at Rapid. There's a ton of support, a ton of training, and a clear commitment to treating every agent fairly and honestly. For me, it's really important to work for a company that acts like it cares about its agents and sees them as more than just walking money machines. That's one of the reasons that I've stuck with Rapid.
If you have any other questions about what it's like to work with Rapid, please don't hesitate to ask!
I am not that familiar with Rapid Realty, however, my suggestion to you if you are a new agent would be to shop around with several different brokers before you make your decision. One of the biggest problems in the real estate industry is the lack of guidance and professional training. Wherever you go you want to make sure that you get proper training and support along with an arsenal of sales tools to help you. Ask lots questions so you can make an educated decision. If I can help you in any way feel free to contact me, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
People hire people...YOU are your business. If you are associating, make sure the company has a good reputation on the streets...a bad rep good hurt you.
We are expanding (have many business listings in Brooklyn) and would be happy to talk to you about representing us there.
I have a seminar free with lunch at Dyker Golf Course on 30th,, if I sponsor you you can join my Queens office do you have your license yet? I need a rental filled in Flushing.. Can we talk? Call me
I'm a top Realtor in Exit and would love to sponsor you if you are interested. If you have a desire to make money and be in no great company call me or I can email you an invite for 1/30 11-2 call or email me,
Patcalt.com watch my video on. Sponsorship to give you more info