Good afternoon everyone,
I am currently working at a KeyGlee franchise as a Acquisitions/Dispositions manager and honestly need some advice moving forward. My experience so far has been a true roller coaster. Here are the problems I have been facing:
1. The owner of the franchise has his focus elsewhere and rarely answers calls or texts because he focuses on his fix and flip business throughout the day visiting his flips. I find this counterproductive because I am left making decisions that I don't necessarily know what to do, for example when people ask what terms I want on the contract... It's not my company so how can I properly answer that without being guided?
2. He also expects me to do everything as I am his only worker. He hired me as his dispositions rep initially and for a period of time he was the acquisitions and I was the dispositions but he started to miss his numbers a while back. We are supposed to call and make 50 contacts per day, but he hasn't been working on this business. When he does come across deals that he locks up as acquisitions he has already found a buyer and essentially cuts me out of the deal, not allowing me to get paid on the deals he has. I understand because he has overhead and I guess he needs to keep the business afloat, but he has done that with 3 deals already and I also get paid on commission so it's like I feel foolish working hard to get paid on things that he decides.
3. He always makes the promise that he is going to hire more people and have me just do the dispositions but whenever we have that conversation we leave off with him doing a task that was supposed to be done a while ago.
4. Oftentimes he doesn't pay me on time and/or he forgets to pay me. I had to remind him twice that he didn't pay me. Not only that he doesn't pay me and then expects me to show up on time and give 100% effort. It's not looking too good. I mean I would appreciate it if he would tell me he has to lay me off because he can't pay me, but instead, he wants me to work and wait to get paid whenever. I am doing a lot of work, between calling sellers and agents, locking up the properties under contract, getting buyers for the properties, dealing with attorneys, showing and viewing houses... I do all that and he pays me 10-20% of the assignment fee. I am doing 1100% of the work, getting paid at max 20% and he still is late paying me. It's almost insanity at this point.
5. KeyGlee is notorious for doing 60 to 80 wholesale deals a month, which is true by the way. In fact, that is a key selling point in their marketing campaign when they are marketing their KeyGlee franchise program or AstroFlipping program. The KeyGlee headquarters is located in Phoenix Arizona, but they don't just do deals in Phoenix. That 60 to 80 deals are in multiple states - Georgia, Florida, Texas, etc. My current boss thinks we can do that many deals in one market, in Northern New Jersey of all places! Just to give you some background Northern New Jersey is notorious in the wholesaling world as one of the hardest markets to wholesale in because we deal with attorneys and the attorney review. We have about 5 deals right now waiting to close and they have been nothing but headaches due to the attorneys. Doesn't matter which attorney you use most of them don't get back to you in time or do their job on time here in NJ. They are known to be deal killers. The most wholesale deals top wholesalers do here is anywhere between 5 to 9 deals per month. So he is unrealistic.
6. I wanted to work here because I would learn more about the KeyGlee business model and honestly needed some consistent income, but I also realized how much money I was leaving on the table. In the four months, I was working with them I made around 2,500 contacts. If I spoke to 2,500 contacts while focusing on being a Realtor full-time I would have a high six-figure revenue-producing business. I'd be free to work for myself and not have to answer to anyone but the people on my team. I guess this all stemmed from the fear of not having consistent income coming in and trusting the unknown but wow the trade-off is insane. I want to take that leap of faith. I am just tired of being in this position. I honestly want to quit right now.
P.S. This post is not to deter anyone from applying to work for KeyGlee, as each and every one of their franchises are independently owned and operated. Your experience will be different than mine because of the different leadership. I honestly have no complaints with the overall KeyGlee model and I will be joining AstroFlipping in the near future. I will always recommend KeyGlee, but just like any other company it all really comes down to the individual you are working with.
