Current job:
Salary: 35k (made 50k last year bc he let me call his refis but that won’t happen again). Have 401k w/match, paid vacation, sick etc.
Been there 4 years, it’s close to my house & I love the people I work with however my boss NEVER comes in & I do all his work while he gets huge paychecks. He gets most loans because of me & the relationships I have established. He is just a liar & full of promises that he -sometimes- pulls through on. On a personal level we get along but it seems like he doesn’t want me to advance bc then I would not be his lil worker horse & he’d actually have to work. He’s incredibly lazy esp the past couple years.
Out of the blue I got a job offer from a guy I’ve known for 7 years. We used to be friends but haven’t hung out in a long time. He’s the VP of a very well known mortgage company & really wants to bring me on.
It’s a commission job but he says I should EASILY make $80 - 100k per year. There is a 1,500 draw against commission worst case scenario. 401k but no match as of now. The job is also a 40-60min drive depending on traffic. He says he will ensure I do very well there and won’t let me fail. They really seem like a team there & like they care about there staff.
I put my 2 weeks in and now last minute my boss is trying to make an offer for me to stay but unfortunately I just don’t know if I can trust the offer or if the terms are doable. If everything worked out it would be a killer deal for me but how do you trust a liar…who sometimes tells truth?!
The offer to make you stay needs to be in writing. If there’s an HR department and the offer is real, it will come from them or at least they will know about it and a phone call will verify. Don’t accept anything from the current guy verbally. If he doesn’t have to write it down, he won’t stick to it. But you already know that.
I’m not a fan of taking counter offers. Doesn’t seem to work out in long run, it was more than money that made the new place attractive and at most (and it sounds like only maybe) the money will be addressed by counter offer.
HE says you can make that per year, but do YOU think you can make that per year? Not necessarily calling your friend a liar, but do you know the business well enough and do you know of his clients well enough to reasonably think that this is attainable for you? If it’s commission he can’t just hand you that money, you have to earn it. Obviously you’re a good worker and can make the money you’re making now, but do you think you can attain the much bigger numbers?
There’s an option #3 which is go look for a different new job, that is less than 40 minute commute and/or not commission-based.
It sounds like you are ready to move. Unless these are the only 2 employers in your field for your town, there’s no immediate need to take the first job that falls on your plate, you can go find the one that’s right for you. And if you have people calling out of the blue offering work … you’re probably in-demand enough to get some interviews.
Well is a friend, we talk from time to time. He knows I have been in a crappy situation for a while and also, we lost a child conceived thru years of saving for IVF so he also know we need the extra money to try again.
And my boss is the liar. He lies just to lie, for absolutely NO reason. He just loves to fabricate these stories to make him self look like a hero.
And yes, its a loan officer job so it is a commission job. They are a very large, high volume company.
I mean it IS a sales job but a legit one. Id be a full blown mortgage loan officer instead of an assistant. Its not scammy like selling used car warranties or anything lol.
I mean he is my friends ex of 15 years, she has her own issues with him but says he wouldnt put me into a deal that was super effed up.
The new offer from my job is to give me a small commission from all purchase loans that close from our office but to make up for his loss I have to bring in a % of new outside deals (which would be VERY hard with as demanding as this job is) and its also dependent on him building back up his other office that he let fail…so that over time he does not need my location to survive and the office I work in would eventually be mine and then he would go back to having our other location (which was always his only office until he stopped going and the real estate agents stopped giving him loans).
I do, I do have a lot of loan officer experience and have been a loan processor for 4 years so I really know the business.
Update: My bosses offer for this to start March 1 is now April 1…he also sent an email that was a fear of mine that he is giving me an offer now but it will never go into affect bc he will find a replacement. Email- “Btw - before you say anything to ur buddy if u do choose to stay I want (main owner) to have a chance to look over whatever we agree on. I don’t want something blowing up in your face later if I were get an offer I couldn’t refuse or get hit by a bus. I’ve heard them all so I can’t imagine it would happen but better safe than sorry.”
Also, this no compete agreement says I cant market agents in our office for 2 years (we are in a real estate office). There are about 50 over there who all know me and 15 that I have a very close relationship with and I know a good amount of them would give me deals.
Current boss is just trying to get you to sign the non-compete. Burn it! I can’t say whether the new job will be good or not - it’s always difficult to parse the offers of professional salesmen - but I’m sure that current boss will never be a hard worker, and it sounds like his offer depends upon him actually achieving something. You know how likely that is.
The key to making a living in sales is to remember that your bosses are also good salesmen. So you have to make sure that what you want is what’s in writing. Do you have the new offer in writing? Does it say everything you are counting on to happen?
If I understand the business (and I probably don’t) then doing everything properly as a loan officer does not guarantee acceptance of the loan. It still goes up the chain and gets futzed around by faceless strangers before an actual approval comes down. So, is your income going to be based upon your writing loans of a certain quality?(income + credit score + debt scale + collateral) OR is it possible for you to spend days on end processing something that meets the criteria but still isn’t approved, and therefore your time goes uncompensated?
You admit your current boss is a liar, is overworking you, and is underpaying you. I get the short commute (I have had short commutes and long commutes, and boy do I love the short commute), but your current boss is not treating you right. You should have been looking anyway.
A long commute is a pain, but for a 2x + some salary increase, I think I would deal with it.
The last email your boss sent shows he’s just jerking you around, IMHO.
Counter offers depend on why you were leaving in the first place. I’ve taken counters and been very happy that I did so.
If you’re just leaving because of money, a counter is fine. If you’re leaving because the boss is a jerk and the money, a counter doesn’t change the jerk boss part.
In this situation I wouldn’t take a counter because it’s not fixing the root of the problem.
Personally, I’d escape from that boss of yours. Doesn’t seem the least bit trustworthy, and I’ve found it super-hard to work for someone like that. If he was a good boss, he’d say how much he appreciates you, give you a rock-solid counter-offer, and say he doesn’t want you to go, but hopes whatever you choose will be the best for you and your family.
You are so right!..and yes, my new compensation plan is in writing. However obviously if I show up and do nothing (which would never happen) of course I would make nothing but he said he would ensure I get great leads. Honestly, I believe him when he says that.
I guess I just got too comfortable here. Got spoiled on a 7 minute commute and having the office to myself.
I wanted to leave because I was getting no compensation for all my extra responsibilities that I was performing. If I were getting paid, I would no have minded.
Youre right!
So glad I signed up for this forum…you guys are great!
In case you need another opinion, take the new job and kiss your old boss goodbye! He sounds shady and useless. Don’t take his counter offer. Be professional (never burn bridges) but just say this other position is a better fit for you.
The long commute won’t be that fun, but it sounds doable. If you are a year or two into your new job and the long commute is just killing you, maybe you can figure out a way to work from home 1-2 days a week. You can also at that point (if needed) look for a different job that’s closer.
Your current job doesn’t sound good, and you are well rid of it.
