CoStar Expose Article on Business Insider - Behind Paywall
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[{"id": "hxz12dr", "text": "Absolutely none of this comes as a surprise", "replies": [{"id": "hxzrjha", "text": "I know right?  I only read the first half and nothing in that surprised me.  Everyone hates that company from customers to staff.  It only exists because its a monopoly", "replies": [], "depth": 2}], "depth": 1}, {"id": "hxz6lvv", "text": "SEE IT. WANT IT. TEN-X IT.\n\nAfter retching slightly, I wondered how many meetings and focus groups went into that awesome catch phrase. Nice job Co-Star.\n\nI'm glad there are some other auction platforms gaining traction.", "replies": [{"id": "hxz6xem", "text": "Would be nice if companies stop selling out to Costar. The monopoly is out of control", "replies": [{"id": "hxzwoc4", "text": "It's kinda hard to blame people when someone backs a dumptruck full of money at their feet.", "replies": [{"id": "hxzy4nq", "text": "True story", "replies": [], "depth": 4}], "depth": 3}, {"id": "hy0yan2", "text": "I'm waiting for them to buy a major brokerage and shit to get real", "replies": [{"id": "hy3aw8z", "text": "Is the correct answer.\n\nThey have the same market cap as a biggie. They're going to take them out.\n\nAl the big boys have spent a fortune on their own data.\n\nI cannot believe this conversation is still being had in 2022", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hxzxqzd", "text": "Crexi Auctions on the rise I am seeing!", "replies": [], "depth": 2}, {"id": "hy0t7u8", "text": "I don\u2019t understand the commercial at all. A person is interested in buying something and they say \u201coh you should ten X it!\u201d  Ten X is a real estate auction site. You can\u2019t just see a random building and \u201cten X it\u201d. It\u2019s up to the seller to put it up for auction", "replies": [{"id": "hy0uiqr", "text": "Bizarre. I wonder if there is some half-baked plan to move into buy side where people can post wants etc and they try to match parties and capture the fee.\n\nIt appears a lot of distressed debt and REO has switched platforms, hopefully that trend continues.", "replies": [], "depth": 3}, {"id": "hy41jch", "text": "I dont even understand who their target audience is with that.  Like who is sitting around watching t.v. like \"huh I should check that out and maybe bid on an office building \"", "replies": [{"id": "hy42vq3", "text": "They don\u2019t have a target audience. Florence just wants to see his company all over TV. You wouldn\u2019t believe how much he bragged about how much they spent in commercials for Loopnet like it was a huge bonus to all the employees.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hy1vxxy", "text": "What other auction platforms are out there? I\u2019ve only heard of a couple", "replies": [{"id": "hy3thy0", "text": "Crexi\n\nRimarketplace (No idea about ownership but appears Friedman has moved over from Ten-X)\n\nWilliams &amp; Williams (primarily residential, sometimes they have Oil &amp; Gas dispositions.  Low-tech interface, not really in the same class as the others IMO)\n\nEdit - love that someone is negging every comment in this thread, what's the point?", "replies": [{"id": "hy6c4t1", "text": "I\u2019ve heard some good things about RI. Will have to check \u2018em out. \n\nAnd I wouldn\u2019t be surprised if someone from Costar was instructed to downvote our comments\u2026", "replies": [{"id": "hy8e1f0", "text": "Probably not but comparing Ten-X to these other sites is far fetched. I think Ten-X auctioned close to 120 properties last month while RI did under 30.  I see 21 properties coming up on crexi. Anyone with knowledge in this niche knows there is no realistic comparison.\nBrokers like Friedman like how RI and Crexi share the auction fees with them. Its a juice on top of the commission they get from the seller. I think Ten-X stopped doing that.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hxzjpas", "text": "Shit, just applied for a job there lol, had no idea about any of this nonsense", "replies": [{"id": "hxzk6q8", "text": "Research isn't great, but if you're in sales, it's not a bad gig.", "replies": [{"id": "hy0turu", "text": "CRE in a nutshell^", "replies": [], "depth": 3}, {"id": "hy15fng", "text": "Depends on who you work for.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hy1hsz2", "text": "As a former employee, Do not take the job if offered. You will be absolutely miserable and have PTSD afterwards. You have been warned.", "replies": [{"id": "hy1hw9i", "text": "May I ask, what position did you have there?", "replies": [{"id": "hy24w2g", "text": "I started as a \"Research Associate 1\" and by the time I quit, was a \"Research Associate 2.\" Everything here is true. Do yourself a favor and don't take the job.", "replies": [], "depth": 4}, {"id": "hy45c3r", "text": "&gt;May I ask, what position did you have there?\n\nFormer manager there in their research group, DM me if you have any questions. Left last year, thank god.", "replies": [], "depth": 4}], "depth": 3}, {"id": "hy443g6", "text": "Worked up in DC for loopnet from 2016-2017 and can also confirm this place was absolutely miserable", "replies": [], "depth": 3}], "depth": 2}, {"id": "hy25vkf", "text": "Worked there for 5 years. If you get the job, trust NO ONE, never say a bad word out of turn, never correct a boss even when they're wrong, and if you ever get a call from an unknown number from Washington DC, don't answer it", "replies": [], "depth": 2}, {"id": "hyh4ecw", "text": "https://youtu.be/6sFbo6dCtqM", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy0ekjy", "text": "You guys should see the stuff on that Instagram account. WILD.", "replies": [{"id": "hy1cdkd", "text": "Don\u2019t be shy, pass the handle", "replies": [{"id": "hy1hfht", "text": "@costar-memes", "replies": [{"id": "hy2priz", "text": "Completely gone, wonder how much the insanw ceo paid zuck to delete it", "replies": [{"id": "hy3bbc8", "text": "https://www.instagram.com/costar_memes/", "replies": [], "depth": 5}, {"id": "hy3ts17", "text": "Not completely gone.  I see over 200 posts there", "replies": [{"id": "hy71q7b", "text": "I can see it now, I couldn't find it from the search bar or googling the handle at all so they must have shadow banned it for a sec", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "hy3ba8l", "text": "https://www.instagram.com/costar_memes/", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hyh3sph", "text": "https://youtu.be/6sFbo6dCtqM", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy15agm", "text": "And this is only part of it...\n\nIn 2020, Andy summarily axed all of the product specialist, giving them the opportunity to apply for sales positions in their area.  While most that applied were told the were 'unqualified', some did take sales positions. As if yesterday, two (2) of those former product specialists are still employed by CoStar, with the vast majority quitting with it without jobs to land in due to the fantastically horrible culture. But it's not just the former PSs leaving. In the last two years CoStar has lost many of it's top producing sales staff to other companies, in and out of real estate.\n\nAs for Andy's behavior on national calls, that's not pandemic stress. He was doing that in 2019, when he called out one employee, but her photo in the screen, played a sales call and then berated her in front of the entire company. These calls are mandatory attendence.\n\nAnd the former executive secretary isn't even the best (or most public) example of Andy picking a favorite female employee... \n\nThey are paid well, and a good portion of that pay is to put up with culture B's at CoStar.", "replies": [], "depth": 1}, {"id": "hy1ew1l", "text": "Costar is the absolute worst.", "replies": [], "depth": 1}, {"id": "hy1hkt5", "text": "Can confirm that all of this absolutely true. From the surveillance, and the purposely unattainable metrics, to the absolute fear of being singled out and having your work criticized in front of the entire company.", "replies": [], "depth": 1}, {"id": "hy1q5z4", "text": "If only the Gestapo of commercial real estate data would collapse....", "replies": [], "depth": 1}, {"id": "hy1qhul", "text": "\u201cHigh standards\u201d LMAO. Their data is shit.  It just so happens they\u2019re the only ones that have this particular shit,  it\u2019s still mostly shit.  It\u2019s just really well organized and presented well.", "replies": [], "depth": 1}, {"id": "hy1x268", "text": "Costar stock is down almost 25% today and after hours. One can only hope this article and drama has something to do with it and the board replaces Andy.", "replies": [{"id": "i1mbbty", "text": "What\u2019s the ticker?? I can\u2019t find it", "replies": [{"id": "i1mbsy8", "text": "Csgp", "replies": [{"id": "i1mc0j9", "text": "Ok I\u2019m confused was it down 25%?", "replies": [{"id": "i1md0w9", "text": "Yes 4 weeks ago. Has recovered since", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hy25ie2", "text": "I worked there for 5 years and can confirm all of this and worse. It's frankly refreshing to see them get a little comeuppance. \n\nI've personally witnessed Andy Florence shred US currency because he thought it was funny. \n\nI remember clearly when he bragged to the entire company that he made fun of Bruce Springsteen behind his back at a party they were both at (reading between the lines = \"hey guys I was at a party with Bruce Springsteen am I good enough yet?\")\n\nI've watched him brag about close of friends he is with Jeff Goldblum and how friendly they are together, then watched Jeff be exactly as friendly with 10 complete strangers because that's who he is\n\nThe guy is a full on lunatic. These aren't even the worst stories about him", "replies": [{"id": "hyahx8a", "text": "I, too, watched Andy shred US Currency at a Costar conference. If I recall, it was thousands and thousands of $$'s. My coworker cried when it happened because she needed $$ to pay for childcare yet, Andy was shredding it like it was nothing. At the end of the conference, he and Max congratulated everyone for a record year in revenue and turned right around and cut our pay.", "replies": [{"id": "i04qb73", "text": "Damn...", "replies": [], "depth": 3}], "depth": 2}, {"id": "hyh48sk", "text": "https://youtu.be/6sFbo6dCtqM", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy2qnwk", "text": "I hate that costar acquired LoopNet.  I am lucky that I am grandfathered into a legacy listing plan otherwise I could not justify keeping it with the current prices.", "replies": [{"id": "hy4gqil", "text": "Yeah don't let that go. Don't change anything or ask for anything.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy3ol78", "text": "I\u2019ve worked in CRE for almost 20 years and I have never, not once, heard anyone say anything positive about CoStar whether they were a customer or an employee. The data is unreliable and their pricing is nuts.", "replies": [{"id": "hyvdh23", "text": "Pricing went up today, 2/28/22 I think. Advertise page, silver starts at $79/mo for one listing. Click thru into the next page and it\u2019s $119/mo annual subscription rate.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy4eshz", "text": "Costar is a terrible company. Once a manager told us we were spending too much time in the bathroom. That we should do all that at home.", "replies": [], "depth": 1}, {"id": "hy4l2jm", "text": "Unfortunately, everything from this article is true. Every single day, the senior people gaslight us by saying they care about developing us and providing a place of growth for the employees. However, that\u2019s all bs. They treat us like slaves. Discrimination and prejudice not only exist in some of the managers, but Vice Presidents as well. One of the managers actively comments on women\u2019s body and how they should act. Employees complained about him to HR several times, but he was only given a slap on the wrist. Despite the same thing happening several times, he is still at the company today. The same goes for a Vice President of the company. I remember having lunch with him once. He purposely invited us to talk about our experiences at CoStar. However walking into the room, I noticed that everyone in the room was white. I thought it was coincidence. Later during the lunch, he was talking about black employees and how he understands then because his maid was black. Reminder, this is a white male that was kicked out of the DC headquarters because of similar instances before. This was perhaps one of the most uncomfortable lunches I\u2019ve ever been part of.", "replies": [], "depth": 1}, {"id": "hy4ohar", "text": "I wish the article included the story about the time the President of Ten-X held an all hands call to tell Sales their commissions were getting cut in half basically and then ended the call hitting everyone up to buy Girl Scout cookies for his daughter.", "replies": [{"id": "hy8e9m4", "text": "Is this true?", "replies": [{"id": "hy8mno4", "text": "100%", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hy5eptq", "text": "I worked at CoStar for 18 months and have been out of there for a while, at every opportunity I try to throw the rope back to former colleagues. And for good reason. \n\nOn multiple occasions I saw staff put into periods of poor mental health, not as a result of high expectations, but as a result of management and their predatory condescending behaviour. \n\nWithin wider real estate almost anyone i have spoken to that has had dealings with senior management  have all echoed a disgust for Andy and his character, and more often than not other senior stakeholders.\n\nNone of this surprises me. Infact I'm relieved to see someone finally break silence. What is not surprising is the pure arrogance in the companies response. The issue is that everyone else there also struggles on day to day under a culture of fear, middle management included.  \n\nI could reel off lists of things people would find ridiculous, but I assure you this is all real and all in a weeks work for Andy and Co.", "replies": [{"id": "hycv48v", "text": "The problem is costar markets their roles as working in \u201creal estate\u201d. Sorry but your working at a call center. I started my career there in research  and honestly it was the easiest job I\u2019ve ever had.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy607xw", "text": "Wow. The only CoStar office full of \ud83e\uddd1\ud83c\udfff\u200d\ud83e\uddb2\ud83d\udc68\ud83c\udfff\u200d\ud83e\uddb1\ud83e\uddd4\ud83c\udfff\ud83e\uddd1\ud83c\udfff\u200d\ud83e\uddb1\ud83d\udc69\ud83c\udfff\u200d\ud83e\uddb1\ud83d\udc69\ud83c\udfff\u200d\ud83e\uddb0\ud83d\udc71\ud83c\udfff\ud83d\udc71\ud83c\udfff\u200d\u2640\ufe0f\ud83d\udc68\ud83c\udfff\u200d\ud83e\uddb1\ud83e\uddd1\ud83c\udfff\u200d\ud83e\uddb1\ud83e\uddd1\ud83c\udfff\u200d\ud83e\uddb2\ud83d\udc69\ud83c\udfff\u200d\ud83e\uddb1\ud83d\udc68\ud83c\udfff\u200d\ud83e\uddb1\ud83e\uddd1\ud83c\udfff\u200d\ud83e\uddb1\ud83d\udc71\ud83c\udfff\u200d\u2640\ufe0f\ud83e\uddd4\ud83c\udfff is full of complaints that no other office has? Colored me shocked", "replies": [{"id": "hy6q8xj", "text": "So you created an account to stand up for costar?", "replies": [], "depth": 2}, {"id": "hy8emwj", "text": "All the offices I have been to also have complaints.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy71ao9", "text": "The guy who organizes the Costar\\_Memes page gave out contact info for the reporters who seem to be gathering more testimony for a possible follow up article. I see a lot of former costar employees on here sharing their stories. If you really want to stick it to Andy, reach out to Daniel Geiger at Business insider and share your experiences! You can use Signal to stay anonymous if you want.   \n\n\nDaniel Gieger   \n1 (646) 352-2884", "replies": [{"id": "hy72ooh", "text": "This", "replies": [], "depth": 2}, {"id": "hysen9z", "text": "If you experienced sexual harassment or discrimination because you were pregnant, send a DM to the page or email [costarmemes@gmail.com](mailto:costarmemes@gmail.com), there's a separate reporter doing another story.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hy9y6jk", "text": "I worked at CoStar for 10 months last year, doing CRE Sales. \n\nThis article is 100% true and I am so glad to have escaped that nightmare of an organization. You clients/brokers may think CoStar treats you bad- you should see how us employees(well, former employee) are treated!\n\nTruly disgusting practices and I hope this is the start of the fall of Florance", "replies": [{"id": "hyh4na8", "text": "https://youtu.be/6sFbo6dCtqM", "replies": [], "depth": 2}], "depth": 1}, {"id": "hyh34g5", "text": "https://youtu.be/6sFbo6dCtqM", "replies": [], "depth": 1}, {"id": "id2btlp", "text": "Is compstak any better?", "replies": [], "depth": 1}]