The Commission Express franchise opportunity took a public relations hit when Forbes named it one of the worst franchises in the country. A Commission Express customer-turned-franchisee defends the company and concept she just joined.
(UnhappyFranchisee.Com) Commission Express franchise owners provide commission advance services to real estate agents and brokers.
Commission Express was hit hard by the fallout from the subprime mortgage crisis.
According to president John Stedman, “Having franchised in 1996, we grew to 65 franchises in 33 states at the close of 2005. With the burst of the real estate bubble and collapse of the U.S. real estate market in 2006 and 2007, our growth leveled off and then stopped. With the subsequent collapse of the U.S. banking system in 2008 and 2009, the two industries that are the basis of our business had collapsed with the loss of over half of our franchises…”
(Read John Stedman’s letter to us here: COMMISSION EXPRESS Disputes Worst Franchise Designation)
Forbes, using data provided by Frandata, named Commission Express one of the worst franchises in the country (See COMMISSION EXPRESS Rated a Worst Franchise by Forbes. Do You Agree?)
Despite the bad press, Commission Express appears to be growing.
Margie Axe, a new franchisee, sent the letter below to president John Stedman. Stedman’s Office Manager Sarah Hess sent it to us.
April 7, 2015
I wanted to thank you and Joe as well as your staff for the outstanding training and hospitality extended to me and Walter. We were excited about the Commission Express opportunity when we arrived, but after leaving we were definitely on fire!!
While attending training I mentioned I found a negative Forbes article about Commission Express which of course you were aware of. I never brought it up before as it did not affect our decisionto purchase the franchise. But I could see how it might concern others. I wanted you to know I would be happy to speak with anyone who may have a concern with the article.
As I was unable to locate anyone at Forbes to discuss the article with, I was able to find someone at “unhappyfranchise.com” who asked if we ever used a commission advance service and if I thought it was needed, to which I answered yes and yes!! It was actually the experience of getting a commission advance from an internet based company that led me to investigate the Commission Express opportunity.
Once I reviewed the article it was extremely clear the negative comments were unfounded and lacking perspective. As you know, the article discussed how many franchisees left the Commission Express System during the 2007 market crash and the years following.
The financial crisis that began in 2007 and its aftermath has been responsible for the destruction of nearly 20 trillion dollars’ worth of financial assets owned by U.S. households and has affected many industries. During this time, the U.S. unemployment rate rose from 4.7 to 10% percent. I could go on and on. Realtors were getting out of the business in staggering numbers. In North Carolina, a state that has been a major relocation area and consistently ranked as one of the best places to live work and play, 50% of realtors left the business. Of course this number was much higher in other parts of the country like California and Colorado where people lost their houses in record numbers and were living in tents —
Had it not been for the number of short sales our office did, I too might have left the business. I believe fewer agents would have left if they were able to receive a commission advance —
Your “been there done that” experience in the industry has enabled you to create an outstanding turnkey system and process for a much need service.
I’m proud to be affiliated with Commission Express and to reiterate, I wanted you to know it would be my pleasure to discuss the Forbes article (or anything else) with any potential franchisees that may have questions or concerns.
Triangle Premier Properties
CNE (Certified Negotiation Expert)
CDPE (Certified Distressed Property Expert)
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TAGS: Commission Express, Commission Express franchise, Commission Express franchise complaints, John Stedman, Sarah Hess, Margie Axe, FranData, Edith Wiseman, Worst franchise, Forbes Worst franchises, franchise, franchising, real estate franchises, Unhappy Franchisee