Leadership team hires people with bloated resumes because the company is considered pre-IPO. An attempt to lure investors with those resumes but going through two CFOs in less than a year should tell you something.
Pulls the plug on initiatives too quickly because the management team does not know how to lead. Employees are left working hard only to see their work become obsolete.
Nepotism is thick. Old regime operates as a boys club (marine and/or alumni ties). New generation of VPs, or above level, also brings in their own pawns to gain power by numbers.
Unstable environment, inept VPs, volatile industry.
Focus is on commercial real estate so IPO dreams have ultimately passed. Volume in residential transactions have plummeted, hence the shift in commericl real estate.
Dot com want to be because there are plenty of traditional real estate personalities in the company that are opposed to technology or have the "this is how it's always been" mentality.