Do you feel sorry for estate agents? Many do, the majority proudly don’t.
The property market is officially dead; it’s reported that estate agents are shifting an average of 2 properties a week- that’s pretty pathetic, innit? I know of a legless prostitute pulling in more trade than that.
If estate agents are selling 2 properties a week on average, how are they actually surviving in this current economic climate (bearing in mind estate agents rely on commission)? The point is, they’re not. So that brings me onto my question, do you feel sorry for them?
For the most part, I don’t. Just like I don’t feel sorry for the large portion of Landlords that were convinced that short-term property investment was a “sure thing” and consequently relying on property prices going one way. Of course, now they’re all in negative equity and coming off their fixed rate mortgages with the urge to pull the trigger.
A lot of estate agents had their honeymoon period where they got to do extremely little work to make a huge amount of money. They literally had to do nothing besides from take a few viewings and make a few phone calls. From my experience, agents were dealing with so many vendors/buyers that they were unable to provide a quality service. But the punters didn’t care, because they just wanted to buy. It was a crazy period; kind of like a huge jumble sale where people were just ruthlessly barging past one another.
The unfortunate aspect is that a lot of agents joined the industry during the boom, so they didn’t actually need any skills to make money- just a suit. Now that the market is dried up, you’ll find that it’s only the genuinely good agents that are surviving. As for the others, they’re struggling with even the most basic of concepts…
One thing is for sure, any agent that makes it through this period has my respect- because they must be pretty damn good at either bullshitting and/or selling.
Disclaimer: I'm just a simple landlord blogger; I'm not qualified to give legal or financial advice. Any information I share is my opinion based on my personal experiences as an active landlord, and should never be construed as legal or professional advice. For more information, please read my full disclaimer.