The slump in the property market is now causing a substantial number of estate agents to close their doors. According to Lew Geffen Sotheby’s International Realty this can be seen in the estimated 30% to 40% of agents that left after last year’s boom in the property market.
Some bigger firms like Lew Greffen feels that this is good for consumers since it has taken out unprofessional agents and has improved services of established brands like themselves.
In a statement earlier this week, Lew Greffen Sotheby’s said that the industry is shedding agents who are unable to deliver a professional service to the client. They added that the ascendancy of names such as themselves means that client benefits form the various services they had to offer, which includes local and international referrals, estate agent training and market support.
In response, smaller players like Fatima Ahmed said that they are being pushed out of the industry. She stated that she has been in the business for 15 years and that her clients all came from past referrals.
Another small property entrepreneur, Alan Erickson owns Viking Properties in Lansdowne. He also feels that the industry giants are swallowing smaller agencies during difficult times, and added that the big guns can sustain themselves through rough times by scooping up the clients of those smaller agencies who had to pack up.
The information in this article is courtesy of Gershwin Wanneburg (“Property Industry Sheds Agents”, www.iol.co.za, 20 October 2008).
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