The mass exodus has begun!

[urban cowboy]

http://www.brisbanetimes.com.au/new...s-flee-industry/2008/12/08/1228584685056.html

Having left the industry myself in the last 6 weeks, i was wondering how long it would take for the papers to pick up on all this.

At least it means that a lot of the cowboys will leave - the folks that stay in will be the ones committed to their long term survival in the industry and know how to look after their clients!!

just gotta find them all something else to do now!

me first though

 

[buzzlightyear]

UC, why did you leave? (or is that a too obvious question to ask)

On a related matter, I am surprised there hasn't been more industry consolidation (at least in the Melbourne market).

Given we keep hearing that activity has been down over the past few years, even during the more 'bullish years, not sure how RE agencies can continue to be profitable?

 

[geoffw]

I thought the mass exodus happened when the world youth festival finished?

 

[Sim]

I thought the mass exodus happened when the world youth festival finished?

/me reaches for the "infraction for making bad jokes" button

 

[urban cowboy]

hehehe...nice one Geoff...

buzz, in short - the owner couldn't afford to pay me any more so i am gone...the office is going under (don't get me started) and due to some really stupid business decisions he simply did not have the funds there for salaries. Two more staff have left since i did and there is another three looking for other jobs on the side! In this climate it is hard on REA business owners who are not good businessmen!!!!!!!!!!!!!!!!!!

As to why i didn't move straight into another office?? well...i have been getting calls almost daily from agencies as word gets around that i am a "free agent" (where's that button Sim?) But i have been re-evaluating my priorities and with four children under 10yrs, the RE industry is not conducive to family time and father/child relationships. I need my saturdays back for my kids!!!!

as for what next...who knows! i am enjoying some holidays for the first time in about 6 yrs.

 

[wishing_well0]

Interesting...

I wonder what the effects of this will be for those of us who use an agent to manage our properties. Should one be keeping an even closer eye on the agent and what they are up to in the office ?

 

[urban cowboy]

Interesting...

I wonder what the effects of this will be for those of us who use an agent to manage our properties. Should one be keeping an even closer eye on the agent and what they are up to in the office ?

it shouldn't touch you unless the office closes...which may well happen in some cases...(prob will for my former employer)

rentals are a different kettle of fish - the article is referring to sales people leaving the industry - especially those that are commission only. PM's are paid a salary and that is generally covered by the rent roll earnings anyway - so unless you are with an agency with a small rent roll and their sales aren't going all that flash - you SHOULD be fine.

That said, i hear on the grape vine that a lot of rent rolls are starting to become available for purchase around the place as agencies consolidate and free up capital etc.

will be interesting to see how this all pans out.

 

[Sim]

I wonder what the effects of this will be for those of us who use an agent to manage our properties. Should one be keeping an even closer eye on the agent and what they are up to in the office ?

A rent roll is typically the only saleable asset that a real estate agency has, so if the agency is looking to wind up, they would usually be looking to sell that first.

 

[letiha]

The particular agency that Urban Cowboy worked at manages my properties, and does a really great job at doing so. The PM is really great, promt and is what a great PM should be.

I'm happy to stay with them but if they went to sell their rental roll or their property manager left think I would be out of there and self manage.