Property slump bites as staff laid off in leading EA (Indo) … e_id=15538

LEADING estate agents have begun to feel the pinch of the property market slowdown with confirmation of redundancies at two main companies over the past couple of months.

Gunne Residential has made eight people redundant and has closed two branches in Bray, Co Wicklow, and Swords, Co Dublin, with the consolidation of these businesses to Dun Laoghaire and Fairview. Douglas Newman Good yesterday confirmed five redundancies.

Several other agents are believed to be reviewing their businesses in light of the slowdown in the residential market, particularly in the Dublin region.

According to the latest figures from the Permanent TSB/ESRI House Price Index, national house prices showed no growth in February of this year, while prices in a number of sub-sectors of the market declined slightly due to high interest rates.

“It’s diabolical at the moment,” said one agent who did not wish to be named. “And I would expect more redundancies in the sector in the next few months.”

Keith Lowe, chief executive at Douglas Newman Good, said yesterday he regretted the redundancies but they were inevitable and that the company could not rule out further job losses in the future.

“Obviously there are less transactions out there at the moment,” he said …

(Note that I have conveniently left out the VI spin at the very end of the article ) :laughing:

The agency business is all about transaction volumes not record prices. The agents that will survive in this market are those who are best at managing sellers expectations in a falling market.

Time to sort the wheat from the chaff. Here comes the pain.

The estate agent(Mr Anderson?) over on the daft threads said people were laid of from his company last week. He also said you’d see it in the papers this week. I think you can be pretty certain he was telling the truth so.
You can read the thread here

*Keith Lowe, chief executive at Douglas Newman Good, said yesterday he regretted the redundancies but they were inevitable and that the company could not rule out further job losses in the future. *

Future job losses? In other words, existing staff start working your socks off and if you dont get sales you’re fired! and as for bonuses and salary increase? :laughing: :laughing: :laughing: :laughing:

Glengary Glenross stuff alright!

As far as a profession is concerned , EA’s are the absolute bottom of the food chain. It’s a profession that needs no qualifications. I have yet to meet a trustworthy one and in particular one who will ring you back when they say they will. Good riddance leeches ! :laughing:

Ah now here! I hate to hear any profession or group of people tarred with the same brush, sweeping generalisations etc.

I have met many truthful auctioneers - some who even warned me about the state of the market more than 12 months ago.
People are losing their jobs for Gods sake

Mmm , sweeping generalisation :confused: And some Gestapo commandants were just quasi earth walking saints who had a fetish for jack boots and black uniforms :laughing:

Nah , afraid I’m not as lucky as you so - not having had the pleasure of meeting an honest EA who warned me NOT TO BUY ( and hence forego his fat commission cheque ) because of the ’ state of the market ’ :astonished:

Any EA’s who I’ve had the displeasure of interacting with were well…all gits :cry:

There seem to be some on the discussion warning people, plus we have at least one on this website who has been posting here for months and before that was on

They are not all bad! People are people and we all know some people are ******** < insert appropriate word! Some peoples circumstances may lean them in one direction or another (in any profession or other life circumstance) but not ALL!

These people losing their jobs is all part of the spin as well, is it not?

That is true, there are always exceptions of course and yes there are few who contribute here and on other sites who, fair play to them, say it like it is, but unfortunately my experience of EA’s mirrors Bottlers experience. Dreadful. At every turn, so many lies. :angry:

So I am not sorry to see that particlar profession now feeling the pinch.

Yes indeed. They’ll make a big song and dance about it and attempt to blame those who didn’t talk up the property market.

Look what you did, now we have to let people go.

And then I suppose we’ll all feel bad for not saying everything was fine with property prices in Ireland and that they would just keep going up and up forever and a day. Because then no EA would lose their job. Right?


Being a cynic and not a fan o’ the EA’s I assumed they would only be publishing this if it served their purpose but so far I can’t see what it is.

To me it seems like an admission that no matter who gets returned in May and what they do or don’t do regarding SD this market is terminal, do not resuscitate.

There are only two sorts of successful sales people, those who believe in the product they are selling (a minority to be sure), and those that are good liers.

Yes, we can all manipulate the facts to suit our needs from time to time.

But my definition of a successful sales person is someone who is good at getting you to part with your money but who makes you feel good in the process. Now that’s a successful sales person. That’s someone you would be happy to do business with.

Most EA’s do not fall into that category, in my book.