A seminar being held in Sydney next week is seeking to “reignite hope” in depressed real estate agents who are struggling to cope with the city’s escalating property slump.
Buyer’s agent Peter Kelaher, who organised the already sold-out March 5 gathering, said agents worried about their ongoing livelihood in the midst of tumbling prices and dwindling listings were bearing the human cost of the slump.
Being held in Mosman next week, the seminar aims to shift agents mindset and get their motivation and enthusiasm they had during the boom.
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“The lower and mid-tier agents are struggling right now in every suburb as the principals and top tier agents gobble up the little listings left,” Mr Kelaher said.
“Some agents are worried that they will struggle to get any decent sort of income until spring with the school holidays and the federal election looming.”
This follows CoreLogic’s weekly market reporting finding that there are 25.3 per cent fewer new listings than the same period a year ago. In the 28 days to February 24 there were 6469 new listings in Sydney, compared to 8106 in 2018. During this time, the median dwelling price has slumped 10.4 per cent to $789,339.
Mr Kelaher said he knows of many agents who are either dealing with issues or looking to cut back on whatever way they can.
“If they haven’t left, a lot of agents are getting rid of their staff and PAs as they cut back on costs,” he said.
REINSW president Leanne Pilkington said there was a lot of negative sentiment among agents towards the end of last year as conditions became tough.
“There has been a reasonable number of agents that have left the industry as a result of the market becoming harder,” she said.
“These are agents who might never have worked in a buyer’s market and don’t have the different skills required to sell.”
Ms Pilkington said while sentiment reached a low before Christmas, many agents are starting to feel more optimistic after the market’s positive start to the year. Agents feeling lost or under pressure should reach out to their employer or someone they trust and discuss how they feel, the REINSW president said.
Top Strathfield agent, Norman So, of Belle Property Strathfield said the fewer properties on the market meant a reduction in the money agents are making.
“Agents rely on the number of listings they can secure to make money that supports their lifestyle and family, he said.
“In Strathfield we are 50 per cent down on the number of listings, so there would be agents out there going through tough times knowing that their income may have halved in the space of a year.”
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