In this depressing global economic climate, we write this article on a light note, not only to get away from our depressing thoughts of the industry, but also to be informed of the diversity in the erteneouship of estate agents worldwide. We have our own experience in Cyprus, but it is worth noting what other estate agents are up to it Europewide (to the extent we came to know about it).

U.K.: A city estate agent has converted his high street office into a top quality sandwich shop, where, you can take it away, or you can sit on bar stools and bar counters and eat, plus coffee etc. The business is a success, especially now that lunch expenses are out for most business people. Having spoken to this ex-estate agent he is thinking of having a chain!!

Spain: A Tenerife estate agent has converted his shop into a “classy” café, having sofas etc with top quality coffee and fresh salads. “I will do brilliantly he declared (ex-university mate). “This is the something extra that locals and tourists are looking for”.

Greece: “With the goings on in Greece and with the hooligans and riots all over the center of Athens, I got the idea to sell bullitproof glass for shops/houses. I can tell you this is an upcoming business”.

Germany: “Business is so slow that we are now selling housing units and we provide a cleaning and food service to go with it, in an effort to attract investors for short term lettings”.

Russia: “Our spot, in a prime location, has been converted into a nish travel agency. We sell just about anything from extreme sports to “gay group” excursions. We have some clients now requiring us to organize visits to Iraq, as journalists, to get the experience of danger!!”.

U.S.A.: “We came up with the idea to buy the homes ourselves, let them for a period of 1-2 years at a reasonable rent and in the meantime to try to find finance for the buyers. We have turned from estate agents to speculators, but we have to do something to keep us going. We will gain on the capital appreciation when better times come. In the meantime we have acquired a very good name as a “social caring firm” something which we will cash in, in the future.

Cyprus: Our next door neighbor in a seaside town has turned his shop into a take away B.Q. shop. Quite a good business and cheap food, but then, as our neighbor tells us, “it keeps me busy and my sanity healthy”.

Ireland: “I never liked educational institutions, I just could not concentrate. I closed shop and I became a lecturer in a local university. I am doing something that I hate, but what can I do, I must have a job”.

Dubai: “Are your sure Cypriots are not interested in my country? Prices are 40% lower than last year. Don’t they have fun with the shopping and the sun/sea? The super apartments are now selling at around €2.200/sq.m. Please make an effort!!”.

Egypt: “Having discussed the matter with my partners, we have decided that the only cash available in the market is tourism. So we have converted our agency shop in the tourist area into a camel and desert rentals!!

Italy: “Us, being a Capri agents, are selling one bedroom apartment for €70.000 each and we are selling like mad to Russians. My worry is whether the developers will be able to deliver what we promise at these prices”.

Los Angeles: Now that the business is dead, we have converted our operation into a guided tour business. Since we know most of the celebrities houses, we take the tourists around (mainly Japanese) and we offer them photo prints inside and outside plus the celebrities’ photo and details – an easy job with good results!!

Montenegro: “I cannot understand you guys how you can sell to Russians at double the prices that we do. We understand that you have a very good Russian market” (misinformed?).

Bulgaria: “We are desperate in Bulgaria and we have in our books almost 2500 beach apartments at €1.900/sq.m. We have no demand and we hope that you can help us out? Our project of 1.500 units is now completed standing empty and eroding”.

Romania: “Do you remember the plot we offered to your client last year for €6.0 mil. The owner is now ready to accept €4.0 mil.”.

Etc etc

Keeping up with the light side of things, we will say for Cypriot estate agents who are in trouble and have touristic location shops to think about:

• The sandwich option is a good idea.

• If you are good at B.Q. convert it into a take away “souglakia” shop, plus a free beer for €10 - you cannot go wrong.

• Place bar/stools for low pried coffees and ice creams.

• Think about ready cold dishes where people can buy their own, take away (fast and cheap etc).

• Use your shop for bets, especially for football games and use large screens outside.

• Opt for a weekly wine testing event. Get the wine producers to provide the wine and hopefully, when clients have a few drinks, they will “like” your properties more.

• Etc

During these difficult times we must have some sort of “togetherness”, which usually comes about when times are difficult. We have approached this article with a light hearted spirit, not so to ignore the situation, but to indicate that we are not alone in Cyprus and the situation abroad is far worse.

Keep hoping we say (you do know the “keep walking”) because this situation will not last for ever.

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