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Bulgarian Estate Agents

It has been reported this week that some 3,000 Bulgarian estate agents are potentially likely to close their doors because of the global financial crisis, with up to 7,000 brokers losing their jobs. During this year estate agents are expecting a decrease in the number of property transactions in Bulgaria, as many buyers are waiting for prices to go down.

Apart from the economic climate, there are also other reasons why some estate agents will close their doors in the coming year.

Bad apples, those with no financial backing and those unwilling to adopt to the current property market.

Vendors will become more cautious about who they place their property for sale with. The agents are going to have to 'sing for their supper'. The internet is forcing them to change their ways as vendors and buyers are more informed by sites like Quest Bulgaria. They won't just take an agent's word for it anymore.

In 2009 estate agents will have to provide a super high level of service; you can see it coming like an express train and those without the ability or willingness to do this will go to the wall.

However, the ones who add value and sort out issues, who have longevity and good finances, who operate ethically and transparently, who deliver a complete package will make more money than now - welcome to the brave new world of real estate.