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Although the crisis is still exerting its effects, the property market is starting to recover, if only slowly. According to Tamás Bartucz, the chairman of the property agent sub-committee of the Hungarian Real Estate Association (MAISZ), buyers are "starting to have positive visions for the future" again, without which it is very difficult to make a decision. However, the expert believes that the slight improvement seen in the autumn in buying intentions of potential buyers is only a sort of spreading of their wings, with a discernible pick-up in market activity expected only in early spring. The alliance has no precise data on how many independently operated realtors have had to close shop this year and last due to the crisis, since there are many small offices working from home, a part of whom have given up the business - maybe only temporarily - due to the decline in market activity. According to Bartucz, this proportion could reach 40 or even 50 percent of similar smaller agencies, but he believes that it is not the number of offices that reflects the state of the profession most precisely, since in an environment hammered by the economic crisis, it is not quantity, but quality that is the new driver of the job market. Quality in interpersonal relations (between consultant-client and consultant-consultant) and quality in meeting real estate industry standards. This is the only handle to staying afloat in the current crisis situation and, with the improvement of the environment, to moving ahead. He believes that due to their overregulation, the majority of franchise networks cannot adapt flexibly and quickly enough to the changed market conditions. At the same time, he is also of the opinion that collaboration within the industry is more important now than ever, and this can take the form of a chamber, an industry alliance or a franchise network. Friendly professional clubs cannot handle this task, only support it.
The strategy to staying afloat: strong professional and financial background
According to optimistic forecasts, the property market could start its slow climb out of the crisis from next spring, but until then, there are tough months ahead for realtors.It is primarily the smaller agencies that have suffered significant losses: many of them had to close permanently or temporarily, or venture into other additional operations. Experts believe the reason for this is that local offices serving a smaller clientele with a smaller supply did not have the necessary reserves to survive periods of up to a few months when there are no clients. According to Béla Békési, the president of the Trade Association of Hungarian Realtors and Appraisers (MIÉSZ), while there were close to five thousand companies dealing with property sales before the crisis, their number has declined to around 2,700 today.
While smaller local agencies are struggling to survive, large national networks - including franchises - are taking the hurdles easier. Among them is Duna House (DH), which has grown into Hungary's largest franchise network, with 106 offices and a team of 1000 sales people. Ákos Murányi, lead analyst at the company, believes this is the result of their extensive database and stock of more than 10,000 active buyers on the one hand, and the complex services offered to buyers on the other. Thanks to DH's crisis-resistant business model, there were no office closures or layoffs necessary this year, what's more, there has not even been a need to reduce commissions; in fact, there are plans to expand the network. This is despite the fact they are not expecting any major pick-up in real estate activity this year.
Otthon Centrum is also optimistic, despite the crisis. As Kata Kühne, the company's franchise director explained, they are expecting a more than 30 percent decline in the number of transactions in Budapest compared to 2008, which translates to 40,000 deals. There is increased interest toward joining their network, with three new offices opened this year, while 17 were combined, bringing the current number of offices to 84; at the same time, the number of consultants has increased by 10 percent at the same period. In 2010, the network will definitely expand in Békéscsaba and Szolnok, but there are also plans to open offices in additional small towns, because the main goal during the crisis is gaining new markets. As an easing, in certain towns new members will not have to pay an accession fee.
City Cartel is also among the emerging companies operating a franchise network, and has managed to maintain its earlier market positions, as well as the number of sales transactions it has completed over recent years.
