Effects of the US Government shutdown and the unstable economy in Europe on the real estate agents here in the Philippines
I guess by now you know the news that the US Government shutdown because of lack of budget appropriation and their debt ceiling issue. What does this mean; most of their basic services are on hold and even their military and healthcare is affected. Many around the globe feels the backlash of a slow US economic recovery including the Philippines even though we post good economic numbers in the past 3 years.
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Does this shutdown and the unstable economy in Europe affect our real estate selling career; yes it does affect us one way or another. Most of our clients came either from North America or in Europe but because of this economic crisis probably many have postponed their plans of buying a property here in the Philippines.
One potential market is the Middle East where many of our Overseas Contract Workers are base. Even though there was an Arab spring a few years back the Middle East is considered one huge market to tap into. Asia also has a huge market folks coming from Singapore and South Korea might be looking at properties to buy here.
Add to these are the stiff competition of developers here in the Philippines which makes the real estate agent to work doubly hard to achieve their goals and whether we like it or not our sales target and actual sales will be affected.
My strategy with this kind of situation is to increase my rental listings. Probably many have postponed for the meantime their plans of buying but are not reluctant to rent for the meantime.
Test and re-test your strategy
As the saying goes:
"There's opportunity in every crisis"
If you are a real estate agent here in the Philippines what will you do with these global financial instability happening in North America and Europe.
Find other opportunities and check if you can monetize them. Keep on looking.
Are you a real estate agent in the Visayas region
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