STATIC house prices and fewer sales are keeping estate agents awake at night, according to one property expert.
A report by budget hotel chain Travelodge has found that in the UK, estate agents get less sleep than other professionals due to credit crunch worries and the housing market slump.
The survey showed that they get a mere five hours and 50 minutes a night – more than two hours less than the eight hours recommended.
Martel Maides director Keith Enevoldsen (pictured) said he wasn’t surprised by the news, but didn’t think it was quite so bad in Guernsey.
‘I get more sleep than that and would have thought most estate agents in Guernsey do. However, the job is quite stressful at the moment and I expect there are plenty of people who lie awake thinking about the state of the housing market.’
‘This is the most stressful time for estate agents since the early 90s. At the moment house values are holding steady, but the number of transactions is down and from an estate agent’s point of view that’s bad because many are paid on commission.’
According to the survey, which involved more than 4,000 British workers, 75% admitted sleeping less than the recommended amount. At six hours and 16 minutes, lorry and taxi drivers came second for sleep deprivation.
Bankers – one of the current economy-hit professions – averaged just six hours and 23 minutes. The top five was completed by builders and accountants, who both get six hours and 24 minutes.
According to the study, 40% of workers regularly experience problems sleeping due to pressures of work, making ends meet and long working hours.
Thirty-eight per cent of the UK workforce claim they can’t switch off from work, 23% say their first thought of the day is about work and 32% drift off thinking about it.
Seventy-eight per cent said they would like more sleep if they had the time and 52% revealed they take time off work or use the weekend to catch up on sleep.
Topping the poll with the most sleep were media and creative workers with seven hours and 12 minutes, closely followed by marketing and PR executives with seven hours and seven minutes.
‘In a recession, which you could argue the credit crunch could lead to, one of the worst-hit industries is usually advertising,’ said Wallace Barnaby Group MD Tom Robertshaw.
‘Locally, we are paid less than those in the finance industry. At a time when the cost of living is increasing, if anything we are the ones who should be sleeping the least. Fortunately, due to the island’s strong finance sector, which is so far weathering the storm, we are in a good position.
‘If our finance sector clients are doing well then those that benefit from their spending are also happy, which ensures a flow of work for our marketing, creative, public relation and events companies.
‘Businesses that increase their marketing spend in recession are as profitable during recession as those that cut their budgets,’ said Mr Robertshaw.
‘And they achieve the greatest profit improvements when recovery starts and gain market share faster – more than twice as fast as those that cut their spend.
‘Businesses that cut marketing spend in recession often experience profit decline when recovery starts and can struggle to survive.’
Article posted on 9th July, 2008 - 12.30pm
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