Are the banks making the same mistakes as they made back in the early nineties when they got rid of staff by the bucket load and when business started to take a turn for the better they could not cope.
Why is that you may ask, well the highest paid went first to cut down on the expenses, and these employees had all the experience, and when you take that away what are you left with, a bunch of people with little or no experience being asked to take on responsibilities that they are not qualified to deal with, and no one to turn to for advice, will they never learn.
You can get rid of the worker bees, and replace them with more worker bees as long as the Queen bee is in place with her trusted Lieutenants the hive will function and run smoothly, and the quality will not suffer.
We have a lot to learn from our Bees, but try telling your bank official that, you may just get stung. Is it getting any better in arranging a COMMERCIAL MORTGAGES, BUSINESS LOANS, OR COMMERCIAL FINANCE. In short the answer is no, that one vital ingredient is missing its called confidence and there does not seem to be too much of it about.
The commercial and residential property markets are still falling, and opinions of how much and when it may stop are very much divided, but the fact is the market is still falling despite bits in the press that may suggest otherwise, and until this changes, confidence will not return.
It’s good when people try to talk up the market, but just because the estate agent wants to up the price it does not mean that the market has moved. We will have a long hard job trying to convince the surveyors that the market has moved, as they have long memories of being sued for advice given prior to the last recession, and that advice given in good faith put a lot of surveyors out of business, when the advice was questioned and comparables could not be found to back up the decision.
We are all wiser after the event and people in the industry keep records and files that would have been shredded in a previous life, PI cover is very expensive, and a claim would have a very hard impact on future premiums.
We have been down for a long time now and it is a long slog to get back to where we once belong, who said that ?. The market tells us to expect the residential market to recover first and we expect to bottom out by the end of this year and bounce along in the early part of 2010 before those much talked about green shoots of a positive recovery start to show in the spring/summer.
The commercial markets have always followed the residential markets, but we do not expect the gap to be as large this time around and some recovery by next summer is on the cards. It will be a very strange experience for advisers and brokers in the commercial market place to ask the banks/lenders for assistance in arranging a commercial mortgage, business loans or commercial finance and get the right answer first time around. I think a few glasses of alcohol may just pass our lips in recognition of the changing times, please god.
And do we remember when the lenders were pestering us to use them rather than that nice person next door. I hope that we will use our long memories and help those who have helped us to survive in very difficult circumstances, we will come out wiser but the scars may remain for some years to come. We do of course always have our clients best interests at heart when we consider which lender to use, but some have pulled the plug on clients when a little may have helped them survive, we should always look back before we look forward, or as Churchill used to say,The farther backward you can look, the farther forward you can see, wise words from a very great man.
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