Real estate consultancy Coldwell Banker Affiliates of Romania, one of the leading players, which entered the market quite recently, is involved in full cost cutting process, both in terms of wages and advertising, and expansion. It is also expecting to pay lower rent for streetfront commercial space, which the firm will continue to use for its expansion. "We are aiming to cut costs as much as possible. We are cutting advertising costs, because no one is buying apartments during this time, anyway," said Valentin Ilie, the company's CEO. The company currently has nine branches and intends to open another four in the coming period, amid lower rents for streetfront space. "We have to expand because our contract (Coldwell Banker operates in Romanian under a franchise system) provides for reaching 20 branches in three years' time," added Ilie. The Coldwell Banker representative says they are on course with their network expansion, in terms of their contract with the American company, but they are not on schedule in terms of their own plan, which provided for more branch openings than have been achieved.
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