Has the real estate crisis affected translators' lives ?
Thread poster: pnegrete
pnegrete
Local time: 03:02
English to Portuguese
+ ...
Jan 29, 2008

Does the crisis in the US has affected the number of jobs you have received? Has it affected your income in way that you considered to postpone your investments in renewing memberhsips in transltor's portals ? Or, instead of that, has it become a good time to invest more?

[Subject edited by staff or moderator 2008-01-29 02:00]


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Nicole Schnell  Identity Verified
United States
Local time: 23:02
English to German
+ ...
What crisis? Jan 29, 2008

And why real estate? I never noticed any connection between home-ownership and being a Proz.com-member.

Greetings from the US,

Nicole


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Ralf Lemster  Identity Verified
Germany
Local time: 08:02
English to German
+ ...
Financial markets crisis triggered by the US sub-prime mortgage market Jan 29, 2008

Hi Nicole,
I take it Paulo refers to the crisis in the international financial markets that was triggered by the US sub-prime mortgage segment.

To answer the question, I believe it's too early to gauge any impact on language services - right now, the short-term effect I'm seeing on financial translations is a positive one, given the increased need to communicate in times of market turbulence.

Best regards,
Ralf


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Renée van Bijsterveld  Identity Verified
Netherlands
Local time: 08:02
Member (2007)
English to Dutch
+ ...
not this crisis (yet), but the cheap dollar is a problem Jan 29, 2008

Ever since the dollar is loosing its value rates are under pressure: european translators get too expensive for agencies paying in dollars. European agencies working for US companies/agencies tend to lower their rates.

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Nicole Schnell  Identity Verified
United States
Local time: 23:02
English to German
+ ...
Hi Ralf Jan 29, 2008

This issue is a little bit too intricate to be discussed here - and I hope that certain "best practices" of lenders will be adjusted in the future. We are are experiencing record numbers in fore closings and financial institutions are forced to lay-off thousands of employees.

How this is related to membership in translators' associations however will remain a mystery to me.


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Philippe Etienne  Identity Verified
Spain
Local time: 08:02
Member
English to French
Significant slowdown in my business in January Jan 29, 2008

But I don't know if it is related to the slowdown in the global economy.
Incidentally, I experienced the same magnitude of slowdown end 2001 (9/11?).

My "investments" always involve a limited amount of money (say up to the price of a new computer) so this global slowdown should not affect any investments I could make this year.

I use this free time to rest, do other things and enjoy the sun. And if I get bored, I still can do some active prospection.

Kind regards,
Philippe


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Samuel Murray  Identity Verified
Netherlands
Local time: 08:02
Member (2006)
English to Afrikaans
+ ...
The sub-prime crisis? Not sure... Jan 29, 2008

Paulo Negrete wrote:
Does the crisis in the US has affected the number of jobs you have received?


Any effect will be a knock-on of a knock-on, so it would be very difficult to determine whether the sub-prime stupidity (sorry: crisis) would have had any effect on my business. I do have a sideline business manufacturing a perpectual motion machine, and the sub-prime situation has given me new hope of making tons of money with it (joke, sorry).


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Claire Cox
United Kingdom
Local time: 07:02
French to English
+ ...
Definitely slower this year so far Jan 29, 2008

Philippe Etienne wrote:

But I don't know if it is related to the slowdown in the global economy.
Incidentally, I experienced the same magnitude of slowdown end 2001 (9/11?).



Yes, this has certainly been the slowest period I've experienced in ages. I'm working, but it's a trickle compared to the usual rush! The last time I was so quiet was back in the summer of 2003, when I think there were similar doubts about the UK housing market, but I also moved house and went through a horrible divorce at that time, so that might be more relevant than external conditions. Other contacts and agencies have also said they're quieter than usual.


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xxxLatin_Hellas
United States
Local time: 08:02
Italian to English
+ ...
A few extra jobs actually Jan 29, 2008

I have actually received a few extra jobs translating articles on how the US subprime debacle (stupidity, yes Samuel) has affected certain European country economies.

I also felt the effects of the recession of 2000-2001 and certainly the current downturn could have a major negative impact if indeed it turns into a deep, widespread and lengthy recession. Let's hope not for everybody's sake. It would not be funny whatsoever for anybody.

In my experience, one of the biggest threat to translators, especially those with direct clients, is mergers & acquisitions among companies which in many cases lead to changes in policy, including whether or not they outsource translations or handle them in-house.


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Sonja Allen  Identity Verified
United Kingdom
Local time: 07:02
Member (2005)
English to German
+ ...
I asked a similar question here recently Jan 29, 2008

Not long ago, I asked a similar question in the forum.
Here is the link:
http://www.proz.com/topic/93116


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Gillian Searl  Identity Verified
United Kingdom
Local time: 07:02
Member (2004)
German to English
I'm busy, busy, busy Jan 29, 2008

In fact I probably had the best month ever in revenue terms. Since December was very busy too I can't wait to escape on holidy to Brazil in 3 weeks. Maybe I should leave the laptop at home...;)
Gillian

[Edited at 2008-01-29 13:20]


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Steffen Walter  Identity Verified
Germany
Local time: 08:02
Member (2002)
English to German
+ ...
Have been busy all through the month Jan 29, 2008

Gillian Searl wrote:
In fact I probably had the best month ever in revenue terms. Since December was very busy too I can't wait to escape on holidy to Brazil in 3 weeks. Maybe I should leave the laptop at home...;)


Same here, Gillian - this has been the busiest January (by a clear margin) since I went freelance in October 2003. Goes to show that the workload will ultimately depend on the fields you're specialising in (and perhaps the language pairs you offer). Hence, in terms of specialisms, it's always good to have "more than one leg to stand on".

My 2c,
Steffen


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Miguel Llorens  Identity Verified
Local time: 08:02
English to Spanish
+ ...
Could translation be immune from the slowdown? Feb 8, 2008

Like many who replied above, and despite my initial concern about a potential recession, my work rate has not slowed down. I am actually beginning to wonder whether translation, due to the pace of globalization, might be a defensive or non-cyclical industry, at least for the next decade or so. A multinational's need to communicate with immigrant employees is not likely to diminish during a downturn. These expenses may be somewhat difficult to scale back in lean times (e.g., a share distribution program may be legally required to provide the docs in Spanish or Portuguese). Of course, this is just a totally unsubstantiated idle thought. Maybe next month will see the real damage. Fingers crossed, though.

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