Day in the Life: Fleurets property agent

You might think that life would be pretty quiet for a commercial property agent at the moment. Not so.

Although asking prices are down and, due to a lack of lending by the banks, the number of buyers is down too, sales are still happening. In fact property agent Fleurets reported that 18 per cent more potential buyers were registering on its site at the end of 2008 than during the same period last year.

So, as an associate at Fleurets, life is still very hectic for James Davies. It is James' job to oversee the sale of pubs in South London and the southern Home Counties.

Technically, James works on behalf of the party selling a pub. It is his job to find them a buyer. But his role also involves a lot of talking to solicitors, buyers and potential buyers in case of possible future sales. "Matching buyer and seller is everything," says James. "To understand the value of a pub, you have to understand what buyers that pub will appeal to."

It is also James' job to assess and value pubs and at the moment, it's not always good news for those wishing to sell. For licensees who purchased when property prices were booming, as little as 18 months ago, or who have recently invested substantial amounts in refurbishing a pub and not yet seen that reflected in increased sales, it can be particularly tricky to make that money back.

The value of a leasehold at the moment is roughly worked out as being one to one-and-a-half times net profit, although due to the instability of the market right now, it is difficult to calculate an exact amount. Vendors are having to accept that their businesses are worth much less than they would like.

That said, James has dealt with sales over the past 18 months, from anything from nil premium, to those worth over £1m.

We followed James on a typical day. 8.45am Drive from James' Surrey home to first appointment in Kent

James typically spends between one-and-a-half and two days out on the road meeting potential vendors, from individual licensees to big corporate clients such as pubcos, or attending open viewings.

James deals with anything between 20 and 30 properties at a time, so the rest of the week is spent in the office meeting clients and managing current instructions. "When a property is under offer and emotions are involved, I quite often need to get involved to massage it through," says James.

Before he sets off, there's just time for a call to the office to see whether a deal has gone through.

9.50am Arrive in Kent to assess the local area

James has an appointment with a licensee who wants to put his free-of-tie lease on the market. Before he meets him, James checks out the local area. When valuing a pub, one of the most important things to consider is who will want to buy it. Location is vital.

James spots a new housing estate full of potential customers, and a private school, meaning there is some wealth in the area. But the village is not very attractive, meaning it won't attract aspirational buyers, and there are rival pubs in the area too.

From the outside James can see that the building is in need of some repairs and a lick of paint. But there is a large car park and a trade garden, which could help it to sell.

10.00am Meeting with licensee and property inspection

James meets the licensee who explains that he wants to sell so he can spend more time with his young family.

He views the property, making notes and taking photos as he goes so that if the licensee does decide to sell, he has all the details needed to market it.

The pub is large, with a separate restaurant and games room, but needs redecoration.

The pub is making about £10,000 a week gross profit. But James says that due to location and the pub's state of repair, there is a limited number of buyers it would appeal to, which will be reflected in a low asking price.

He explains that the family who currently run the business have a lot of goodwill with the community, but new licensees coming in may not fare as well.

James leaves the licensee his contact details and gives him time to consider whether he wants to go ahead and put it on the market.

11.10am Drive back to Surrey

James takes the opportunity to dictate a letter to the licensee on the way to his next appointment. It's also a chance to stop at a service station for a coffee and to check up on emails and make a few calls to check whether sales have completed.

11.30am Arrive at the Grotto pub in WeybridgeThe sale of the lease of the Grotto to Colin Daniels completed yesterday and James is dropping in to hand over a spare set of keys. Colin has wasted no time in getting to grips with the pub. There are already two builders tearing down the old bar. He and his sister plan to introduce a real ale offering at the pub and increase capacity by changing the layout. With just weeks before the re-opening, James leaves them to it.

12.10pm Visit to the Clock House pub in Teddington

Time for a working lunch. James makes a point of keeping up with people he has previously sold pubs to, in case they want to acquire more. The Clock House was bought by ex-Massive Pub Company property manager Ray Irvine in September. Since then he has transformed it from a run-down local to an upmarket venue with quality food and cask ales, to suit its affluent location. He's even added a coffee offering to steal custom from the large Starbucks just across the road. James and Ray discuss locations and the types of pub and leases Ray would be interested in, then it's time to hit the road again. 2.45pm Drive to Hampton Court to view pub

James gets a call from a licensee to cancel that afternoon's inspection, due to staff shortages, and another from a licensee apologising that she won't be able to meet him that afternoon to view her bar. With his diary suddenly clear, James heads to the second bar anyway to discreetly view the property. The licensee bought the leasehold through Fleurets a couple of years ago and has spent a considerable amount of money refurbishing it.

"In today's market, she will not make her money back," says James.

Prices are proportional to what the business is making, not the bricks and mortar of the property itself, but he has a buyer in mind who put in a late and unsuccessful offer on the Grotto.4pm Drive to Chertsey

James receives a call from a licensee who runs a wet-led community pub with no garden. She wants to sell and is looking for around £80,000 for the lease. The pub is on James' way home, so he drives by to quickly assess it.

James thinks it is likely to appeal only to local buyers, which will affect its value. He will only be able to give a firm price once he sees the accounts showing the pub's net profits. 4.10pm Home to work through emails

After a day out of the office, James has received more than 40 emails, so with no more properties left to inspect, it's time to head home to start working through them.

It will take him a couple of hours. But with offers coming through, potential buyers and sellers to contact and impending sales to deal with, it's essential James keeps on top of it.