70% of real estate brokers 'give up their careers'

According to the report of the Vietnam Association of Realtors (VARs), in 2023, many businesses and brokers had to leave the industry due to the negative impact of the market. Among the few brokers still operating, they face great challenges from fierce competition in the real estate industry.

Specifically, up to 70% of real estate brokers have changed jobs or left the industry recently. Previously, the number of real estate brokers operating in this field reached about 300,000 people. However, due to the impact of market fluctuations, only about 100,000 people continue to operate.

Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association and Vice Chairman of the Vietnam Real Estate Association, announced that in recent times, the economic downturn has led to reduced demand and significantly affected the development of the real estate sector.

70 real estate brokers career quotes 1 — According to a report by the Vietnam Association of Realtors (VARs), up to 70% of real estate brokers have changed careers or left the industry recently. (Photo: DX)

Mr. Dinh said that, with the support of the Government, especially the State Bank, the real estate industry has achieved some achievements, however, it still has to face many factors affecting the business situation.

In the coming time, especially in 2024, the real estate market is expected to open up many new opportunities when the basic issues are resolved. Planning is being significantly improved, with 31/63 provinces and cities approved and many localities are expected to have their planning approved between the first quarter and mid-second quarter of 2024.

At that time, the market only had to face challenges such as land auctions and land price determination, as the Government promoted public investment to promote basic economic development, while supporting traffic connections to promote urbanization and real estate.

In addition, with the National Assembly passing the revised Housing Law and the revised Real Estate Business Law, Mr. Dinh said the appearance of the revised Land Law in the future will provide the infrastructure for brokerage activities to become more stringent, ensuring capacity and practice certificates. Moreover, before the law is implemented, this is also a good opportunity for real estate brokers to have more time to improve their capacity and knowledge.

From a legal perspective, lawyer Tran Minh Dung, Deputy of VARS Legal Department, informed that the current law clearly divides real estate business and real estate service business.

At the present stage, although the real estate market is slowing down, it also brings opportunities, let's "turn danger into opportunity". He believes that this is the time for individuals and businesses to focus on improving, enhancing and fostering knowledge and skills, ready for the time when the market recovers.

At the same time, he also mentioned the importance of identification and professional certification in the field of real estate brokerage. He emphasized that this not only creates professionalism and reliability in the industry but also helps brokers create a personal mark, enhance reputation and attract customers.

Finally, Attorney Tran Minh Dung encourages everyone involved in the real estate market to see opportunities in challenges and determine that preparing and investing in themselves will put them in a favorable position when the market recovers.

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