Real estate "heats up" again, brokers rush back to the market

According to the Vietnam Association of Realtors (VARS), in the third quarter, the real estate market continued to record positive results.

From the beginning of 2023 to the end of the third quarter of this year, 5,565 real estate businesses returned to operation with many new brokerage offices opening or reopening in areas with large supply. The association estimates that about 70% of brokerage service businesses and brokers who intend to stay in the profession for the long term have returned to operation.

According to the Real Estate Market Research Report for the third quarter of Dat Xanh Services Economic - Financial - Real Estate Research Institute (Dat Xanh Services - FERI), the real estate market has gradually recovered. Market confidence continues to have more positive changes, reflected in the number of searches, project information inquiries and visits to model homes continuously increasing.

Besides, objective factors such as storms, floods, natural disasters or the Ghost Month have an impact on customer behavior in the short term but do not affect the confidence of all market participants.

Notably, investors actively launching new projects also create more opportunities for brokerage units. Projects are gradually diversifying in type as well as location; the trend of moving South and North is becoming more and more obvious.

VARS statistics show that about 70% of brokerage businesses and brokers have returned to operation (Illustration photo: Duong Tam).

Unlike the "hot" development stages, in this stage, investors and brokerage units do not expand widely but focus on products and markets that suit their own strengths.

In the past quarter, brokerage floors have been promoting training, improving the quality of their staff, and building a successor force to enhance competitiveness. Training programs range from legal knowledge, market knowledge, soft skills, and leadership capacity.

Some large enterprises have many sponsorship and incentive policies for sales staff to study and take exams to obtain brokerage certificates. Recruitment activities have also been tightened but focus on quality instead of mass recruitment.

Also according to the Institute, from August 1, the 2023 Housing Law, the 2023 Real Estate Business Law, the 2024 Land Law, and the 2024 Law on Credit Institutions taking effect have brought about mixed impacts and have created a tug-of-war in the psychology and behavior of customers.

Starting from the last quarter of the year, the market has shown signs of warming up and gradually improving compared to the third quarter, especially the Hanoi market, which has created great demand in the short term. In addition, the new land price list has not been applied, leading to a mentality of rushing to buy real estate when prices have not increased yet.

In addition, new regulations provide more protection for home buyers, and the legal status of new projects has been more secure, helping customers feel more secure and confident when making transactions.

However, Mr. Nguyen Van Dinh - Chairman of VARS - said that up to now, the whole country only has about 40,000 real estate brokers who have been granted practice certificates. This number is very small compared to the number of brokers practicing in the whole country.

Many real estate brokers do not attend training courses, professional knowledge improvement courses, and professional certification exams because they are not "afraid" of being fined.

He also pointed out that courses of uncertain quality were openly organized because the inspection and examination of compliance with legal regulations related to training and fostering knowledge of real estate brokerage practice and real estate trading floor management were still lax.

According to Mr. Dinh, when the 2023 Real Estate Business Law comes into effect, the brokerage team will be required to work more seriously, operate in the trading floor and have a practice certificate.

At the same time, the trading floor must be responsible for managing and controlling its employees. At the same time, all brokerage and trading information must be fully disclosed, public and only allowed to execute, trade or introduce real estate projects that are eligible for operation.

"This helps eliminate situations such as roundabout trading, introducing "ghost" projects or "running away", causing serious consequences for consumers and affecting the reputation of genuine investors," Mr. Dinh emphasized.

Source: https://dantri.com.vn/bat-dong-san/bat-dong-san-nong-lai-moi-gioi-o-at-tro-lai-thi-truong-20241021150336543.htm