Real estate director just boasted about earning hundreds of millions of dong "easily", now... speechless

The manager of a university in Ho Chi Minh City said that recently, the school organized a job fair for students. In the program, there will be an exchange and consultation session between representatives of businesses and students.

The school invited the sales director of a real estate company who was very enthusiastic about sharing with the students. Instead of agreeing, this person now shook his head and refused: "This year we will starve to death, we will be unemployed, and we will be speechless!"

Giám đốc nhà đất vừa khoe kiếm trăm triệu đồng dễ ợt, nay... cấm khẩu - 1 — During the land fever, many people "made a fortune" with real estate brokerage (Photo: Hoai Nam).

Early last year, when asked "Is it true that new graduates earn thousands of dollars?" during a meeting, this director in his 30s replied "a thousand dollars is just a small matter."

According to him, it is no longer strange or rare for students to graduate and work with a salary of thousands of dollars. Many professions can meet this figure for those who have direction, determination and desire to make money.

This person cited that in his company, many young people, some without degrees, who had just joined the real estate sales team for a few months, had achieved an income of 100-150 million VND/month.

But now, just over a year later, the company has had to scale back operations, cut staff, and many workers have lost their jobs. Some of his colleagues and employees have gone bankrupt, their entire families have had to return to their hometowns; some have become tech-based drivers to make a living...

The director's salary is now only over 4 million VND. If he can't sell the house, he won't get any commission, so he's considering finding another job.

Last year, at career orientation programs, many students in Ho Chi Minh City said that many of their acquaintances such as aunts, uncles, and cousins had no formal training or education but still worked very well in real estate, earning a lot of money. Not to mention, some even quit their official jobs to become land brokers.

That "good money making" picture has changed dramatically due to economic fluctuations when land has changed from "hot" to "frozen". Many companies have cut down and laid off staff, many brokerage floors have had to close and stop operating.

This leads to a situation where a large number of workers in this field lose their jobs, become unemployed, some are eliminated, and some actively quit their jobs.

According to statistics from the Vietnam Association of Real Estate Brokers (VARS), in early 2023, within one segment, about 10,000 brokers had to quit their jobs or switch to other jobs to make a living.

Recently, on job search sites, it is easy to come across many job seekers who are former real estate brokers, including those who used to be directors, department heads, and deputy department heads.

Giám đốc nhà đất vừa khoe kiếm trăm triệu đồng dễ ợt, nay... cấm khẩu - 2 — Young people interested in real estate career at a program in Ho Chi Minh City (Photo: HN).

In early 2023, Ms. Thai Ngoc Thom, 32 years old, living in Thu Duc City, Ho Chi Minh City, was eliminated from the real estate sector after nearly half a year without selling any products.

The female employee said that when she called customers to offer projects, if the other end of the line didn't hang up abruptly, she would hear the customer say: "I still have some unsold apartments and plots of land. Do you want to buy them? I'll sell them to you."

From an income of several tens of millions of dong per month, sometimes reaching a peak of hundreds of millions of dong, at this time, Ms. Thom barely survives with a few million dong in brokerage fees for renting apartments.

Ms. Thom said that her family not only got one but "both" when both husband and wife, who are real estate agents, became unemployed. With no income, no job, and their savings exhausted, Ms. Thom and her husband sent out applications and looked for jobs everywhere but were unsuccessful.

The family fell into difficulty, Ms. Thom had to find a job as a cleaner at a restaurant, an hourly maid, and her husband was introduced by an acquaintance to work as a tricycle driver to make a living.

According to the second quarter labor market bulletin of the Ministry of Labor, War Invalids and Social Affairs, real estate brokers are at the top of the five occupational groups with the most laid-off workers looking for work, along with textile, food and beverage, logistics, and insurance workers.

Navigos Group's report on recruitment in the real estate sector shows that in the first 4 months of 2022, the demand for human resources in this sector increased by 19% compared to the same period when it was stable before the Covid-19 pandemic. However, in the first 4 months of 2023, the demand for human resources in this sector decreased by 34% compared to the same period when it was stable before the pandemic.

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