The real estate market has been frozen for more than a year, causing the real estate market to stagnate. As a result, the number of real estate brokers has gradually decreased, and the number of active and passive brokers who have quit their jobs has increased. The difficult situation has forced real estate brokers to choose to stick around and wait for the right time or stop playing.
Is the toughest time for the brokerage profession over?
The latest survey conducted by the Dat Xanh Services Institute of Economic - Financial - Real Estate Research (DXS - FERI) in September 2023, for individual brokers who have quit their jobs, about the expected time to return to the real estate brokerage profession, the signal is positive when 11% said they returned to the profession in the third quarter of 2023; 38% of participants said they will return when the market has recovered; 24% said they are undecided, waiting for the market situation in 2024 to decide later; only 27% of respondents said they have changed careers, with no intention of returning to the real estate industry.
Also according to information in the report "Vietnam Real Estate Market Research in the third quarter and 9 months of 2023" by FERI, after a long period of restructuring and downsizing operations, up to now, there has been a record of re-recruitment of a series of sales staff from real estate brokerage businesses.
DXS - FERI Real Estate Brokerage Survey.
Recently, large brokerage floors such as Dat Xanh Services, Khai Hoan Land, Cen Land, Ha Dai Phat, Cen, GPT, DXMD Vietnam, Aka Land, Sao Viet, iHouzz, ... have simultaneously recruited sales staff and collaborators at all levels, as well as organized many practical training programs to improve skills for the sales team.
The market has recorded fierce competition in terms of recruitment policies and payment commitments. Many brokerage companies have issued recruitment policies with attractive income and support levels to attract sales staff such as basic salaries ranging from 5 to 20 million VND/month, marketing cost support, commitment to fast commission payment within 48 hours, hot bonus within 24 hours, etc.
This move is considered to prepare resources and train staff for projects expected to open for sale in late 2023 and early 2024.
At the same time, the recent recruitment of a large number of real estate brokers takes place in the context that many investors are making efforts to complete construction and hand over products to customers to both ensure the progress committed to customers and quickly recover cash flow.
In addition, many investors have also opened a "new basket of goods", typically the real estate market in the third quarter of 2023 in Ho Chi Minh City recorded the number of new apartment supply reaching about 4,000 products, an increase of 74% year-on-year; in Da Nang, the new apartment supply reached about 400 products, an increase of 100% year-on-year.
Since then, investors have been trying to launch their products, competing fiercely in terms of policies and sales methods.
Through the storm comes the storm
Sharing about the real estate brokerage profession in difficult times, Mr. Luu Quang Tien - Deputy Director of DXS - FERI said that the past 12 months were the most difficult period for real estate brokerage businesses.
However, "in danger there is opportunity" - in that difficult period, any business that needed to leave the market did so, any business that needed to cut staff also did so, Mr. Tien likened the current real estate brokerage business to a patient who has passed the critical stage, having completed the removal of all the sickest and ugliest things in his "body".
After the hibernation period, many real estate brokerage businesses have accumulated a lot of experience, survival skills, especially preparing good financial health after optimizing operations to be able to get ahead of the recovery wave.
“Real estate brokers who maintain a strong mentality, stay loyal to the profession during the most difficult times, and take advantage of difficult times to upgrade themselves… when the market recovers, there will definitely be an explosion,” Mr. Tien stated his opinion.
Agreeing, Dr. Pham Anh Khoi - Director of DXS - FERI said that the real estate market has been and is in a period of strong purification. After the crisis, the real estate playground will only be for truly healthy businesses, doing business transparently and complying with the law.
For individual real estate brokers, this is also the time when each broker must strive to renew, upgrade themselves, learn new skills, diversify product types, diversify customer base, and be very persistent to be able to stay in the profession.
Dr. Pham Anh Khoi spoke at the event.
Entering the fourth quarter of 2023, more than a year has passed since the real estate market declined deeply. With the efforts of all parties from the Government to businesses, although there are still many difficulties, there have been many positive signs showing that the market is gradually returning to the "race".
In an effort to overcome the challenges, investors are focusing more on policies for customers and brokers. To promote the program of "collecting" bookings and "collecting" customers, many investors have reduced the amount of refundable deposits to attract attention and create convenience for customers to buy products of the projects.
In addition, many investors have also increased brokerage fees for agents and increased bonuses for sales staff, such as The Rivana project (increased bonus from 10 million to 25 million VND/product); Bcons Polaris (increased bonus from 5-8 million to 10-15 million VND/product); Royal River City (increased bonus of 3 taels of gold worth 19.8 million VND/product)...
According to Mr. Khoi, this is the opportunity and "golden" time for the broker force with courage, quality, perseverance and real capacity to demonstrate themselves.
“The real estate market is currently a buyer's market, so both buyers and brokers have many choices,” Mr. Khoi shared .
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