Struggling to find customers during the Lunar New Year season.

Racing to find customers

Since the beginning of 2023, the real estate market in the southern region has faced many difficulties, with Ho Chi Minh City and neighboring provinces such as Binh Duong, Dong Nai, and Long An also experiencing unfavorable conditions.

When the real estate market slows down and money no longer flows into this segment, real estate agencies also face difficulties.

In previous years, you would always see well-dressed, elegantly-clad real estate agents in cafes advising customers about land.

However, at present, the demand for real estate is decreasing, especially with stagnant market liquidity. Many brokerage firms and sales staff are struggling to find buyers. This is particularly true during the third quarter of 2023, which is close to Tet (Lunar New Year), when many brokers and sales staff are making strenuous efforts to find customers to sell their properties.

Real Estate - The Real Estate Brokerage Profession During a Market Sluggish Period - Part 1: Struggling to Find Clients as Tet (Lunar New Year) Approaches — Real estate agents contact and invite potential buyers to view and purchase the project. (Screenshot).

Speaking to Nguoi Dua Tin , NTT, 28, a real estate agent at DKRA Vietnam, said: “I’ve been working in the real estate brokerage industry for 6 years. Since the Covid-19 pandemic, the real estate market has faced many difficulties. Previously, developers and brokerage companies organized sales events, and employees like me had a list of investors and could call them to view properties and close many deals. But now, everything is very different. Every day I make over 100 phone calls and constantly send messages via Zalo, but I only receive the answer 'let me think about it,' and no one wants to learn more.”

Nam, a real estate agent working for a major real estate group in Ho Chi Minh City, said: “In the past, our group's properties sold very quickly whenever we launched new ones. Even old customers would excitedly call to see the new products. However, now they are not as interested anymore, especially when they ask me to sell properties they previously bought. No matter how much I advertise or try to sell them, no one buys them, even with price reductions. Finding buyers has never been this difficult.”

"Clients usually flock to this end-of-year period, while real estate agents like us have been sitting around doing nothing for the rest of the year. During this time, our sales team is focused on boosting sales, searching for clients, making phone calls, and even distributing flyers to find additional demand and meet sales targets," Nam shared.

Many questions were asked, but no one actually bought anything.

Not only is finding customers difficult, but convincing them to buy real estate in the current market is also a challenge.

Mr. Hung, Director of NP Real Estate Joint Stock Company (headquartered in Binh Duong province), said: “Since October 2023, my company has been running advertisements for a project in Binh Phuoc, and many customers have inquired about and wanted to visit the project. The company had to spend money renting vehicles and preparing everything to provide the best service… however, while many customers came to view the project, there were no closing deals. This is one of the difficulties we are currently facing.”

Real Estate - The Real Estate Brokerage Profession During a Market Sluggish Period - Part 1: Struggling to Find Clients as Tet Approaches (Figure 2). — During a real estate boom, real estate agents are very active.

"In the past few days, with Tet (Lunar New Year) approaching, the sales team has been working at maximum capacity in terms of both time and personnel. Dozens of people are on duty from morning till night, but sometimes there are no customers. It takes a lot of perseverance to sell even one lot," this director shared.

In reality, nowadays, homebuyers visit construction sites primarily to tour the location and gather information, rarely making a purchase. Sales agents stationed at projects mainly aim to collect information from potential customers (names, phone numbers, addresses) to maintain relationships and close deals later, rather than expecting to make a sale immediately.

Real estate experts also acknowledge that times have changed, customer confidence has declined, and the sluggish market forces developers to find every way to attract customers. Using tactics like price reductions, gifts, and interest-free grace periods are no longer reliable strategies for real estate agents and sales companies.

Furthermore, experts also assess that current buyer sentiment is influenced by the economy and the lending mechanisms of banks. Many investors are hesitant between saving money and buying real estate. The majority are gravitating towards the channel that offers better returns.

Please look forward to the next article, " Company closes, brokers quit."

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