Technology will play a powerful role as an assistant for real estate brokers.

Technology will play a powerful role as an assistant for real estate brokers.

Real estate brokerage is one of the professions with the shortest life cycle and the highest rate of elimination today. Accordingly, 80% of brokers quit their jobs and change companies after only 1 year of working. The reason comes from the fact that brokers encounter countless hardships while practicing and do not receive support.

In particular, many individual brokers often have to "swim" to find sources of goods and customers. While finding sources of goods is difficult, the aviation fund is not diverse, and there is a lack of data to compare prices, so even though it costs a lot to find customers, brokers still lack the basis to convince customers to make transaction decisions.

Technology will play a special role for real estate brokers image 1 — According to experts, technology will be the key factor in creating success for brokers. (Photo: OH)

And even if a deal is closed, brokers are still often cut off, owed commissions, and not paid as agreed. Personal agreements in transactions also put brokers at risk in their profession.

Real estate brokers themselves are still viewed by a part of society as "brokers" with a lack of sympathy. Brokers even accept that as the reality of the profession.

At the Launching Event of the Technology Real Estate Brokerage Network held on October 27, Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokerage Association, commented: The more competitive the market is and the more demanding customers are, the more brokers need to change to become more professional.

“It is especially necessary to apply technology tools in managing professional activities, managing information data, and improving customer experience. I believe that technology will be the key factor to creating success for brokers,” said Mr. Dinh.

The Chairman of the Vietnam Real Estate Brokers Association stated that improving the quality of the brokerage team is an inevitable trend that real estate distributors must aim for, helping them gain the trust of the market and the investor community.

Meanwhile, Dr. Vo Tri Thanh, Director of the Institute for Brand Strategy and Competition Research, said that technology will play a powerful role in assisting brokers in speeding up transactions, with transparent information to ensure the rights of both buyers and sellers.

“The real estate market is experiencing information asymmetry between buyers and sellers. The broker’s task is to provide accurate and standard information so that buyers and sellers can choose and make decisions. Information that is guaranteed to be accurate and transparent can only come from real market data - through technology platforms,” Mr. Thanh emphasized.

Technology and data are key to transparency

According to economic experts, the Vietnamese real estate market still has many gray areas with virtual goods and virtual prices.

When there is a need to buy real estate for investment or settlement, as well as when needing to sell real estate, both buyers and sellers are easily led into a "matrix" of unofficial information, putting them at a disadvantage in the transaction.

Experts say that applying technology platforms to make information transparent, helping parties involved in transactions make informed decisions, is the best option to protect market participants. This trend has been successfully proven in developed countries such as the US, Australia, Japan and China.

Mr. Huynh Tan Dat, Product Management Director of One Mount Group, said that technology and data play a key role in ensuring real estate transactions are transparent and the rights of all parties are guaranteed.

From market data sources through the customer understanding process, technology can provide good information and suggestions for buyers and sellers to make decisions faster and more accurately. In the role of consultants, brokers have information to take care of many customers and increase sales efficiency.

According to Mr. Dat, currently, after the market downturn, only about 50% of real estate brokers in Vietnam are still sticking with the profession. In the most difficult times, they need a large enough system with strong resources to give them the opportunity to continue their career, and to positively adjust the position of brokers in the market. Therefore, it is necessary to have a technological solution that can increase the opportunity to close more transactions, which means increasing more income.

“We have been preparing for 3 years to launch the technology real estate brokerage network. We have prepared the technology platform, market data, international standard operating management system, strong financial support, talented people in all fields,…”, Mr. Dat said.

Technology will play a special role for real estate brokers image 2 — Mr. Tran Quang Trung, Business Development Director of OneHousing. (Photo: RP)

Meanwhile, Mr. Tran Quang Trung, Business Development Director of OneHousing, said that the commission mechanism helps brokers have the best income in the market, with transparent policies and payments within 24 hours. Commissions are not only for successful sales brokers, but also benefit from the mechanism of sending goods, recruiting staff and building a team - also with worthy rewards.

“When a broker in the team has a successful transaction, the managing broker also gets a part of the commission from that transaction,” Mr. Dat emphasized.

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