Real estate brokerage profession is tragic, almost "falling away"

The Vietnam Association of Realtors (VARS) has just released a report on "The current health status of Vietnam's real estate market" with many figures showing that in the first 5 months of 2023, real estate businesses are still facing many difficulties, leading to the brokerage industry also being miserable.

Accordingly, the market is always in a state of "thirst" for supply, especially affordable housing supply, suitable for the financial capacity of the majority of people. "Poor, unattractive, lacking" are the exact words to describe the current supply situation in the past time. In the first quarter of 2023, the supply to the market reached about 25,000 products, mainly inventory from previously launched projects with a complete lack of information about new projects.

Nghề môi giới bất động sản bi đát, rơi rụng gần hết - Ảnh 1.

Long-term project delays, waste...

The overall absorption rate of the entire market only reached about 11%, equivalent to more than 2,700 transactions, down more than 50% compared to the same period in 2022.

The survey shows that real estate investment and development enterprises are all in a state of "suffocation" for a long time like "a drowning person". Although enterprises have tried to gradually eliminate factors that reduce the weight, they still do not have enough strength to be able to rise.

According to VARS, the drive to survive forces businesses to try to "struggle and kick" and be ready to "cling" to any lifebuoy. Since the beginning of 2022, the government has created many lifebuoys to save the market and businesses. However, businesses have not been able to cling to these rescue tools and gain momentum to rise to the surface.

"The resilience of businesses is limited. If they do not "emerge" in time, they will certainly enter the stage of "choking on water and stopping breathing" at the same time," the report stated.

From this difficult situation, the decline in the number of real estate brokers has become a sweeping wave on a large scale across real estate businesses, in all localities across the country. According to statistics from VARS, the number of brokers still operating in the market is only about 30% -40% compared to the end of 2022 but there are still no signs of stopping.

Most brokers have to quit their jobs either because their income is not enough to live on or because their businesses are laying them off, suspending operations, or going bankrupt...

Real estate brokers who want to stay in the profession must flexibly apply all forms to survive, such as diversifying their fields, finding extra jobs, etc.

A bright spot is that over 95% of active brokers said they would continue to stick with the profession despite the market's difficulties. 100% of them wish to participate in specialized training courses during this time to master their expertise and gain more flexible improvisation skills in all situations.

VARS predicts that if the real estate market continues to be difficult, up to 23% of businesses will not be able to maintain operations until the end of the third quarter of 2023 and only about 43% of businesses will survive until the end of the year.

Source