Do to recent layoffs and career changes in the real estate brokerage industry, brokers are starting to return to the field as the market shows signs of improvement. However, the industry faces continued concerns of displacement due to ever-evolving technology.
In reference to this concern, Mr. Bach Duong, General Director of Batdongsan.com.vn, a member of the PropertyGuru Group, commented, “At least in the short and medium term, technology cannot replace real estate brokers, but rather supports their operations to achieve better results.”
According to Mr. Bach Duong, technology serves as a powerful tool for brokers to accelerate transactions with transparent information to ensure the rights of buyers and sellers are protected.
For instance, with the property price history tool on Batdongsan.com.vn, brokers can advise clients based on objective data collected from millions of real estate listings, rather than relying on subjective estimates.
Price history of a condominium project.
Additionally, through technology platforms, buyers can access a list of top professional brokers in their area of interest. Specifically, for each listing, in addition to details about the property, buyers can also view complete information about the broker, including years of experience, areas of expertise, and a list of active listings. These technological features help build trust between buyers and real estate brokers.
On technology platforms, users can view the top professional brokers in each real estate area.
For brokers, they will also have a better understanding of their clients due to user authentication policies and lead management tools. Specifically, when searching for information on reputable real estate websites, users are encouraged to log in to authenticate their accounts. This creates an enhanced and personalized experience for users, providing them with a tailored list of properties. Simultaneously, sellers can easily identify potential clients, understand their needs, and respond to each client’s requests by viewing their interaction history with property listings.
Furthermore, there are many other technologies that real estate brokers can leverage, such as Chatbot for automated customer response, Virtual Reality (VR), or Augmented Reality (AR) to take clients on virtual tours of properties. Thus, with the aid of technology, brokers can operate more efficiently, according to Mr. Duong’s assessment.
In response to concerns that brokers are increasingly influencing the market or even inflating property prices, Mr. Bach Duong commented that rising property prices, especially in the condominium segment, reflect the market’s supply and demand dynamics, and no one has the power to inflate property prices over an extended period. Inflating property prices, if it occurs, only happens in rare cases and does not necessarily result in liquidity.
The Vietnamese real estate market has matured compared to previous periods. According to a 2024 Batdongsan.com.vn report, while 65% of respondents plan to buy a home within the next year, they are more selective in choosing real estate developers and value the professionalism of brokers even more than cost. Another survey showed that the number of users viewing profiles of “Professional Brokers” on Batdongsan.com.vn was double that of regular brokers who had not been verified as professionals, Mr. Duong shared.
Notably, with technologies such as the property price history tool or the “Professional Broker” feature (based on expertise, years of experience, and professional certifications), the market will become increasingly transparent, making it less susceptible to manipulation by unsubstantiated information, Mr. Duong stated.
With many years of living and working in developed countries (the US and Singapore), Mr. Duong believes that the Vietnamese real estate market can learn from these countries in terms of providing transparent information and requiring brokers to professionalize and demonstrate their credibility.
Particularly with the new regulations in the 2023 Real Estate Business Law, which are expected to come into effect soon, unqualified real estate brokers will be weeded out, creating a healthier business environment as individuals practicing real estate brokerage will be required to obtain a professional certificate. Currently, only about 20% of brokers operating in the real estate market hold a professional certificate. As such, the opportunity for the Vietnamese real estate market to professionalize remains a significant challenge.
However, Mr. Bach Duong believes that professional certification is not the only indicator of a broker’s professionalism. The revised law also requires brokerage firms to provide annual professional training for brokers to keep their market knowledge up to date. This opens up opportunities for collaboration and mutual development between real estate brokerage companies and organizations specializing in organizing events and training courses, with the aim of delivering up-to-date information and data on market trends.
Moreover, Mr. Duong shared that the age of real estate buyers is trending younger. Gen Z searches have been gradually increasing on Batdongsan.com.vn over the past three years (from 14% to nearly 20%). A consumer psychology report on real estate indicates that of those planning to buy a home in the next year, nearly 30% are under 30 years old. Notably, many young people move out to live on their own while still in college, even if they remain in the same city as their parents. Gen Y and Z are also more willing to take out loans to buy homes than previous generations.
Therefore, brokers should also pay attention to the changing behaviors of young people, Mr. Duong advised. For example, many studies show that Gen Z is hesitant to take phone calls but prefers to text. The majority of young people prefer to search for homes and negotiate prices through online platforms, view homes via video or virtual reality technology, and use smart home applications to control devices in their homes. By following major industry reports and events, brokers can stay abreast of these trends to better meet the preferences of their clients.
In conclusion, in a competitive market where customers are increasingly demanding, brokers must adapt to become more professional. As technology continues to advance, it will serve as a valuable tool for the real estate brokerage industry and become a key factor in the success of brokers.
