Tết, the Vietnamese Lunar New Year, is approaching, and this is the time when real estate brokerage firms and distributors are pressing for commission payments so that their employees can welcome the holiday.
In the midst of various difficulties faced by real estate developers and businesses in their operations, especially with the 2024 Tet approaching, the question arises: will these real estate companies be able to pay the commissions to brokers, agents, and salespersons?
In reality, sales in the real estate sector have been encountering numerous challenges lately, making it extremely tough when there’s a lack of good properties to sell, difficulty in selling properties located far away, or having to sell properties with incomplete legal documentation.
Moreover, it becomes even more challenging when salespeople and brokers have successfully closed deals but face delays or issues in receiving their commissions. As Tet approaches, they eagerly anticipate these commissions, but the current situation raises doubts about how many real estate companies can fulfill their commitments regarding these commissions for their sales teams and brokerage firms.
According to the survey conducted by the Vietnam Association of Realtors (VARS), in the first 9 months of 2023, the volume of new transactions was only about 50% compared to the same period the previous year and approximately 20% compared to the “peak” period of real estate. Each month, around 107 real estate companies ceased operations, 20% of agencies faced the risk of dissolution, and 40% were struggling to maintain and resist the challenges. The remaining active real estate businesses had to downsize, streamline their operations, reduce staff, and cut salaries to the minimum.
A small bright spot in the current market is the developer Metro Star, as they sent the Association a document bearing the signatures of distribution units and agents confirming that they had received 100% of the full commission.
Many agency units have signed documents confirming that they have been paid 100% of their commissions.
The representative of Metro Star company mentioned that they are also facing significant difficulties due to the market’s cash flow issues. However, the company has made efforts to address this matter right from the start of sales, which has allowed them to proactively manage their plans.
Alongside their positive reputation for commission payments in the market, Metro Star company, under the CT Group, is planning to provide structured and professional training in product knowledge, sales skills, and marketing. They aim to equip their team with modern sales tools and marketing support such as AI Chat, virtual assistant Copilot, and sales devices like AR and VR for the upcoming sales season.
Metro Star, known for its unique business model, focuses on developing the Green TOD project chain adjacent to major stations along 6 metro lines in Ho Chi Minh City. Their Green TOD model shares similarities with successful models implemented in developed countries like Japan, Hong Kong, and Singapore. In this model, real estate prices are measured by proximity to metro stations—the closer to a metro station, the higher the property value, and vice versa.
Preparing diligently for a successful journey ahead, Metro Star is collaborating with reputable distribution channels for the upcoming year of 2024.
Metro Star Investment Co., Ltd
Hotline: 090 789 6565
Address: 360 Vo Nguyen Giap avenue, Phuoc Long A ward, Thu Duc city, Ho Chi Minh City
