When the direct real estate transaction platform appeared: Real estate brokerage will lose it's position ? (Part 1)


In Part 1 of the article, we will discuss an overview of current real estate trading platforms in Vietnam. Each trading platform will have a development orientation and its own value but can be divided into two main orientations:


1. Build features & Develop towards serving the brokerage community and very few existing end users can interact to use (Buyers - Sellers - Tenants), some typical features:

  • Sign up for free - Use for fee (Free Account - Limit usage features)
  • Post information/ Fee per listing (costs)
  • Re-new listings (costs)
  • Buy points (costs)
  • Set featured listings (costs - multiple rankings, after "overwriting" the previous listings)
  • And some other features, both costly to use and according to the survey from a small sample of ~ 50 real estate brokers, the cost they spend on advertising monthly fluctuates at VND 5,000,000 on average/month, in which money for information platforms always accounts for a high proportion of up to 50% of the total budget (ie ~ 2,500,000 VND / month), whether or not the results ... And perhaps because of this reason many of the customers' thoughts were deep "this place is not for me": because the money brokers posted the information, it was not clear what effect, what kind of situation ...
  • Development direction is primarily for displaying information & restricting interaction among users, while on the other hand, ranking information based on "purse" and search tools and technology - Retrieving data not yet updated => Sometimes causing a bad experience for users who really need information (Real Estate Buyers - Property Tenants).


2. Build features & Develop towards for end users community (including brokers, p/s: why you can see Part 2 at the end of the article), some features typical (in this section, verifyReal asks permission to get the current feature of the platform itself as an example *):

  • Sign up for free - Free to use (Freemium Account - Use the entire feature for free, and if your Freemium account is enough and effective for you, keep going, we'll be happy to help you and ready to serve you completely for free)
  • Post information/Listings (free - limit the number of postings/listings)
  • Do not plan to build up news features because the technology of searching and retrieving data at verifyReal is developed based on the latest technology and is slightly different from the common ground, you can see more here: Search by location (with "verified property" add-on) & Tags Search (Faster & Better)
  • Set of featured listings (free & cost - no ranking)
  • Upgrade your account (cost - only increase the number of items you can post)
  • The main development is to serve the search technology/experience - display information & communication - interaction between users and members. Decentralize the right to make public and private adjustments in terms of information, contact, ... empowering users. However, in terms of regulations, regulations are stricter than traditional platforms.

* Currently in Vietnam, there are some Prop-Tech models with good technology, but still revolve around serving and collecting intermediate fees (whether serving brokers or online real estate brokers), the level Real estate brokerage fees still have to pay quite high to use the service (if it is a posting page) or the fee paid by customers is no different from the communication model: 1% - 2% / transaction (brokerage floor) Real Estate Online) despite the application of technology, but the usage fee is still very high whether collecting fees for using services from brokers or transaction fees of customers, this is still "counter-technology". Using technology, the ultimate goal is to reduce costs (money, time) - increase efficiency for stakeholders - use.

Going back, it's hard to say which model or orientation is better, because better here is better for the audience: for the broker? for end users? or good for both? Every concept is at a relative level and the receipt of information, using which platform is appropriate to serve each specific need, depends on the judgment or perspective of each individual. But before that, if you have read here, let's find out in detail through this article (it will be quite long and there are 2 parts, hope you will pay attention because you will know more about new things and have a look Multi-dimensional for work, transaction):

The current situation of real estate transactions in Vietnam is mostly through brokerage and "martial arts" of real estate brokers at the moment in addition to personal website, salephone, relationship, .. The news pages can be said to be a good new customer exploitation channel but the cost is not small either. However, in the recent time since the market movements are almost no longer favorable as before, the information costs of real estate brokers must be minimized and the efficiency is not very satisfactory, and If you lose money => reduce your awareness, your message will "drift" to where it is almost as if you know it - because customers will not be able to find it. And so like a loop, not spending money => no visitors => not selling => ...

So now, having a direct real estate transaction platform in Vietnam - without intermediaries is a necessity and also a factor to promote the change of traditional models - now familiar to concept: registration - recharge - posting news - up news ... With a direct platform, the content of posting information or user behavior needs to comply with stricter regulations but that in the long term creates a foundation transparent, clean and a civilized, highly interactive community - A model that has not yet appeared in Vietnam - A model that verifyReal.com is oriented to build and develop right from the beginning . The model is designed to harmonize public information - private, optimize the decentralization, the highest communication for User / User without any process to prevent any intermediary to User / Person Users can choose and work directly with each other and have strict rules about posting content as well as user authentication, etc. And can even stop providing services / accounts with users. misconduct, harassment, ...

Hopefully here, you have a better understanding of PropTech concepts and platforms in Vietnam and also hope that the common ground in the future will have updates and improvements more beneficial for users - like The way that verifyReal is attempting day by day...

Read Part 2