A5 067 ———¬ | | | OPEN UNIVERSITY MALAYSIA Q@OUM RESEARCH PROJECT (BMBRS5103)
MEASURING THE REAL ESTATE BROKERAGE SERVICE OF VIET REAL ESATE INVESTMENT
JOINT STOCK COMPANY
Trang 2Advisor’s assessment
Trang 3
Abstract
This study evaluated the real estate brokerage service quality of Viet Real Estate
Investment Joint Stock Company (VietReal) by measuring the level of customer
satisfaction Moreover, the determination the scale of customer satisfaction in real
estate brokerage service and the influence of demographic characteristics to the
satisfaction of customers is considered
The survey was conducted with the VietReal customers through 200 customers
were interviewed Survey content related to the level of satisfaction, and
demographic characteristics The survey results were processed using SPSS
The research results show an overview of the brokerage service quality that the company offers, the influencing factors on the service quality and customer satisfaction when they using the service at VietReal real estate trading center The most affecting factor is style of work and professionalism of brokers So VietReal need to standard the job description and developing a company culture
Results also consider demographic factors impact on customer satisfaction, consider
Trang 4Table of Contents À0 1111 iti Table 206 1 iv I8 10 1 vi l0 00a 177 vii
CHAPTER 1: INTRODUCTION 5+9 tre 1 1.1 Problem stat€meni - sen v4 42012213 ng nem ng 1 1.2 Research obj€CfÏV€S - - Ăn HH Hàng HH 1 Hàng net 1 1.3 Research qu€stÏOTiS - - sccst H9 2e nhanh 0101 04.00400401 11 4 2 1.4 Scope Of res€arCHh - ccccctnHnHHhHHgHH 0 014101101 n110 n11 n 2
1.5 Methodology of research -¿-s+csetxerrrrrrtritrrtrirrrrirrrree 4
CHAPTER 2: LITERATURE REVIEW nhe 7 2.1 The concept of reaÌ estaf€- - set rtnieHgHh213 11 1errer 7 2.2 Definition of real estate market cc cessesssseeseenseeseetseneeseetsennecenenees 9 2.3 Profile of real estate market in HCMC - «55 +5 << se 13 24 The concept Of S€TVIC€ sen He nhe 1812 0116 14 2.5 Real estate brokeraØ€ S€TVIC€ - nh tre 18 2.6 Concept of service quaÌity .- - - sen nhe rên 27 2.7 Research model and hypothesis - - site 31 CHAPTER 3: AN OVERVIEW OE VIETREALL . - - 5-<<<rseee 34 CHAPTER 4: RESEARCH METHODOLOGY 36 4.1 The research DFOC€SS «cac 924143214471 nen ren 36 4.2 Information needs and sources Of data .cccscssseesesenreensnensereeneees 37
43 Ni: T8 38
4.4 Research đeSiETI ĩc ke net HH4 1101 011011011 H101 te 40 4.5 The analysis methOd - 5-5 522922 titthinriteeieerkreerire 45 CHAPTER 5: EMPIRICAL RESULTS AND DISCUSSION 49
5.1 Description of sfafiSỂÏCS «con nh e.eteree 49
Trang 5Preferences
Trang 6List of Tables
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Table 4.3: Types of primary dafa set cetnHHHHữHhheHhH 00001 te 37 Table 4.4: The method of collecting informafion - -. -sss«seeeseseeesre 38 Table 4.5: The table compares the survey methodology . -se=s+ 39
Table 4.6: The observed variab̀s sen ren 41 Table 4.7: Sources of data collection c4 eererrere 45
Table 5 1: The use of the service time€S - -c-Ă set 9n te rên 49
Table 5.2: Statistics by g€nđer - se ca cà net ngH1011421411.111 xe 30
Table 5.2: Statistics by à€ Le HH n4 nàn 0 010 001091011 n480166 50
Table 5.3: Statistics by OCCUpAfiOT1 - 2 HH 41032141211131eeteerseeere 51
Table 5.4: Statistics by inCOIm€ .- 4 k2 t9 1214141 31 ng n1 1 ng 0x 31
Table 5.4: Statistics by educafiOI - cà 1810121 11 ch rerreererrre 52
Table 5.6: Cronbach's alpha coefẨicienIt . sen nereieeHeieieierrirerieee 32
"10-8 Đbïc og nh 54
Table 5.7: 2" factor anaÏySS 5< 5+ + n2 re re 55 Table 5.8: 3 factor analysis nh 57
Trang 7List of Abbreviations
Trang 8CHAPTER 1: INTRODUCTION
1.1 Problem statement
In the year 2014, Vietnam economy continues to face numerous difficulties, the real
estate market well beyond general trends there Since the collapse in late 2008-early 2009, to present real estate market has yet to show signs of active recovery
However, demand for housing is on the rise, currently the population of HCMC is more than 10 million people The company CBRE Vietnam has just published research reports about the apartment market in HCMC, a large supply of apartments that are marketed in early of the year 2015, an increase of 39% from the year 2014 and by the total supply 2010 Real estate transactions are expected to take place actively, its mean intense competition on the market between suppliers and trading
centers
Trang 9e Based on the results of quality evaluation study on to put forward recommendations to improve and enhance the quality of real estate brokerage
service of VietReal
1.3 Research questions
e What is the current real estate brokerage services quality in HCMC?
e What are factors affecting customer satisfaction when using real estate
brokerage services at VietReal?
® How do these factors affect?
In order to strengthen the management skills and develop staff selling style to suit
the modern trend of social development Completing the professional staff increased
competitiveness of businesses and brands on the market fiercely competitive today Improving real estate brokerage services of VietReal to meet the expectations and satisfy the needs of customers based on the factors affecting the quality of service in this study
Increasing capacity of staff sales skills, be trained to meet the changing needs of customers more quickly with the aim to bring greater efficiency to the job
1.4 Scope of research
Subject of research: the elements of real estate brokerage services quality and the impact on VietReal's business strategy, 285 customers did transactions in real estate at VietReal
Contents of research:
e The process of making a decision to buy house and the factors affecting the
purchasing decision
e Building marketing strategy, creating competitive advantages through
Trang 10Research place: VietReal real estate trading center, address: 14 Tran Nao Street,
Binh An Ward, District 2, HCMC
Trang 111.5 Methodology of research
Real estate brokerage services in Theoretical studies HCMC bascline study
Real estate brokers at VietReal
Soœcondarv đata Primary đata
VietReal overview Real estate brokerage services Real estate brokers at VietReal quality at VictReal Research design Preliminary Analysis Test survey - Revise Main survey Analysis/results interpretation/testing IdenHifý and assess the quaÌlHy of hypotheses’reliability/value/testing overall real estate brokerage service in VietReal
Recommendations to improve customer satisfaction Chart 1.1: Process of research
1.5.1 Market overview research
Trang 12Activities real estate business in VietReal to learn about the market and the
correlation between a company's business status with macro environment and this
industry environment
1.5.2, Researching customer satisfaction factors of real estate brokerage
services in VietReal
Application of the theory of marketing research to understand the factors affecting
the process of house purchasing decision of customer, from which identifies the
important elements to propose directions to grow accordingly Besides, proceed to measure the level of satisfaction of customer of real estate brokerage service of
VietReal
Deep interview the customer in order to learn their aspirations about buying house
and their expectation on the professional broker Not so, reach out and ask the
opinion of the experts is the senior managers and the experienced staff to identify the inadequacies and difficulties in work to find solutions to overcome and improve service quality
Collect information: having a database for analysis, the data collection was carried
out as follows:
đ Secondary data:
â General information about the real estate market in HCMC
o Information about brokerage services in VietReal
© The past research related to the topic
o Characterization customers
e Primary data:
o Survey design: collecting customer feedback on service quality and customer satisfaction for real estate brokerage service
© Respondents: customers have been using the real estate services of
Trang 13°
Design a questionnaire: based on the qualitative data
Sample size: empirical sample size (Bollen, 1989), the sample size compared with the variable rate is 5: 1 Hair (1998) suggested that the minimum sample size from 100 - 1500 In this study I use the sample size compared with the variable rate is 5:1 expected to have 46 variables should be taken as 230 samples
Sampling methods: non-probability sampling method can conveniently save costs and time
Data processing: Using SPSS
e Qualitative research: To form questionnaire, I conducted a qualitative study
based on the information:
© ©
The previous research related to quality real estate brokerage
Information about the type of real estate brokerage services in VietReal
Standard real estate brokerage service in VietReal The past research related to the topic
Preliminary interview about first 5 to 10 customers to consider the level of understanding as well as the question of the content of the questionnaire
đ Quantitative research:
â The study was carried out by the official method to quantify the number of samples (285 samples are expected) The object is the customer has used the real estate brokerage service in the last 4
months of 2014 on the service quality factors, the factors that drive
customer satisfaction
Trang 14CHAPTER 2: LITERATURE REVIEW 2.1 The concept of real estate
2.1.1 Concept
According to Mc Kenzie and Betts (1996): real estate including the land and the property is not relocating and regulated by law
There are many different opinions about the real estate, there may be three concepts
are as follows:
Concept I: real estate is the land, along with houses and other facilities on land This concept is not perfect by not prescribing the means on the ground would then be considered property
Concept 2:
e Land
e House and other buildings constructed on land
This other is different the above concept: consider the objects do not move are real estate, there are two things that no relocation was land and house This concept separating house from the land
Concept 3: according to article 181, the Civil code (1995) regulate real estate is the property could not be relocated included:
e Land
e Houses, buildings attached to land, included assets tied to housing e Other assets attached to land
e Other properties specified by law
This concept has the advantage: real estate is the property could not be moved,
Trang 15aircraft, machinery and equipment) were able to relocate are however not the real estate Real estate includes only those fixed assets tied to house only
In general, real estate is land and architecture built on it
2.1.2 Real estate properties
Synthetic material from articles and sermons by Charles f Floyd, a professor of real estate Terry College business school of the University of Georgia and Marcus t Allen, an associate professor of real estate at the University of Florida on the properties of the real estate market
2.1.2.1 Property of single, unique, an individual's estate
This property also comes from the "estate" cannot move and are affected by factors around A piece of land, a house, in terms of location, is almost impossible to repeat a similar second one
2.1.2.2 Property of mutual with around
This is everyone knows, because everyone understands that the value of a piece of
land or house affected a lot of pieces of land or houses around A beautiful house located near a building about to land plants as broken So, the ones around of real estate at creating greater value for it itself is created
2.1.2.3 Property of long-term survival (Long Life)
What is damaged goods and at the end of "outdated", not real estate The profits generated by land can vary by stage, but the land itself is permanent The
construction work on it, such as houses, shops ., if well maintained can be used for
hundreds of years, even the house existed several centuries
2.1.2.4 Property of long distance calculations business
When real estate investment decisions required for the long-term commitments, despite the rapidly meet the needs for the immediate and important benefits, but its long distance really is the nature of this type of business
2.1.2.5 Property of major currencies
Trang 16With large investment capital and long-distance business factors, buyers or
investors always need a loan From there arose a powerful industry of financial services for real estate Because of the complexity of this type of transaction, has raised real estate brokerage service, for both buyers and sellers need advice on market analysis, evaluation and decision
2.2 Definition of real estate market 2.2.1, Definition
Real estate being put into the business and used as commodities: exchange, sale,
lease, transfer from that form the real estate market, where buyers and sellers
meet and trading Real estate market in general is part of the market system has a direct impact on the economy and the development of the country
2.2.2 Characteristics of real estate market 2.2.2.1, Four levels of real estate market
Most countries in the market economy, the real estate market are formed and developed through four levels: initial, concentration, monetization and
financialization
e Initial level: It is the period of all of them can be created from his home This phase is just a piece of land that can form a home and is considered the property In this level, the land policy, land owners and land management agencies play a decisive role
Trang 17e Level of monetization: This is the stage of the construction business At this
time, the explosion of real estate development enterprises, due to restrictions on the sale of real estate conditions, is not always enough money now to develop the property until it is sold on the market In this level, the bank plays a decisive role in participating in this project or other projects The banks policy, the banks and the banking regulators play a decisive role © Level of financing: When the size of the real estate market and rising markets
thrive, owing to the limitations of long-term capital funding for the real
estate market, the bank neither cannot continue to loan or will face risks At
this time, the bank must financialization loans, mortgages, as well as grants for the market to raise funds to diversify In this level, financial institutions,
financial policies, financial institutions and financial management bodies are
the subject plays a decisive role
2.2.2.2 Cyclical fluctuations in market
In each level of development of the real estate market, the movement of the market cycle oscillations are similar to many other markets Cyclical fluctuations in the real estate market consists of four phases: prosperity (active), depression (signs of slowing down), spend it (freezing) and recovery (heating up can cause "fever”) Such as the US real estate market in about one century (1870-1973) underwent 6 cycles fluctuate, each cycle of about 18 years; Japan's real estate market since 1956 has passed four cycles, each cycle of about 10 years; Hong Kong real estate market after World War II, there have been 8 oscillation cycle, short cycle is 6-7 years, 9- 10 years long, with an average of 8-9 years China's real estate market has not yet formed long but since 1978 also has 4 cycle oscillations, which notably very short period (1992-1994), growth "galloping" in 2 years 1992- 1993 and then decline rapidly in 1994
Trang 18Real estate is a commodity fixed and cannot be displaced in terms of location and it is influenced by factors habits, psychological, tastes Meanwhile, psychology, habits and tastes of each region, each locality is different Therefore, the real estate market activity localized deep
On the other hand, the real estate market is not centralized nature and spread in all regions of the country Property commodities have "surplus" in this region cannot be sold in other regions In addition, each market local nature and scale of different levels due to the uneven development between regions, regions, due to the nature and level of development and economic-cultural different social scale and lead to the development of various real estate market Real estate market in the urban scale and level of economic development, the operation more active real estate market in
rural, mountainous and so on
2.2.2.4 Real estate market is dominated by legal factors
Real estate is a major asset of a nation, as a special commodity, real estate trading powerful impact to most of the economic activities and social Therefore, the issues are the dominant real estate and tightly regulated system of legal texts own real estate, especially the system of legal documents on land and housing This feature is especially true in our country by land markets elementary is the most affected by the decision of the State Governments around the world are interested in real estate and property market, always adjust policies on real estate and real estate market in order to mobilize the resources on the property serve the goals of economic development - social
2.2.2.5 Real estate market is a form of imperfections market
Trang 19The impact of the State is one of the factors that make the imperfections of the real
estate market Any State will have an intervention in the property market at different levels, which are mainly land to perform common development goals Differences real estate properties, market news limitations, land on the primary market depends on the decision of the State, the real estate market is a competitive market imperfections
On the other hand, the real estate imperfections market are caused by non- renewable nature of the land, the real estate market monopoly, speculation than the other commodity markets
2.2.2.6 Real estate market is closely linked to the capital and financial markets Development dynamics of this market affects many types of market economy
Real estate assets are invested in land, including land value after the investment Which investment real estate are often used to create a large amount of capital formation over time as well as real estate funds withdrawn long When participating
real estate traffic on the real estate market, the value of the property as well as the
right to be brought to exchange, trade, business etc To solve the problem of currency circulation, recovery of capital investment and bring profit for the parties to the transaction This proves that the property market is an important output of the capital market
In contrast, the real estate market works well as a basis for mobilizing financial
resources for economic development through mortgage and disbursements
(According to statistics, in the developed world bank loan amounts over the world secured by real estate accounted for 80% of total loans)
Trang 202.2.3 Classification of real estate market 2.2.3.1 According to the level of market
Level I market: who owns the land transfer of land use rights to others This market is completely controlled by the State
Level II market: who have been granted the right to use the land for re-
transfer of land use rights In this market both sellers and buyers are not the
owners of the land, they only participated purchase land use rights
Level III market: the use of land for additional land use rights or lease of real
estate located on the land
2.2.3.2 According to the objects of the market The housing market
Restaurants, and hotels market Rental housing market
The office market
2.2.3.3 By use
Buy and sell market
The rental market
Mortgage insurance market 2.2.3.4 By region
The real estate market in urban areas The real estate market in rural areas
The real estate market in major urban centers
2.3 Profile of real estate market in HCMC
Trang 21Report on "Emerging Trends in Real Estate Market in Asia-Pacific" in 2012 by the Urban Land Institute of Management in the United States (ULI) and Pricewaterhouse Coopers implemented the development prospects in Ho Chi Minh City is very good, on the whole, the Ho Chi Minh City was ranked third, behind Shanghai and Mumbai
Ho Chi Minh City is considered the second highest potential in two of five categories of development: real estate to retail and hotels HCMC ranked 4" in terms of real estate service industry and distribution of goods, ranked 6" in the category of real estate offices and item, and ranked 7" in apartments for rent
According to Forbes magazine has released a list of 10 cities with the most expensive real estate in Asia, Ho Chi Minh City of Vietnam ranked 9" The demand for housing is still in the growth period, despite economic downturn
CBRE Vietnam identified in 2015, real estate rental in Ho Chi Minh City will
continue to increase
Demand for housing is still very large As the economic and commerce center of the country, the city has attracted a huge amount of people in the other provinces to live and work
2.4 The concept of service
24.1 The definition of service
There are many different definitions of service, but they all have one thing in common that emphasizes the invisible and cannot hosting services as well as close
interaction with customers
Trang 22the interaction between customers and staff / resources / commodities / system service provider, we can solve the problem (needs) of customers
By Valarie A Zeithaml & Mary Jo Britner (2000), the service is an act, process, how to perform a certain task in order to create value for customers to use to satisfy the needs and expectations of customers
There are also a number of different definitions of services such as:
What activities do not exist with time, the invisible nature, interact with customers in which customers act as collaborators is defined by James Fitzsimmons service
The service includes all the activities of the economy but its output is not product specific shapes, consumers immediately after production, identifiable intangible and provide added value (Brian James Quin, Joran J.Bruch Cushman & Penny Paquette, Scientific American, vol.257, no.2, December 1987, p.50)
The curriculum teaching quality management, Bui Nguyen Hung, Quynh
Nguyen Loan, (2004) gives the definition of services: services include
services and activities backstage ahead where customers and service providers in contact with each other The purpose of this contact is to satisfy the needs and wants of the customer expectations and create value for
customers
In general, a service consists of four components:
Vehicles must have before services are provided
Item included: purchased or consumed or the property of the customer
should be handled
Trang 23The service has a number of characteristics or properties help to distinguish it from other types of tangible goods Services have common characteristics are:
e Invisibility: unlike physical products (tangible) bring uniformity, can weight,
measure, measure, or count test can check before purchasing Products and
services are intangible products, they are not identical to each other, nor are they separated, ie services shown in the interaction between customers and employees providing services [Svensson 2002] Therefore customer service is hard to imagine he would get like before buying
® Calculate the integral (produced and consumed simultaneously): calculation of integral service, here referring to the difficulty in distinguishing between a service creation and use of services such as are two separate jobs A service cannot be separated into two phases: phase formation and phase using it The creation and use of most of the services take place simultaneously Services and goods are similar in that: the first commodity is produced and put into storage, sale and use; other services are created, used during the process of creating customer service and participation during partial service process This generated the following issues:
o The safety of customers: customers are not trained as employees, so the arrangement and design gadgets or equipment to ensure the safety factor for customers
© Infrastructure: the interior layout facilities must serve to facilitate
customers
© Room service: need for staff training style professional service and customer satisfaction And customers to participate directly in the process of providing services, so just a small error of staff can be detected and thus affecting service performance
Trang 24happens then know the results Thus the ability to service providers to tailor the service provider is limited
o Difficult to predict: as per customers have personality, behavior and demand reduction can vary so much unexpected result was not predicted to affect the management of schedules., Capacity, capacity
service provider's service Thus the collection of information,
forecasting demand for program design, preparation facilities and trained staff to better cope with the unexpected happens is necessary © Customer’s role as employees: the processes involved in customer
service should be able to do things that should be done personnel In addition, customers also play a role in monitoring the quality of participation in the process
o Labor-intensive elements: the degree of labor-intensive service sector is always higher than the manufacturing sector
o Highly subjective judgment: employees have direct contact with
customers should have to use communication skills and judgment to make customer satisfaction
© Multiple locations contact customers: Service providers have extensive service network ensures convenience for customers while transactions
o Check the process: to ensure quality of service can only check in process only, because the service process occurs is difficult to intervene, edit as in the production process
Trang 25interaction This feature makes the standardized service becomes more difficult
® Calculate not stored: Services cannot get carried away then take the user A service will disappear if we do not use it You cannot store services for the formation and use of concomitant After a service done, not part of the services to recover
e Select service points depending on the customer: customers and employees must meet to a service can be done by business location so close to the
customer
From the properties of the service, we should note the following points in the process of evaluating the quality of service:
e Due to the intangible and cannot be stored so the customer feel important
Services cannot be stored after the service ended, but the sense of service still remains in the customer's mind Therefore, customer satisfaction is top
priority
e The safety and convenience to customers: customers are not trained as staff to the customers involved in the process, the service provider should arrange, design utilities to ensure safe and convenient for customers
e The service providers need to pay attention to the service attitude of the staff
Staff should be trained as to the style of professional service, customer satisfaction
e The intangible nature and at the same time, services may not fully tested
before and nature of customers and unpredictable Therefore, to design the
service, collecting customer information, customer guidance methods, and staff skills to solving these unexpected situations
Trang 26Real estate brokerage service is the service that mediate traded real estate Brokerage activities are to openly honest and law-abiding
2.5.1.1 The contents of real estate brokers include
e Search for partners to meet the requirements of customers to participate in negotiations and contracting
e Representatives authorized to perform work related to business property ® Provides information and support for the parties in the negotiation and
signing of the contract of sale, transfer, lease, lease purchase real estate 2.5.1.2 The real estate broker:
e Broker of providing real estate services group (helps investors turn their ideas into reality works with higher economic value of the property)
e Real estate brokers: responsible for the lease or sale of real estate types of customers, they are mainly involved in large projects and are distributed to balance customer needs with the financial plan of investors The real estate brokers play a key role in the marketing plan, they sent the scenarios, presents the characteristics of the product, functionality and profitability, contract negotiation, and provide the feedback on the investors to promptly adjust the project
2.5.2 The role of real estate brokerage activities
Clearly, real estate brokers have positive and negative aspects, the participants after the variable for this market distortion, but cannot deny the role of the broker is the catalyst they put the transaction to succeed, while promoting the development of the real estate market The role of the service represented by the following aspects:
Trang 27Due to the characteristics of the goods on real estate and real estate markets It is an imperfect market, information about the market, the goods are not very complete and is not widespread as other goods and evaluation criteria for participating real estate is not as accurate as the other goods Therefore, information systems play an important role for the operation of the real estate market, it is all the information related to real estate, including information about: law, land policy, planning and land use planning, the location of the property, the environment, the demand, the supply of conventional psychology real estate is a special commodity, scarce, influenced of so many factors and is an important part of assets of businesses, organizations and economic, social and political organizations and the families and
individuals
When market information about the transaction complete, synchronization will take
real estate market operation more convenient, buyers and sellers have an
understanding of that information, they will be easy to decide participate in market transactions At the same time we know that the real estate market in our country primitive form of publicly traded on the market is trading at mostly underground, and the number of people participating in transactions in the market are not enough small amount to be perfectly competitive Thereby leading to competitive pricing is not perfect and the seller has more advantages in the decision So obviously prices here do not reflect supply and demand relationship Information systems are not perfect inaccuracy leads to fluctuating market prices fever or collapse, participants transactions sometimes have to accept the price is too high, there is demand, but not have the ability to pay the brokerage organization is one of the owners can provide important information on real estate market This system organizations grow, the more professional activities, the level of excellence of real estate information increasing, limited a lot of risk for the participants in the real estate
market
Trang 28Due to market real estate buyers and sellers do not have sufficient opportunities and information necessary to choose the market that suits you Market next to the official activities under the authority of the state is an active market does not officially out of the control of the state Market development spontaneously, speculation in land, many, thereby leading to the high cost that everyone cannot be
sure what it is "real" or is the "virtual"
So when the market "cold" number of real estate transactions will lead to fewer speculators precede the verge of bankruptcy Dong time by not catch up the pricing information is inaccurate happen speculation is rampant, but not everyone can profit This inhibits the development of the market Clearly, the market needs to have high-level consultants, one of the types of counseling services that are real estate brokers Through brokerage organization - people trained and experienced professional knowledge grasp market information, knowledge of real estate law, which demands the objects of real estate transactions satisfy its conditions, giving them a thorough calculation of the sale to the most appropriate decision
Also through brokerage organizations, to provide information will be more perfect, speculation or investment property of the individual organizations will have grounds
more authentic, real estate prices on the market would reflect the relationship of
supply and demand, putting into operation the transaction transparency, curb rampant land speculation, price pressure Therefore, the operation of brokerage organizations have an important role, contributing to the real estate market development
2.5.2.3 Mining revenues for the state budget
Real estate market increasingly demands a development of the transaction will increase both in quantity and quality But the nature of real estate information is often imperfect, dealing mainly implicit transaction state cannot control the transaction, so the collection of taxes on high-income people to participate in
transactions in the market state cannot be done
Trang 29According to statistics 70% of real estate transactions are done through organizations not registered brokerage business, causing huge losses to the state budget Which is the income tax of the state to cover all activities, the cost of the country So, when the organization or individual brokers are recognized and allowed to practice with business register will help them operate more efficiently and transactions through which the state income for tax
2.5.2.4 To contribute to stability and social security
Real estate property is important for each country, communities and people It is a property of great value, so any relationship real estate transactions in the market has a strong impact on the socio-economic activities vary That the real estate market dependent and subject to the conditions of the natural, social and economic practices of each region, each locality, each different communities Information and elements are often imperfect market
The reason is due to the kind of individual property reflects the status of material that does not reflect the legal status of property rights (right to use) of the property That information, factors that buyers rent mortgagee and capital contributions to capture, understand But most people buy, rent mortgagee does not understand or are not eligible to do some research on information about real estate Once the market unhealthy activities, fluctuating prices, will impact directly to the social, ideological turmoil, people skeptical about the policies and laws to make social instability
Through the organization of professional brokers, the participants in the real estate transaction will provide full and accurate information about real estate, limited negative arising order to stabilize, and social security
2.5.2.5 Contribute to promote policy innovation management real
estate
Trang 30all subjects involved in the real estate business in compliance with the law Each
property is itself also contains legal information, features Therefore, through transactions on real estate market conditions do not match reality in land management policies belt of the state will be revealed
It is one of the basis for the State of innovation, complementary, complete land
management real estate management: setting the system, the process of land registration, property registration, mapping administration, certificate of land use rights to create conditions for the land relations are carried out in accordance with the economic relations - social, thereby expanding and developing real estate
market, overcome the implicit transaction, the administrative status of the civil relations on land
Demand for real estate transactions increasingly rich and diverse businesses, organizations economy - politics - and of the social strata can meet the transactions on real estate market production, through the intermediary organization of real estate brokers The formation and development of the brokerage organization is indispensable Brokerage services as well as a profession should be publicized as the industry like any other industry and create a legal framework for the development of brokerage services in the right direction
2.5.3 Principle of operation of real estate broker
Under the provisions of Article 44 Law on real estate trading, the principle of operation of real estate brokers include the following three principles:
e Organizations and individuals are eligible to the following provisions shall
be business services real estate brokers and mediators in the negotiation,
contracting and real estate business remuneration, commissions contract real estate broker:
o For business organizations service real estate brokerage must have at
Trang 31© Individuals and business brokerage services to independent real estate
business registration as prescribed by law and certified real estate broker
The real estate broker shall disclose, honest and law-abiding
Organizations and individual real estate broker is not simultaneously be both a broker perform the contract in a business transaction in real estate
2.5.4 Requirements for professional real estate broker
2.5.4.1 General requirements
Not officials and civil servants
Ability to fully civil actions, not prohibited by decision of the Executive rough authorities recognized and granted
2.5.4.2 Specific requirements
Master the legal business of real estate, real estate broker
Basic understanding of the real estate market and the issues related to brokerage activities on the real estate market
Understand the content of the order process service real estate brokerage Have basic knowledge of marketing real estate business
Adhere strictly responsible and ethical practice of real estate brokerage in accordance with the general social ethics and business ethics in particular
2.5.4.3 There are also the following requirements for real estate brokers professional
To become the first professional broker must be able to endure: Health inhibitor, pressing these things always happen when the customer contact
Be tolerant, patient, must find a way out when this situation occurs
Trang 32Must exercise patience, to get along, accurate reading signals from customers, to learn how to permanently scar the previous ones hurt easily, quickly learned to stand up after failure
Must have the skills to create friendly atmosphere
Continually practice spiritual discipline, the ability to grasp the psychological and physical exercise to create insight from customer friendly
Principles: to give the parties reached a deal easier Determine the right sympathetic first meeting
Try to make the promise to the customer, even implementation of the promises made more meticulously and carefully Also notice the progress regularly work with customers
Solve the work between the buyer and seller in the direction you are a broker of both parties, to equal treatment with the two sides on the principle of "Fair Play”
2.5.4.4 Ideal image of a professional broker
Going into professional: forced his commitment to the rotation of the real estate business is not a job for a living As of expertise and career momentum will coalesce the broker again
Patience: honest with customers, listening even not directly related
In the process of communication with the customer relationship to inspire
customers
The spirit of responsibility:
o Get your responsibility and sense of responsibility awake done that o Brokerage incompatible with the lack of capacity, cunning, do not
respect the rules Professionalism:
Trang 33o Ability to draft contracts in different national markets and international
° Ethics:
© Broker working under the pressure of public opinion, the press
o Do not think that customers know to protect themselves and their legal protection
co Do not think customers depend entirely on the broker o Must be in compliance with the general morality
e Reliability
e Communication: the exchange of information between the broker is the most fundamental problem in Vietnam is still white area, to support the basic investigation agency provides basic information about the real estate market e Ability: complete information related field, the ability to manipulate in fact,
know how to advise e Style: agility, style
e Agility: job always requires agility, move to gain time Agility both physical and psychological
e Always ready to serve: operation under all circumstances, no time of their own right, but also depends on the customer
e Observed: connect the work, have good memories, to remember the face,
name, customer preferences
e Personality: to demonstrate that people with high personal culture, reflected in the relationship with the customer, behavioral culture at work
e External appearance:
o First impressions: first customers immediately noticed broker, about
Trang 34o More important form of content: the first impression created by the
form of 50%, 38% body language, story content of 7% Such investment forms possible outside income for brokers
co People of success: forms also show human achievement, have proven
successful for the client even if the actual opposite
o Personal hygiene: frequent customer contact to hygiene and sanitation brokerage office
o Respect the time of customers 2.6 Concept of service quality
With the increase in the proportion of the service industry of the country in the
world, the quality of service becomes an important issue to be concerned and the key competitiveness of service organizations in the 21* century
¢ Quality of service is defined in different ways depending on the object of study and research environment Quality of service is a service level that
meets the needs and expectations of customers (Lewis & Mitchell, 1990;
Asubonteng & CTG, 1996; Wisniewski & Donnelly, 1996) Edvardsson,
Thomsson & Ovretveit (1994) suggested that service quality services to meet the expectations of our customers and satisfy their needs Quality of service is seen as the gap between service expectations and perceptions of customers using the service (Parasuraman, Zeithaml and Berry, 1985, 1988)
e According to Juran (1988), "Quality is conformance to requirements"
e According Lehtinen and Lehtinen (1982) suggested that service quality must be assessed on two aspects, it is the service provider and service outcomes 2.6.1 Service quality model
Trang 35quality of service will be the measure for service expectations of customers (Lewis & Booms, 1982)
The quality of the physical product can be measured through the specified clear
criteria such as shape, color, material, the quality of service for the more abstract
nature its characteristics such as inseparable, invisibility, heterogeneity and not
stored
For the service sector in a comprehensive assessment of customer satisfaction with service quality is extremely difficult due to the particular nature of the services separately Almost as a rule, in the peak season demand and service quality
relationship is inversely proportional to each other, this means increased demand,
the service quality may be reduced And the relationship is inversely proportional unbalance in the provision of services and the expectations of our customers The balance of quality of service is one of the expectations of customers, as well as what managers need to pay attention and have the proper investment There are many views that customer satisfaction can be expressed through revenue growth In terms of business, revenue growth reflected the development of an
organization However, with the particular nature of the services sector, the real estate brokerage service, if only to look at the business results to evaluate the
customer satisfaction, managers will not have the overall look and "evidence" authentic perception of customers, and they cannot identify the deficiencies in services and changing trends in demand customer needs
Parasuraman & CTG (1985) is a pioneer in the study of quality of service The success of the research created breakthrough media entrepreneurs have been the
result of their service quality through research evaluation of customer - service
Trang 36e Groups confidence level: measure the level of implementation of the service program set to 5 observed variables:
1 When XYZ Company has agreed to do something in a given time frame
regulations, the company will perform
2 When you have problems, company XYZ expressed sincere interest in solving the problem
3 Company XYZ perform service right the first time
4 XYZ Company provides services at a time when the company promised to done
5 Company XYZ notify customers when service will be performed © Group level response: measure the ability to make timely and services on
time with three observed variables:
1 The employee XYZ serve you quickly and on time
2 Employees of XYZ Company is always ready to help you
3 The employee XYZ never get too busy to fail
your requirements
e Group service capability: the ability to measure the confidence and peace of mind of units for customer service with four observed variables:
1 The behavior of employees in company XYZ increasingly creating
trust
for you
2 Do you feel safe when conducting transactions with company XYZ 3 Employees of company XYZ always polite, courteous with you
4 Employees of company XYZ enough knowledge to answer your questions
Trang 373 4
Company XYZ expressed an interest in your personal
XYZ Company employees have expressed an interest in your personal
Company XYZ show special attention to the best interest of you Employees of XYZ Company understands your special needs
e Group means tangible material: measuring the level of attraction, modern equipment and material, serve appropriate time, as well as costumes of the
waiters with 5 observed variables:
1
tao
PF
YN
Company XYZ has modern equipment
Whatever the XYZ Company looks very attractive Employees of company XYZ dress neat, polite
The physical means of active service at very attractive company XYZ Company XYZ has a convenient time transactions
Parasuraman & CTG initial research that the quality of service perceived by customers is formed by 10 components, such as: — Reliability Responsiveness Competence Access 2 3 4 5 6 7 8 9 Courtesy Communication Credibility Security Customer understanding 10 Tangibles
Model 10 components of quality of service can cover all aspects of a service, but the
Trang 38distinguishing Therefore, researchers have repeatedly tested this model and came to
the conclusion that the quality of services includes 5 basic components, namely: 1 Reliability: shown by the ability to perform services on time and fit
right the first time
2 Responsiveness: expressed enthusiasm to help customers, as well as providing fast service
3 Assurance: expressed qualifications, attitude polite, affable and give confidence to customers
4 Empathy: demonstrate care to each individual customer
5 Tangibles: expressed in appearance, costumes of staff, equipment and
service to service
But there is plenty of controversy about the amount of the assessment, but after a
series of research and testing, the 5 components are considered as simple and complete For each component, Parasuraman set many observed variables to measure customer reviews Likert scale And he also said that each type of service and each different nature study, the number of observed variables are different
2.7 Research model and hypothesis
Trang 39Working style and professionalism Outside facilities Real estate brokerage service quality Willingness Control Appearance and inside facilities Gender [Noo Income Education Occupation
Chart 2.1: Research model
Factor 1: Style of work and professionalism of VietReal meet the expectations of customers in the SPSS analysis, named F1
e Employees have flexible working time (overtime) may vary according to
customer requirements
e With the financial capacity and needs of customers, VietReal always advise to buy suitable real estate
e Uniforms, communicate skill of staff to create customer confidence
Factor 2: Facilities outside of VietReal meet customer expectations in SPSS analysis, named F2
® Convenient parking for customers
e Location of head office and representative offices of VietReal convenient for customers traveling
e Good offices, workplaces, handouts for customers while waiting
Trang 40Factor 3: The willingness to cooperate and provide information in the analysis
SPSS, named F3
e Staff willing to accompany customer to visit the real estate to see the advantages
e The prestige of VietReal on the real estate market offers trust for customers e Brokerage services of VietReal very good and transparent to the customer e When market prices change, the customer is notified immediately and
accurate by VietReal
Factor 4: Appearance staff and facilities of VietReal In SPSS analysis, named F4
e Staff dressed, polite