Hong Kong’s property sector may be rebounding, but real estate agents face stiff competition as ranks swell

Steffi Chan, who recently became a property agent, failed to close a single deal in her first two months on the job.

Previously a flight attendant for more than 20 years, she lost her job in October last year when Cathay Dragon shut down. The mother of three secured her property agent’s licence in March this year and is among 300 new hires at major Hong Kong real estate agency Midland Realty.

“I am still learning how to communicate and build long-term relationships with my clients and landlords,” she said.

Competition is stiff – Chan has become a property agent amid an influx into the sector. Property agencies are raising their headcounts to capture a massive rebound in sales, which rose 164 per cent across the city’s primary and secondary markets from a trough in January 2020 to 7,568 deals last month, according to the latest Land Registry data.

Centaline Property, another major Hong Kong real estate agency, hired 400 employees and opened 14 branches in the first four months of this year. It expects to increase its headcount by another 500 employees and to open another 36 branches by the end of this year.

But despite the upswing in the property market, six agents must compete for each deal. “The competition is really keen. We have a total of 40,000 property agents in the industry – it is hard to make ends meet,” said Louis Chan, Asia-Pacific vice-chairman at Centaline.