[Herald Economy] [This person - a big hit in the building brokerage business... Bae Tae-moon, Director of Remax Wide Partners]

It's not easy to last a year without a fixed income.
Building trust with building owners is our biggest asset.


“The humiliation and hardships I experienced when I first entered this industry are beyond words. However, by steadily building trust with customers and persevering, we have reached this point.”

Bae Tae-moon (40) of Remax Wide Partners, an American building brokerage company with the world's largest real estate networkpicture) Director is considered a veteran in the domestic building brokerage industry. With an average annual income of more than 200 million won, it is a top class among the top 5% in the industry. 
 

Recently, as the low interest rate trend continues, the public who cannot find a suitable investment destination is eager to invest in real estate such as apartments, shopping malls, and officetels. In addition, we are expanding our areas of interest to more diverse fields such as land and buildings. In particular, interest in buildings in the city center with reliable monthly rental income and excellent liquidity is explosive. Books on building investment are on the bestseller list in the financial technology field, and office workers who are tired of the harsh city life are making it a priority to secure a building as a reliable means of securing their retirement.

As interest in buildings increases, many large brokerage firms specializing in building brokerage are also appearing in the country. While so-called local real estate brokerages are mainly responsible for brokering general real estate transactions such as apartments, officetels, and commercial buildings, larger building transactions, etc., are handled by building-specialized brokerage firms, resulting in a dualization of the brokerage industry.

Currently, there are about 30 companies competing in the large-scale real estate brokerage market such as buildings in Korea, and each company is known to have about 30 to 40 agents (brokers). There are approximately 1,000 employees.

Director Bae was just an ordinary office worker who majored in industrial design in college and got a job at a design company. The reason he changed his career to the building brokerage field was because he felt that it was the most certain reward for what he had achieved. “When I work at a regular job, my salary is the same even if I work all night at the company, but in this field, the compensation is completely different depending on how much I do. “I felt attracted there.”

When brokering a building transaction worth 10 billion won, the brokerage fee is 0.9%. 0.9% worth 10 billion won is 90 million won. Since both the seller and buyer receive 0.9%, they earn a brokerage fee of 180 million won per transaction. Brokerage agents usually take 60~70% of the brokerage fee as their own share, and the remaining 30~40% goes to the company. If you broker a 10 billion won building transaction, your pure share will be over 100 million won.

However, not all agents in the industry can close these deals. Fierce competition between companies cannot be avoided. Additionally, since building transactions worth billions to tens of billions of won do not occur frequently, it is difficult to maintain a steady income.

“At first, I entered this industry with big dreams. However, not many people last one year. “Even if it’s hard, you have to persevere and move forward steadily.” Director Bae calmly recalled the humiliation he suffered when he first entered the building brokerage industry about 10 years ago. “At that time, building owners were shut down because there was so much demand for buildings in Gangnam even if they stayed quiet. Still, I went to major buildings every day to greet people and did my best to spread the word about our work.”

His consistent efforts were effective, but the final blow that changed the market atmosphere was the 2008 financial crisis. He said, “About 2-3 years after the financial crisis, as the fear of vacancy arose in the Gangnam area, I suddenly got a lot of calls looking for me. What I felt while working was that real estate brokerage is something that can never be done through one’s own efforts. “It’s not work,” he emphasized.

Reporter Kim Soo-han/soohan@heraldcorp.com

Original link: http://news.heraldcorp.com/view.php?ud=20151026000552&md=20151026111718_BL