Agents misleadingly listing homes for 'protective' purchases.

Numerous real estate agents in Hanoi are deceptively employing "stop-loss" labels as bait during challenging economic periods. These agents patiently await inquiries from potential buyers who perceive lucrative opportunities. In reality, the advertised properties are either occupied or inaccessible.

The real estate market in Hanoi

These agents then redirect customers' attention to alternative properties in proximity, boasting similar amenities and more attractive pricing. Even when no transactions occur, they share these prospective buyers' contact details, subjecting them to relentless sales pitches.

Hung invested approximately VND12 billion ($495,000) for nearly a year in his rental resort in Hanoi's Ba Vi district. Recently, he stumbled upon a post on a real estate group page featuring his property for sale at a considerably lower market value. His property was also prominently featured in real estate classifieds.

Posing as a potential buyer, he dialed the number in the advertisement. The agent claimed the house was available at a 20% discount from the original price but had already been sold.

Furthermore, the agent suggested an alternative homestay property more than five kilometers away.

"I informed the agent that I am the property owner and it should not be listed for sale. Given that people I know can also see the ad, they are left wondering about my financial status, assuming I had gone bankrupt," he lamented.

A neighbor of his faced a similar ordeal. Hoai, a 35-year-old villa resident in an urban area west of Hanoi for two years, grew frustrated when friends notified her that her house was listed for sale on a real estate group page.

The listing price was approximately VND3 billion lower than neighboring vacant or unfinished properties. She promptly contacted the number in the advertisement and admonished the agent for posting images of her property without consent.

The agent apologized, claiming the photos were illustrative due to the property's prime location and completion status compared to surrounding units. The agent also admitted that the price reduction detail was meant to "attract buyers" and subsequently removed the listing.

Weeks later, another agent on a different real estate classified platform would again list her property for sale.

The Vietnam Association of Realtors observed that real estate agents resort to tactics like price reductions and claiming that current owners are experiencing financial difficulties to ensnare potential buyers. Some even employ strategies to coax clients into making repeated deposits to facilitate transactions.

At a recent summit on digitizing the real estate sector, Pham Lam, CEO of DKRA Group, underscored the market's most significant challenge: the absence of adequate oversight of real estate information, making it easy for buyers to fall victim to deception. He cited the example of a townhouse with a market price of VND10 billion being advertised by agents at VND9 billion.

"This deceptive tactic not only hinders genuine buyers from accessing property as intended but also erodes their trust in information provided by real estate agents," Lam remarked.

Experts from the Association of Realtors also acknowledged that penalties for agents disseminating false information about real estate are relatively low, ranging from VND10-25 million. They recommended the establishment of legally binding mechanisms, such as mandatory professional certifications for agents and the prohibition of unsupervised, impromptu transactions.

Hotline: 0986 720 720

• Apartments for rent in Diplomatic Corps
• Villas for rent in Diplomatic Corps