【招银研究|行业深度】房地产经纪——数字化重塑行业格局，头部企业优势突出

Core Viewpoint - The real estate brokerage industry in China is experiencing significant changes driven by digital transformation and market dynamics, with a focus on the integration of online and offline services to enhance efficiency and customer experience [4][6][13]. Group 1: Industry Overview - The real estate sector is the largest transaction market in China, with a total housing market transaction value of 25.5 trillion yuan in 2021, currently around 19 trillion yuan [1][6]. - The brokerage industry generated 320.9 billion yuan in commission income in 2021, with a penetration rate of approximately 50% [1][6]. - The brokerage market is segmented into second-hand housing sales, new housing transactions, and rental services, with second-hand housing accounting for 40-50% of commission income [1][7]. Group 2: Digital Transformation - The digital transformation of real estate brokerage is characterized by a dual approach of online and offline integration, leading to a model of "integration + platformization" [2][13]. - The evolution of brokerage models includes the 1.0 model (information display), 2.0 model (specialized platforms), and 3.0 model (transaction platforms) [2][15]. - Leading brands like Beike have successfully transitioned to an integrated online and offline model, enhancing their market position [2][17]. Group 3: Market Structure - Beike dominates the market with a Gross Transaction Value (GTV) of 3.1 trillion yuan and a market share of 16% in 2023, while traditional brands like I Love My Home have GTV in the billion range with less than 2% market share [3][25]. - The competitive landscape shows that traditional brokerage firms are increasingly expanding into new housing transactions, while online platforms face challenges in maintaining market share [3][25][27]. - The market is characterized by a few dominant players, with Beike leading significantly over its competitors [25][41]. Group 4: Future Opportunities - Future growth in the brokerage industry is expected to come from increased penetration in the new housing market and the expansion of the second-hand housing market [11][12]. - The reliance of developers on brokerage channels is anticipated to increase during the real estate downturn, supporting the growth of brokerage services [11][12]. - The second-hand housing market is projected to continue growing, with its transaction volume expected to rise due to increased supply and changing consumer preferences [12][27]. Group 5: Competitive Dynamics - The brokerage industry is witnessing intensified competition, with traditional firms adapting to digital trends while new entrants struggle to establish a foothold [19][23]. - Beike's unique business model and strong control over its brokerage network provide it with a competitive edge, making it difficult for other platforms to replicate its success [46][47]. - The market is also seeing the emergence of smaller platforms attempting to mimic Beike's model, particularly in lower-tier cities, but they face significant challenges in scaling [27][41].