Core Viewpoint - The emergence of a new intermediary role, referred to as "intermediary of intermediaries," in Shanghai's real estate market is reshaping the transaction dynamics between landlords and traditional real estate agents [2][9]. Group 1: Market Dynamics - Shanghai's real estate market has seen a prolonged decline in housing prices, prompting landlords to incur additional costs to sell their properties [2]. - The "intermediary of intermediaries" model has developed in response to the saturation of traditional real estate agents, indicating a shift in how property transactions are facilitated [2][9]. - The model is characterized by landlords paying an additional 1% service fee on top of standard commissions to these new intermediaries [1][2]. Group 2: Operational Mechanism - The operational process involves agents signing exclusive agreements with landlords, offering services such as property beautification and marketing strategies to enhance property appeal [5][8]. - Agents often engage in basic renovations and staging to make properties more attractive to potential buyers, which can involve significant additional costs for landlords [5][8]. - The marketing strategy includes leveraging existing relationships with traditional agents to promote properties effectively, ensuring that the interests of all parties align [7][8]. Group 3: Industry Trends - The single-agent model is gaining traction, with major players like Lianjia (Beike) transitioning to this approach, which separates the roles of agents representing sellers and those representing buyers [10][11]. - This shift is expected to enhance operational efficiency and better meet the needs of both buyers and sellers in the current market environment [11][12]. - The anticipated volume of transactions in Shanghai's residential market for 2024 is projected at 213,400 units, with a total transaction value of approximately 745.49 billion yuan, indicating a robust market despite the challenges [12].