Core Insights - The property industry is experiencing unprecedented personnel changes, particularly highlighted by the recent leadership shifts at Dongyuan Renzhi Service (02352.HK) and Ruishen Life Service (01922.HK) [1][2] - The contrasting decisions made by the owners of these companies reflect differing strategies in response to the current challenges in the property sector [2][3] Company Adjustments - On November 7, Dongyuan Renzhi Service announced a significant executive reshuffle involving four new appointments and two departures, while Ruishen Life Service made similar changes on November 3, with three new appointments and two exits [1] - Luo Shaoying, at 52, has taken a more active role in Dongyuan Renzhi Service, transitioning from a non-executive director to an executive director, indicating a hands-on approach to management [1] - In contrast, Huang Qingping, the founder of Yincheng Group, has stepped down from his role at Ruishen Life Service, indicating a withdrawal from the board [1] Industry Context - The property service sector is currently facing significant challenges due to a downturn in the real estate market, leading to reduced stable revenue sources and increased financial pressures [4] - The need for owners to either re-engage in operations or step back to mitigate risks is becoming a common theme among property service companies [4][5] Financial Performance - Dongyuan Renzhi Service reported a revenue of 1.53 billion yuan for 2024, remaining stable year-on-year, but faced a net loss of approximately 61.64 million yuan, contrasting with a profit of 3.43 million yuan in the previous year [5] - For the first half of 2025, the company achieved a revenue of 793.7 million yuan, a 3.1% increase year-on-year, but its profit was only about 28.8 million yuan, reflecting a 14.2% increase, while gross profit margin fell to 13.8%, the lowest in five years [6] Leadership Dynamics - The departure of key figures such as Tian Ming from Longfor Green Life and Geng Jianfu from Rongwanjia indicates a trend of founders stepping back from active roles, often citing personal reasons [8] - The exit of Huang Qingping from Ruishen Life Service is seen as part of a broader internal power struggle, with significant changes in the board composition aimed at enhancing independence and managing conflicts of interest [9][10]

Core Insights - The real estate market in major cities is experiencing intense marketing battles as developers offer significant discounts and innovative sales strategies to attract buyers amid a challenging market environment [1][5][7]. Group 1: Discount Strategies - In Shanghai, the new project "Zhonghuan Ludao" announced discounts of 2% for general buyers and 3% for one-time payments, along with a year of free property management for early registrants [2][4]. - Competitors like "Jinju Park East Sequence" are offering even steeper discounts, including a 5% reduction, a 1,000 yuan parking space purchase option, and gift cards for early registrants [4][6]. - In Guangzhou, the "Try Before You Buy" initiative allows potential buyers to move in for a month with a 100,000 yuan deposit, deferring the purchase decision [5][6]. Group 2: Market Dynamics - The shift in buyer inquiries from "Are my points enough?" to "What discounts are available?" reflects the changing dynamics in the real estate market [7][8]. - The competitive landscape has intensified, with developers needing to adapt their pricing strategies to attract buyers, as evidenced by the aggressive discounting seen in various projects [7][8]. - According to research from CRIC, 87% of successful projects utilized price-based strategies, while over half employed innovative marketing techniques [8].

Core Viewpoint - The real estate brokerage industry is facing significant challenges due to a slowdown in transaction volumes, leading many agents to seek additional income through part-time jobs such as food delivery [3][6][14]. Group 1: Real Estate Brokerage Industry - In the rising phase of the real estate market, new agents in first-tier cities earned between 100,000 to 200,000 yuan annually, while experienced agents made over 500,000 yuan, and some luxury property specialists earned millions [3][5]. - The income of real estate agents has generally declined in recent years due to a slowdown in transaction volumes, with some agents reporting annual earnings dropping below 200,000 yuan [6][12][14]. - The commission structure varies significantly among different brokerage firms, with top agents earning around 30,000 yuan from a 100,000 yuan commission, while newcomers may only take home a few thousand yuan [14]. Group 2: Part-Time Work Trends - Many real estate agents, like Zhang Biao, have taken on part-time jobs such as food delivery to supplement their income, especially when their primary business is slow [5][9][10]. - The part-time food delivery work is seen as a stable but low-paying option, with agents earning around 3,000 to 4,000 yuan monthly from this side job [8][9]. - The trend of agents taking on part-time work has become common, with some opting for delivery services due to their familiarity with local neighborhoods, which provides a competitive advantage [6][9]. Group 3: Market Dynamics and Future Outlook - The real estate market is experiencing a significant downturn, with transaction volumes and agent commissions decreasing, leading to a more competitive environment where only the most experienced agents thrive [12][14]. - The industry is witnessing a division where top firms are capturing market share from smaller companies, and experienced agents are better positioned to succeed in the current climate [14][15]. - The integration of AI and digital tools in the brokerage industry may provide new opportunities for agents, particularly in stable segments like second-hand housing and rental markets [15].

Core Insights - The income of real estate agents in first-tier cities has significantly decreased due to a slowdown in property transactions, with many agents now taking on part-time jobs to supplement their income [1][4][15]. Group 1: Real Estate Agent Income Trends - During the real estate upturn, new agents earned between 100,000 to 200,000 yuan annually, while experienced agents made over 500,000 yuan, and luxury property specialists could earn millions [1][3]. - The decline in transaction volume has led to a general decrease in income for real estate agents, with some agents reporting earnings dropping to below 200,000 yuan annually [4][12][15]. - The commission structure varies by agency, with top agents earning around 30% of the commission, while new agents may only take home a few thousand yuan [15]. Group 2: Part-Time Work Among Agents - Many agents, like Zhang Biao, have turned to part-time jobs such as food delivery to maintain a stable income amidst the real estate market downturn [2][4][8]. - The flexibility of part-time work allows agents to adapt their schedules based on their real estate business, with some working 4-6 hours delivering food when real estate transactions are slow [4][6]. - The experience of working as a delivery rider has been described as challenging, requiring adaptability and quick learning to navigate the demands of the job [6][7]. Group 3: Market Dynamics and Future Outlook - The real estate market is experiencing a significant shift, with a move from new home transactions to second-hand properties, impacting agents' earnings [12][15]. - The industry is seeing a division where top agencies are capturing market share from smaller firms, leading to increased competition and pressure on less experienced agents [15][16]. - Despite the challenges, there are opportunities for agents to leverage AI and digital tools to enhance efficiency and adapt to changing market conditions [16].

Core Insights - The article highlights the challenges faced by real estate agents in first-tier cities, particularly in light of declining transaction volumes and income instability, leading many to seek additional income through part-time jobs like food delivery [2][3][11]. Group 1: Real Estate Industry Challenges - The income of real estate agents has significantly decreased due to a slowdown in property transactions, with some agents experiencing a drop in earnings by about 50% compared to two years ago [11][12]. - The market has become increasingly competitive, with larger agencies capturing market share from smaller firms, resulting in a disparity in income among agents [11][12]. - The current economic environment has made it difficult for agents to achieve high sales volumes, with some offices struggling to complete even one transaction per month [9][12]. Group 2: Part-Time Work as a Solution - Many real estate agents, like Zhang Biao, have turned to part-time jobs such as food delivery to supplement their income, finding it a more stable source of earnings during slow periods in real estate [3][4][10]. - The flexibility of food delivery allows agents to work around their real estate commitments, with some agents reporting monthly earnings of around 3,000 to 4,000 yuan from part-time delivery work [5][6]. - The experience of working as a delivery rider has provided agents with additional skills and insights, although it is viewed as a temporary solution rather than a long-term career path [10][12]. Group 3: Future Outlook for Real Estate Agents - Despite the current downturn, there are opportunities for agents to adapt by embracing technology, such as AI for property matching and virtual viewings, which could enhance their efficiency and marketability [12]. - Younger agents or those willing to transition to new industries may find better opportunities in emerging sectors, although this comes with the risk of starting over [12].