"Not just basic guidance but a professional service"… Possibility of fees for property viewings
The possibility of introducing a fee system for 'property viewings' is increasing, where individuals will pay to inspect real estate listings in person.
This comes as the Korea Association of Licensed Real Estate Agents has officially made the 'Basic Fee for Property Viewings' a core task for this year. However, there are concerns regarding the burden of costs being placed on consumers.
On the 23rd, Kim Jong-ho, the chairman of the Korea Association of Licensed Real Estate Agents, stated at a press briefing, "A licensed real estate agent is not merely someone guiding you to a site but a professional entrusted with public assets," emphasizing the need for fair compensation for the time and expertise required during the viewing process.
The association is considering a model where potential buyers would pay a certain amount as a viewing fee in advance when inspecting properties through a brokerage office. This fee would then be deducted from the brokerage fee upon successful contract signing. In other words, agents would receive compensation for property visits even if the transaction does not proceed.
"Costs arise even without a contract"… Concerns for genuine buyers
However, this system has sparked backlash due to the financial burden it places on consumers even when contracts are not finalized. Currently, costs arise only upon successful transactions, but if this new system is implemented, fees would be incurred even during the initial property search phase.
Reactions in real estate communities include concerns such as, "If the viewing fees accumulate while exploring various neighborhoods for a house, it can become a significant burden," and "If agents start charging viewing fees alongside brokerage fees, many will inevitably switch to direct transactions."
Especially for genuine buyers, who often compare numerous properties based on locality and budget, there are worries that the implementation of this system could lead to actual financial harm.
"Minimum compensation for professionalism… Legislation reform in parallel"
The association argues, "Consultations, guidance, scheduling, and the actual labor and time invested during property viewings deserve at least minimal compensation," asserting that such remuneration is crucial for maintaining the professionalism and authority of real estate agents.
Park Eun-sung, the director of the association's Real Estate Policy Research Institute, explained, "Under the current system, agents do not receive any compensation when viewings do not lead to successful contracts, leading to a devaluation of their professional skills."
The association is also considering proposals to allow property viewings only after submitting a preliminary purchase intention, drawing on examples from advanced countries like the United States. Discussions on amending the real estate agent law are planned to accompany this effort.
Chairman Kim emphasized, "This system is not merely about charging fees; it is a foundational effort to enhance the quality of brokerage services and restore trust," adding that agents also bear the responsibility of earning consumer trust.
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