Investment Popularity Spurs On-site Visit Crews
Sharing Know-how on Actual Residence Concept Visits
Visiting Agencies for Investment Information Purposes
Recently, real estate site visit study groups have gained popularity mainly among the 2030 generation, causing headaches for the real estate brokerage industry due to these young site visitors. These so-called 'Imjang crews' visit real estate agencies not as genuine buyers with actual purchase intentions, but to gain experience. As the number of Imjang crews increases, some real estate agencies are reportedly experiencing significant disruptions in their brokerage operations.
According to a report by Asia Economy on the 7th, know-how on so-called 'actual residence concept phone site visits' is being shared primarily in online cafes where real estate investors gather. As young people's desire to purchase apartments intensifies, site visit studies are also gaining sensational popularity online. As of the 4th, about 370 open chat rooms for Imjang study groups were confirmed to have been created on KakaoTalk group chats. Some of these rooms have over 1,000 participants.
The rise of Imjang crews is attributed to the youth's real estate investment craze. According to the Korea Real Estate Agency's nationwide apartment purchase statistics by age group, the proportion of apartment purchases by the 2030 generation, which was only 29.2% in 2020, soared to 35.2% in the first quarter of this year.
The 'actual residence concept' refers to the act of visiting a real estate agency while behaving as if one intends to purchase and reside in the property. This method exploits the fact that licensed real estate agents provide detailed information only to genuine buyers, allowing individuals to obtain information over the phone.
One author who posted Imjang know-how advised preparing a scenario in advance, including moving dates and budget, to deceive real estate agents. The author shared, "To deceive perfectly, you need to set the moving date, budget, and loan availability in advance," adding, "When approaching with a seller concept, it is necessary to empathize as if you actually live in that neighborhood." Another investor shared excuses such as "I am about to be transferred to a company in that neighborhood" to gather investment information about specific areas.
Moreover, as Imjang crews visit real estate agencies not only by phone but also in person, licensed real estate agents are voicing their difficulties. Mr. A, who runs a real estate agency in Eunpyeong-gu, Seoul, said, "In recent years, young people have increasingly visited in groups of three to five for investment meetings," lamenting, "They say they intend to buy, but after explaining the listings and neighborhood conditions thoroughly, they diligently take notes and then disappear."
Mr. B, who operates a real estate agency in Nowon-gu, Seoul, also said, "There has been a noticeable increase in young people who appear to visit solely for investment purposes without immediate plans to purchase," adding, "We spend time showing houses, but meeting such customers is very exhausting."
The real estate industry expresses concern over the abuse of free listing brokerage services by licensed real estate agents. A representative from the Korea Association of Realtors stated, "In overseas cases, agents charge travel or transportation fees when introducing listings to clients, but Korean agents do not receive separate fees," adding, "While this makes it easy to access real estate agencies, recently, agents have been struggling due to customers who abuse this system."
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