MANDALAY real estate agents said this month the market in Myanmar’s second largest city had remained steady although there was a shortage of agents in the city relative to demand.

U Zin Min Swe said prices were rising in the city but agents were struggling to take advantage of buyers’ interest in properties due a culture of seeking homes through private contacts.

As a result, there were relatively few agencies in the city of 800,000, he said.
“People from Mandalay prefer to contact someone they know rather than go to a company and talk with agents. They’re still not familiar with the names of agencies and are reluctant to go to them.”

He added that it was locals that were keeping sales steady, however, and not buyers from out of town.

Having a personal relationship with the buyer was important for attracting business, U Zin Min Swe said, something companies that appeared faceless found hard to do.

“When people from Mandalay want to buy a home they tend to go straight to whatever agent they happen to know instead of going to an agency.

“Although the charges are the same, they’re more comfortable with people they know,” he said.

Another agent, who wished to remain anonymous, said she still did not feel the time was right to start up an agency.

“I’ve been in this business for five years now and so far I’ve had to deal with all the people by myself,” she said, adding that she would like to be able to share the workload with some staff.

“In 2002, some people setup real estate agencies and didn’t succeed, so I’m scared of making the same mistake,” she said.