Mediation for Rent Reduction Among Real Estate Agencies in Guro-gu

Guro District Office and Korea Association of Certified Realtors Guro Branch Sign 'Good Real Estate Brokerage' Agreement on 21st... Request Rent Reduction from Landlords on Behalf of Tenants... 20% Commission Discount Also Offered

[Asia Economy Reporter Park Jong-il] To support small business owners struggling due to COVID-19, real estate agencies in Guro-gu are stepping in to mediate rent reductions.

Guro-gu (District Mayor Lee Seong) and the Korea Association of Realtors Guro Branch (Branch Chief Kim Jin-guk) signed a "Good Real Estate Agency" business agreement at the district office on the 21st.

The "Good Real Estate Agency" business agreement was made to unite the efforts of real estate agencies and the district office to reduce rents for tenants suffering from COVID-19.

A Guro-gu official explained the background of the agreement, saying, "Real estate agencies usually have frequent interactions with landlords, so they are in a less burdensome position than tenants who find it difficult to directly ask for rent reductions. They expressed their intention to mediate rent reductions to help small business owners, which led to the signing of this agreement."

Real estate agencies participating in the "Good Real Estate Agency" initiative will request landlords to reduce both existing and new contract rents. They will also share the burden directly by offering a 20% discount on brokerage fees.

Guro-gu will provide quarantine supplies such as hand sanitizers and conduct promotional activities to encourage good landlords. The district plans to select and award commendations to 50 actively participating "Good Real Estate Agencies" and 200 "Good Landlords."

Real estate agencies wishing to participate in the Good Real Estate Agency program can submit an application form via fax (860-2627), email (jsy45@guro.go.kr), or visit the district office’s Real Estate Information Division. Detailed information and application documents are available on the district office website.

A Guro-gu official stated, "Everyone is facing difficulties in their respective positions, so rent reductions and brokerage fee discounts are not easy. We sincerely thank the agency owners who made this significant decision to share the burden and the landlords who are participating in the discounts."

Meanwhile, landlords who participate in rent reductions for small business owners will receive support from the central government. They can receive income and corporate tax credits amounting to 50% of the rent reduction. Traditional markets with rent reductions of 20% or more will also receive support for old wiring maintenance and fire safety equipment.

This content was produced with the assistance of AI translation services.