Company: RMSGW
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001641172-25-021609
Chunk: 5

Company: Real Messenger Corp
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 5
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 by unfamiliar interfaces and changes in features they had previously relied on, leading to reduced
engagement and user resistance. Users may require additional communication, training, and opportunities for feedback upon the Company’s
launching of new features to its platform.

   7  

Additionally,
any of the following events may cause decreased use of our platform: (a) emergence of competing platforms and applications with novel
technologies; (b) inability to convince potential agents to join our platform; (c); technical issues or delays in releasing, updating
or integrating certain platforms or in the cross-compatibility of multiple platforms; (d) security breaches with respect to our data;
(e) a rise in safety or privacy concerns; and (f) an increase in the level of spam or undesired content on the network.

Structural
changes in the U. S. residential real estate market have materially impacted, and may continue to impact, the future of home purchases
in the U. S., including overall market financial condition, and subsequently, our operating results.

Our
performance is related to the health and dynamics of the U. S. residential real estate and mortgage markets, which have been undergoing
sustained structural changes. These changes - rather than short-term cyclical fluctuations - reflect fundamental shifts in affordability,
consumer behavior, monetary policy, and industry structure that are beyond our control. Key drivers include persistently elevated mortgage
interest rates, affordability constraints driven by years of home price appreciation outpacing wage growth, and limited housing inventory.
These factors have contributed to a prolonged reduction in existing home sales, beginning in the second quarter of 2022 and continuing
through 2024.

Although
the Federal Reserve began reducing interest rates in late 2024, rates remain significantly above pre-2022 levels, and housing affordability
remains a major barrier for both first-time and move-up buyers. Additionally, demographic trends, evolving consumer preferences (including
delayed homeownership), and structural shifts in the financial sector’s approach to mortgage lending are contributing to a realignment
of the market’s long-term baseline activity levels. These developments may continue to suppress transaction volume and reduce market
velocity. Structural weakness in the market has historically correlated with agent attrition, reduced productivity, and downward pressure
on pricing. Accordingly, these changes may have - and may continue to have - a material adverse effect on the overall financial
condition of the U. S. residential brokerage industry, and subsequently, the results of our future operations.

The
market is also increasingly