Business

Management of real estate brokers to be tightened

Only 40,000 out of about 100,000 individual brokers in the domestic real estate market have brokerage practising certificates, according to the Vietnam Association of Real Estate Brokers (VARS).
Management of real estate brokers to be tightened ảnh 1Many individual brokers in the domestic property market are freelancers or do the second job without training and practising certificates. (Photo: VNA)
Hanoi (VNS/VNA) - Only 40,000 out of about 100,000 individual brokers in thedomestic real estate market have brokerage practising certificates, accordingto the Vietnam Association of Real Estate Brokers (VARS).

The remainingare freelancers or do this as a second job without training or the rightcredentials.

Brokerage activities are not managed closely and it is still a job with almostno barriers when the individuals do brokerage activities or stop doing thiswork, according to a VARS report.

The emended Real Estate Business Law 2023 that takes effect from January 1,2025, has many regulations to manage strictly real estate brokerage activities.

Article 61 of this law stipulates that individuals practising real estate brokeragemust have certificates and work for enterprises providing real estate tradingfloor services or real estate brokerage services.
It means that individuals will be not allowed to do independentreal estate brokerage activities as currently, VARS said.

Inaddition, Article 48 of the amended Law on Real Estate Business requiresproject investors, real estate trading businesses and real estate servicebusinesses to receive payments under contracts with customers through accountsopened at domestic credit institutions or foreign bank branches legallyoperating in Vietnam.

All remunerations and brokerage commissions of brokers operating in real estatecompanies will be paid via bank./.
VNA
#individual brokers #domestic real estate market #certificates #Real Estate Business Law #credit institutions #Vietnam News Agency #Vietnamplus
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