Real estate trading floor should become a conditional activity

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Mr. Nguyen Van Dinh, Vice Chairman and General Secretary of the Vietnam Real Estate Brokers Association

Vietnam has more than 300,000 active real estate brokers, however, currently only over 20 percent of real estate brokers have businesscertificates. Why does this situation exist? Is this the reason for the low quality of real estate brokers?

The number of real estate brokers that are eligible to do the work is very low.

This is due to lax management in real estate brokerage. Many localities are not interested in organizing exams and granting certificates for brokers due to a lack of funding and inexperience in deploying.

Thus, many real estate brokers are unable to participate in testing for business certificates. This is a big gap in brokerages. The lack of training, competence and professional ethics have led to many brokers not complying with the law, cheating customers and creating many consequences for the real estate market.

In order to overcome this situation, I think it is necessary to have strict regulations in the granting of broker certificates. The rules of law also need to be more open in testing. If localities cannot organize examinations, they may assign the Vietnam Real Estate Brokers Associationto directly organize the examinations.

This will be much more convenient for localities because the association has a community of brokers with professional skills and socialization funding to organize exams, while localities must use the state budget.

Despite being stipulated in the Law onReal Estate Business, it seems that the brokerage business has not been taken seriously. What do you think about this?

The current policies and regulations on real estate brokers are putting real estate brokers and trading floors in a very weak position because the regulations do not require the sale of real estate projects to go through the floor.

Meanwhile, real estate brokers play an extremely important role in the system of distribution channels in the market. They are intermediaries between sellers and buyers.

For the seller, the real estate broker is the party on behalf of the buyer to evaluate and verify that the project is in compliance with the law and the price is appropriate. If it is not appropriate, they will advise the seller on how to make a policy to meet the needs of the market.

As for buyers, real estate brokers are consultants and project appraisers, helping them choose the right products, ensuring their rights and benefits.

Because of this extremely important intermediary role, if there is no real estate broker, the seller may convey false information about the product and cheat thebuyer. Meanwhile, the buyeris unable to verify information about the real estate project.

In order to develop a transparent real estate market, for the benefit of our customers, I think that the law should stipulate that the trading floor becomes a conditional activity and investors selling real estate must go through the floor. Real estate trading floors should be positioned as the center of the market, as an intermediary object, balancing all activities of the real estate market.

In many localities, brokers are disturbing information and increasing land prices, causing land fever and risks for investors. In your opinion, what do the regulatory agencies need to do to handle this problem?

This is the gap in the management of real estate brokers. At the moment, brokers are granted business certificates, but the law does not control their operation. This has led to many brokers reporting false information and cheating customers.

Therefore, I think that, when granting a real estate broker certificate, the state management agencies should issue a national practice code to each broker. All transactions of real estate brokers must be updated in the system.

This will prevent the broker from cheating customers, selling a product to multiple customers, or dealing in projects that do not yet meet legal requirements.

What do you think about the future of real estate brokerage in Vietnam and do you have any advice in the current market context?

The future of the brokerage profession will be the center of the trading market. Real estate brokerage will be the bridge between buyers and sellers, protecting the interests of customers.

The career prospects of real estate brokers are huge. However, this is also a very difficult industry with many challenges due to high competitiveness.

This forces real estate brokers to always learn, constantly improve their skills and maintain professional ethics and reputation with customers.

Thank you, Sir!