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Jul 12, 2019 / 15:05

Only 10% of real estate brokers in Vietnam eligible to work

Local experts claimed that well-trained and qualified brokers will help the real estate market transparent.

Statistics from the Vietnam Association of Realtors (VARS) showed that only 10%-12% of roughly 300,000 real estate brokers in Vietnam are eligible to do the work though the number of workers in this sector is on the rise. 
 
Illustrative photo
Illustrative photo
The growth rate of real estate brokerage averages 15% annually in the last three years, resulting in the rising number of brokers, the Vietnam News Agency citied VARS. 

However, there is a fact that brokers sometimes are the cause of land fever in many localities, causing market turmoil. 

Moreover, spam messages and calls from real estate agents are making problems for the job and toxically affecting truly professional brokers.

As the role of brokers is to bring convenience and professional consulting services, customers can quickly make good investment decisions, safe and guided legal procedures in a complete and convenient way.

Real estate brokerage profession is closely linked to market transparency. Therefore, the requirements for real estate brokers must be set very high, even with severe sanctions against professional and ethics violations, according to Deputy Secretary General of VARS Tran Minh Hoang. 

At the same time, real estate agents must also have the capacity to assess the legality of real estate for sale and take responsibility for accuracy and transparency.

Currently, more than 90% of private housing sales information is inaccurate, misleading in location, price, legality, or planning information, Hoang estimated. 

It prompts an urgent need that requires real estate brokers to have enough knowledge and skills to provide factual information about the property or land lots associated with legal items and planning as well as added values for buyers and sellers, said Prof. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment.

It’s necessary to have management measures, mostly granting license of business certificate to make brokerage activities comply with laws. Meanwhile, improving quality of brokers should be considered a must in operating in this sector. 

General Secretary of VARS Nguyen Van Dinh said the Vietnamese National Assembly has ratified Law on Real Estate Business in which recognizes real estate brokerage as one of services in this sector. 

For such a reason, there would be a festival for realtors held annually on June 29 to celebrate the day which the legislature passed the law. 

He said Vietnamese broker teams are now not qualified enough and it requires professional training which also provides expertise in legal issues and valuation of the property.

Vietnam’s real estate market is expected to thrive in the coming years thanks to high urbanization rate and expanding middle class. Savills Vietnam has predicted that 69% of the country’s population would reside in urban places by 2030.