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Management of real estate brokers will be tightened
According to the Việt Nam Association of Real Estate Brokers (VARS), only 40,000 out of about 100,000 individual brokers in the domestic real estate market have brokerage practising certificates.
Many individual brokers in the domestic property market are freelancers or do the second job without training and practising certificates. — VNA/VNS Photo Tuấn Anh
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The remaining are freelancers or do this as a second job without training or the right credentials.
Brokerage activities are not managed closely and it is still a job with almost no barriers when the individuals do brokerage activities or stop doing this work, 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 brokerage must have certificates and work for enterprises providing real estate trading floor services or real estate brokerage services.
It means that individuals will be not allowed to do independent real estate brokerage activities as currently, VARS said.
In addition, Article 48 of the amended Law on Real Estate Business requires project investors, real estate trading businesses and real estate service businesses to receive payments under contracts with customers through accounts opened at domestic credit institutions or foreign bank branches legally operating in Việt Nam.
All remunerations and brokerage commissions of brokers operating in real estate companies will be paid via bank.
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