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Monday, July 22, 2024

Ministry proposes banning independent operation of individual property brokers

By V.Dung

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HCMC – The Ministry of Construction has proposed that individual real estate brokers should establish brokerage firms or offices and have brokerage certificates, and that such individuals must not operate independently.

In a document proposing the amendment of the Laws on Housing and Real Estate Business, the ministry also suggested that property brokers, after establishing brokerage firms or offices, must provide their information to the Departments of Construction of localities where their firms or offices are located, and the Housing and Real Estate Market Management Department under the Ministry of Construction so that their information can be publicized on the localities’ portals.

As for foreign brokers in Vietnam, after establishing brokerage firms and offices, they must provide their information to the Housing and Real Estate Market Management Department, following which their information will be publicized on the department’s portal.

The ministry also proposed working out regulations on brokers’ periodic reports.

Moreover, individual brokers must attend training courses to be granted real estate brokerage certificates.

According to the ministry, property brokerage services have become increasingly popular in Vietnam. However, the quality of brokers remains poor.

The ministry pointed out three main problems with property brokerage services. Specifically, the requirements on real estate brokerage in the 2014 Law on Real Estate Business are relaxed, resulting in the unprofessional operation of real estate brokers.

In addition, individual property brokers are not required to report their work to the State management agencies. Their target is to sell property products quickly, according to the Ministry of Construction.

Further, the fine of VND10-50 million for each unlicensed property broker is low.

Therefore, the ministry proposed amending some regulations on the real estate brokerage to improve the quality of services and improve the State management of the sector to protect the benefits of the State, the residents and enterprises.

The amendment of regulations will also help create a healthy business environment, reduce the land price fever and property bubbles, thereby preventing tax losses.

According to the Ministry of Construction, since 2008, more than 32,900 individuals have been certified as real estate brokers and some 80% of property transactions have been conducted through these brokers.

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