Doing Business

Real estate brokers are unlicensed in 90% of cases: realty association

Trường Lăng

June 2, 2022

Doing Business

Real estate brokers are unlicensed in 90% of cases: realty association

Trường Lăng

June 2, 2022

According to the Vietnam Association of Realtors, there are 300,000 real estate brokers in the country, yet only 10% hold licenses.

The majority of unlicensed brokers are novices who have recently changed careers to take advantage of the real estate boom.

They’re untrained and unregulated, and analysts worry they’ll endanger buyers, sellers, and the market as a whole. Some even blame them for instigating market disruptions and price bubbles by spreading stories about development.

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Because the analysis was limited to the association’s 300 member firms, the true percentage of unlicensed brokers could be significantly higher.

Before Covid-19, at least 1,000 businesses existed.

Meanwhile, according to data from the Ho Chi Minh City Construction College (HCC), the number of applications for real estate broker licenses in the South has increased by eightfold this year, with 2,186 people taking the broker’s examination in the first five months of this year, compared to 275 last year.

The government made licenses compulsory in July 2015, and all licenses issued before that were effective until 2021, said Luong Dinh Thu Van, CEO of real estate training facility Mogin Institute in HCMC’s District 1.

“Many people were unable to take the exam for a new license last year because of Covid-19.”

Brokers who operate without a license risk being fined VND60 million ($2,600), she said.

To promote openness in the real estate industry, the HCC has suggested creating a site for validating broker credentials.

It also proposed eliminating the requirement for a high school diploma in favor of allowing those with starter credentials and more than a year of experience to take the broker’s examination.

It went on to say that easing eligibility will assist independent brokers in practice professionally and in accordance with rules and regulations.

Source: VNExpress

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