Must have a practicing certificate
Accordingly, organizations and individuals providing real estate brokerage services must establish a real estate brokerage business according to regulations and must meet a series of conditions. In addition, there must be regulations on real estate brokerage services; there must be material and technical facilities that meet the operational requirements according to Government regulations. At the same time, there must be at least one individual with a real estate brokerage certificate.
For enterprises, before conducting real estate brokerage business, real estate brokerage business enterprises shall send information about the enterprise to the State management agency for real estate business at the provincial level where the enterprise is established to be posted on the housing and real estate market information system according to the provisions of this law.
All real estate brokers must have a practicing certificate.
For individuals practicing real estate brokerage, the law also stipulates that they must have a real estate brokerage practice certificate; must practice in a real estate trading floor service business or a real estate brokerage service business. Brokers seek partners who meet the conditions of customers to participate in negotiations and sign contracts. Real estate brokers act as authorized representatives to carry out tasks related to procedures for buying, selling, transferring, leasing, subleasing, and leasing-purchasing real estate. Real estate brokers provide information and support to the parties in negotiating and signing contracts for buying, selling, transferring, leasing, subleasing, and leasing-purchasing real estate.
End of manipulation
According to statistics from the Vietnam Association of Realtors (VARS), there are currently about 200,000 people working as real estate brokers nationwide. However, only 40,000 people have real estate broker certificates.
Mr. Pham Lam, Vice President of VARS, said that at the peak of the real estate market, there were 300,000 brokers operating nationwide, of which Ho Chi Minh City accounted for 1/3. However, up to now, only about 1/5 of brokers are still operating and their operations are unstable.
"In fact, the number of brokers is even greater because anyone can be a real estate broker. Statistics show that on average, both the primary and secondary markets have over 100,000 transactions each year. In some localities, there are up to several thousand transactions per month and the brokerage force plays an important role in helping real estate transactions take place. In recent years, this force has changed and improved greatly. Many companies have built a brokerage force with good expertise, skills and professional ethics," Mr. Pham Lam assessed.
A leader of Nam Long Investment Corporation also said that brokerage organizations in the market have a clear distinction between one side being professional, well-trained, specialized and responsible, and the other side being organizations, companies or brokerage floors that are formed too easily, leading to many negative consequences. Previously, a broker could establish his own business after only 7 days, calling himself the general director. These businesses provide a workforce with poor quality, even though they are only a small number, but they still greatly affect both investors and customers. Due to the scale of the mine, these businesses do not care about protecting the investor's brand, nor do they care about how to take care of customers in the future, only focusing on completing transactions, collecting money, ignoring their responsibilities to investors and customers.
The real estate market will operate more transparently.
Affirming the important role of brokerage forces in the real estate market, Vice President of the Vietnam Real Estate Association Nguyen Van Dinh admitted that land in some places has recorded a situation of dancing, skyrocketing prices, in which there is the contribution of speculators and unprofessional brokers. Even brokers at professional companies still deliberately help "push up prices", creating benefits that do not serve the economic development of localities. It can be said that the real estate market in the recent period has been manipulated by many speculators and brokers.
The stories of dishonest real estate brokers and market manipulation are partly due to the lack of assessment and criteria to determine the conditions for practicing brokerage. The legal framework is in place, but the law has been left unchecked for quite a long time, while the number of brokers has increased rapidly, leading to many consequences.
The Ministry of Construction previously admitted that, in addition to brokers at professional real estate trading floors, there are many freelance brokers who do not have real estate brokerage certificates. A part of the real estate brokerage team is still weak in expertise, has limited legal knowledge, lacks professionalism, and is weak in business ethics, leading to a situation of opportunistic business practices, not taking responsibility, causing damage to customers. There is also a phenomenon of real estate trading floors colluding with each other to hoard goods, manipulate prices, create waves, inflate prices, and create virtual fevers to profit from price differences, causing chaos in the real estate market.
Therefore, this time the Real Estate Business Law has quite detailed and clear regulations that are expected to help the real estate market become transparent, and "unscrupulous" real estate brokers will no longer have a place to live.
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