The downside of the real estate brokerage profession
Brokers play a very important role in the real estate industry, serving as intermediaries connecting hundreds of thousands of transactions with a value of millions of billions of dong each year, bringing optimal economic efficiency to properties. Real estate and sustainable profits for each individual and business.
The development of real estate brokerage in Vietnam is associated with and reflects the development of the real estate market as well as the increasing demand for professional and diverse services in this industry, which is also considered inevitable in this industry. development of the real estate market.
The Real Estate Business Law 2023 was passed and takes effect from January 1, 1 with many new points in the direction of tightening real estate brokerage activities.
Accordingly, after a period of formation and development, the real estate brokerage force in Vietnam is currently developing strongly and diversely, but also faces a number of challenges and problems that need to be resolved, along with unstable development of this industry.
In reality today, despite the sanctions regulations, the management of brokerage activities is still "left open", real estate brokerage is still a profession with almost no barriers when entering or leaving.
Research data from the Vietnam Association of Real Estate Brokers (VARS) shows that Vietnam currently has about 100.000 active brokers, working officially at professional business organizations.
Of these, only about 40.000 individuals participating in activities have real estate brokerage practice certificates. There are hundreds of thousands, even millions of people left at the time of the "hot" real estate market, participating in connecting and carrying out real estate transactions.
However, most of them are freelancers, "side hustlers", "left-hand" professionals, untrained, have no practice knowledge, operate spontaneously, and are not subject to management. professionalism of any agency. They only care about how to make the transaction happen as quickly as possible, taking advantage of the opportunity to "inflate" real estate prices to redeem profits, seize goods, scam customers... causing market manipulation.
The consequences cause a lot of instability in the Vietnamese real estate market, eroding investor confidence and losing the image of genuine brokers. Real people provide information, support transactions, create an efficient and fair trading environment for both buyers and sellers.
To tighten conditions for practice, what should real estate brokers do?
According to Vice Chairman of the Vietnam Real Estate Association - Dr. Nguyen Van Dinh, for the real estate market to operate safely and transparently, there needs to be a legal mechanism binding the roles and responsibilities of real estate brokers in consulting. , providing information, including legal procedures of real estate products and projects to protect the rights of investors and home buyers when participating in transactions.
To adapt to changes in the new legal framework, brokers need to quickly update their knowledge, improve their skills and take advantage of new opportunities in the market.
At the same time, it is also to protect the interests of practitioners and encourage brokers to practice honestly. Because in order to stick with the market for a long time, in addition to practicing certificates, brokers also need experience, experience and constantly updating new knowledge with increasingly strict requirements.
Faced with that situation, the Real Estate Business Law 2023 (amended) has been approved and officially takes effect from January 1, 1, with many new points in the direction of tightening real estate brokerage activities. Specifically, Article 2025 of this Law stipulates that individuals practicing real estate brokerage must have a practicing certificate; Must practice in a real estate trading floor service business or a real estate brokerage service business.
This means that individuals are not allowed to practice independent real estate brokerage as currently (Clause 2, Article 62 of the 2014 Law on Real Estate Business allows individuals to have the right to operate independent real estate brokerage services). In addition, Clause 1, Article 62 of this Law stipulates that individuals practicing real estate brokerage are entitled to remunerations and commissions from Real Estate Exchanges or businesses providing real estate brokerage services.
Article 48 of the 2023 amended Law on Real Estate Business requires project investors, real estate businesses, and real estate service businesses to receive payments under real estate business contracts and real estate service business contracts from customers. customers through accounts opened at domestic credit institutions or foreign bank branches legally operating in Vietnam.
“Thus, for brokers operating in real estate companies, all remunerations and brokerage commissions will be transferred via bank. Regarding the issuance of brokerage certificates, the Ministry of Construction began to organize examinations and issue real estate brokerage practice certificates. The organization method will be assigned or directly authorized by the Ministry of Construction to some exam organizing units," said Dr. Nguyen Van Dinh.
Also according to the representative of the Vietnam Real Estate Association, the new regulations of the newly approved Real Estate Business Law mentioned above will eliminate many non-professional real estate brokers, creating a healthy, transparent real estate business environment, in accordance with the law. Government's policy.
Transacting via account also helps the State prevent tax loss when the commission of this force is very large. However, the above regulations also pose challenges in recruiting and training personnel for real estate trading floors. At the same time, there are also more stringent requirements for the brokerage force.
In about 1 year, the Real Estate Business Law as well as other laws related to this important field will officially take effect. To adapt to changes in the new legal framework, brokers need to quickly update their knowledge, improve their skills and take advantage of new opportunities in the market.
Accordingly, brokers need to spend time mastering and understanding new legal regulations related to the real estate sector to apply them correctly; Improving expertise and skills, brokers need to continuously improve their knowledge and skills, including improving communication skills, negotiation skills, and market knowledge; Use technology and management systems to optimize work processes, enhance professionalism and transparency in business operations.
At the same time, actively participate in real estate industry activities and events through professional social organizations to update information as well as build and maintain relationships in the industry; Instead of just focusing on a specific type or area of real estate, brokers can look for new opportunities in different market segments or rapidly growing areas.
