Real estate brokers help balance market supply and demand

12:25 | 26/05/2019 Economy- Society

(VEN) - Participants of a recent seminar sponsored by the Ministry of Industry and Trade in coordination with the Vietnam National Real Estate Association (VNREA) said real estate brokers play an important role in balancing supply and demand in the property market.

real estate brokers help balance market supply and demand
Many successful real estate transactions were implemented through licensed brokers

Some 33,000 licensed real estate brokers operate in Vietnam. From 2014-2018, about 80 percent of successful real estate transactions in the country were accomplished through brokers, contributing significantly to minimizing inventories and helping the market develop on a stable and healthy basis.

According to Le Dang Doanh, former Director of the Central Institute of Economic Management (CIEM), property market information needs to be made more transparent. Brokerage companies contribute to providing reliable, verified information to customers, he said.

Real estate brokers need to improve their knowledge, professionalize their services, pioneer in technology application, and abide by the law and business ethics if they are to contribute to the market’s sustainable development.

Nguyen Minh Hoang, Deputy General Secretary of the VNREA said professional development training for real estate brokers in Vietnam remains inadequate.

Many seminar participants said VNREA ethics standards should be disseminated among brokers to curb the spread of false information by brokers who corner the market to earn as high a profit as possible, infracting laws and business ethics standards.

Ha Quang Hung, Deputy Director of the Housing and Real Estate Market Management Agency under the Ministry of Construction said although real estate brokerage laws are continuously updated and revised, many regulations are inadequate, including those on dealing with individuals and organizations offering real estate brokerage services without having a brokerage certificate. Many real estate brokers do not attach importance to participating in training courses, and the validity of broker certificates should be shortened from five to one to three years, Hung said.

Real estate experts say Vietnam will attract a number of professional real estate brokers from other countries, a move

expected to exert the necessary pressure on Vietnamese real estate brokers to improve their knowledge and

services. This will contribute to promoting the real estate market’s health, transparency and sustainable development,

they add.

Vu Le