Amended laws related to the real estate market are taking effect from August 1, with new regulations contributing to professionalising real estate brokerage activities and transactions, said Hoàng Hải, director of the Department of Housing and Real Estate Market Management, Ministry of Construction.

Hải said the real estate brokerage activities play an important role in promoting real estate transaction activities. They are intermediaries connecting and consulting for investors and customers to find out market information and trading and investment procedures. 

The brokers create a safe information channel, ensuring legality in transactions and helping buyers avoid risks in business.

The laws relating to the property market, such as the Land Law, Housing Law and Real Estate Business Law, are expected to create support for the real estate market and the economy.

These laws also supplement a number of stricter regulations for real estate brokerage activities, in addition to removing some difficulties and creating favourable conditions in project development, thereby attracting investment capital and promoting healthy and transparent development of the real estate market, Hải said.

According to new regulations, individual real estate brokers must work for a real estate trading floor or a real estate brokerage service business.

They have added a regulation that real estate trading floors must be granted an operation licence from the State management agency on real estate business before the trading floors can run.

There will also be more detailed regulations on the types of real estate business contracts and how those business contracts are made public, according to the provisions of the Law on Real Estate Business.

Regulations on publicising information about real estate products that enter the market are compiled in the amended laws to improve transparency and safety of real estate trading activities, Hải said.

In the future, the real estate brokerage community needs to regularly update new regulations related to real estate brokerage activities and regulations in the fields of land, housing, real estate business, investment and credit. They need to apply technology and online trading channels to approach more customers.

Trần Minh Hoàng, deputy chairman of the Vietnam Association of Real Estate Brokers (VARS), said that from 2013 until now, the State has seen the real estate market as one of pillars of economic development and a driving force for attracting investment to many localities.

Therefore, the market has seen the establishment of many large-scale real estate brokerage businesses, employing thousands of people. These businesses have participated in product and market development consulting and in building a distribution system. 

Rapid changes in technology and AI applications are opening up many opportunities for the Vietnamese real estate market to develop and brokerage teams to easily connect with potential customers. 

While safe transactions and reduced paperwork are a solid premise for forming a stable and transparent real estate market, it poses a big challenge in the term of training skilled real estate brokers.

If brokers do not update their skills and become technology savvy, they will find it difficult to survive, because real estate brokerage is a challenging and competitive profession. — VNS