Real estate companies are rushing to establish trading floors as organizations and individuals dealing in property will have to carry out transactions through a trading floor as of next year according to the Law on Real Estate Trading.
Most companies that have established trading floors are realty
investors and dealers, who want to advertise their projects and
businesses through their own floors.
Those who already own
brokerages have now changed their corporate name and are offering new
services, including marketing property from southern Vietnam in the
north, around-the-clock consulting on toll free lines, and receiving
information through SMS.
The ACB Real Estate Supermarket,
which has been a familiar destination for property traders, has been
renamed ACB Real Estate Trading Floor in an attempt to renew its image.
According
to the law, trading floors must be set up by legal entities that deal
in real estate. Apart from buying and selling, trading floors are
entitled to provide services, including evaluation, consultancy and
property management.
Real-estate firms must publicize
information about their projects or properties on real-estate trading
floors on least seven days before the projects or properties are listed.
An official from the Ministry of Construction said trading floors will be licensed properly complying with the law.
Property
must be traded through approved channels in order to enhance
transparency in the market, improve market access, and protect
customers, he said.
Nguyen Manh Ha, head of the Ministry’s
House Management Department, said companies have to be transparent in
providing full information on their projects and dealers have to fully
understand the projects’ legality so as to advise buyers accurately.
As of next year, the law also requires all property brokers to hold professional certification.