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.
|The ACB Real Estate Trading Floor in Ho Chi Minh City (Photo: SGGP)|
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.