Real Estate Sector Needs More Professionalism

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While Cambodian real estate agents with license are facing some challenges with real estate brokers without license that have no professionalism and exact knowledge, the sector need more human resource to serve itself with professional and license.

Century 21 Cambodia reached a Memorandum of Understanding (MoU) with University of Economics and Finance (UEF) yesterday to strengthen a real estate human resource and get license as a professional real estate agents.

Kuy Vat, chairman and CEO of Century 21 Cambodia, said the main purpose is to create one standard and be professional in real estate sector via training, as well as providing license for the property agents or company by MEF.

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“With the training course real estate agents and companies will get real estate knowledge professionally, that can compete with ASEAN countries with more experience in real estate, and as well as with Asia Pacific region,” Mr. Vat said.

“The training course will help all real estate agents with license get recognized by local and international customers because all the agents are required to have the ethic, discipline and professionalism,” he said. “However, for those who do not do the business with such things, the license will be confiscated.”

“The license is vital for building confidence for customers in the real estate sector,” he added.

Chuon Rattanak, rector of UEF, said Cambodia has been the strong growth of immovable property sector, while this sector need more human resource to serve itself.

“We cooperate with Century 21 Cambodia in order to increase capacity in real estate sector and to develop human resource, as well as the national economy,” Mr. Rattanak said.

Kim Heang, president of the Cambodian Valuers and Estate Agents Association (CVEA), this really helps strengthen real estate knowledge for its members in order to compete locally and internationally.

“The focus on is training human resources related to the property sector. We need to start training courses and cannot wait any longer,” he said.

“For ASEAN countries like Singapore, Malaysia, Brunei, and as well as Hong Kong, America, and other European countries, they all have the license system for doing business in this sector, so this is the time that Cambodia have to create such a system,” Mr. Heang said.

Mey Van, director general of Financial Industry General Department of MEF, said the real estate agent license can reduce the number of property brokers who do not have professional and knowledge in property sector.

“Exactly we think the property agents has to be recognized throughout the country,” Mr. Van said. “However, we have a lot of unofficial trainings related to the property sector.”

“Now we open a new page for the real estate training like starting from the primary school and the initiative directs to international level,” Mr. Van.

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