Cambodian real estate agents are about to get better
Cambodian real estate agents are about to get better
A university and real estate agency join forces to set higher standards for brokers
The education sector has taken the lead in raising the profile of Cambodia’s property sector, by way of programs that will inculcate professional qualities in the kingdom’s real estate agents.
The University of Economics and Finance (UEF) in Phnom Penh, in tandem with Century 21 Cambodia, will be offering training courses that would allow real estate agents and brokerages to obtain licences for their practice.
The university signed a memorandum of understanding (MoU) with the real estate agency on Tuesday, Khmer Times reported. “We are cooperating with Century 21 Cambodia in order to increase the capacity in the real estate sector and to develop human resources, as well as the national economy,” said UEF rector Chuon Rattanak.
“With the training course, real estate agents and companies will get real estate knowledge professionally that can compete with other Asean countries with more experience in real estate, as well as with the Asia-Pacific region,” said Kuy Vat, chairman and CEO of Century 21 Cambodia.
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Such efforts would set higher international standards for real estate brokering, an as yet largely informal sector in many parts of the country, according to Kim Heang, president of the Cambodian Valuers and Estate Agents Association. “For ASEAN countries like Singapore, Malaysia and Brunei, as well as Hong Kong, America and European countries, they all have a license system for doing business in this sector. So this is the time for Cambodia to create such a system.”
The endeavour has the backing of the Ministry of Economy and Finance (MEF). “We think the property agents have to be recognized throughout the country,” said Mey Van, director-general of the Financial Industry General Department at MEF. “However, we have a lot of unofficial training related to the property sector.
“Now we are opening a new page for real estate training – it’s like starting from primary school and the initiative leads directly to the international level.”
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Source: Property Report