Get­ting the li­cens­ing stan­dards right for real es­tate

The Myanmar Times - - Business - PHYO WAI KYAW phy­owaikyaw@mm­times.com

THE min­i­mum stan­dards re­quired to ob­tain a real es­tate agent li­cence need to en­sure pro­fes­sion­al­ism, but also take into ac­count the cur­rent level of ed­u­ca­tion of many in the field, of­fi­cials in Man­dalay said last week dur­ing a work­shop to dis­cuss the pro­posed new real es­tate agents law.

Fol­low­ing a meet­ing in Nay Pyi Taw early last month be­tween real es­tate in­dus­try bod­ies and the Com­mis­sion for the As­sess­ment of Le­gal Af­fairs and Spe­cial Is­sues, the gov­ern­ment has agreed there should be a law to help bol­ster pub­lic con­fi­dence in the sec­tor and en­sure greater pro­fes­sion­al­ism. The com­mis­sion held a work­shop in Man­dalay on Oc­to­ber 8 with in­dus­try rep­re­sen­ta­tives to be­gin dis­cus­sion of the new law and plans to hold a sim­i­lar meet­ing in the Yan­gon on Oc­to­ber 22.

Speak­ing at the Man­dalay event, U Wanna Soe, sec­re­tary of the Man­dalay Real Es­tate De­vel­op­ment As­so­ci­a­tion, said the law needs to de­tail min­i­mum stan­dards for en­sur­ing agents are li­censed and well pre­pared to work in the sec­tor.

“There are cur­rently no ed­u­ca­tional stan­dards re­gard­ing get­ting a real es­tate li­cence,” he said. “We need stan­dards, with min­i­mum skills re­quired, be­cause some peo­ple are un­der­pre­pared and not ready to en­ter the in­dus­try.”

U Tin Maung Oo, a mem­ber of Com­mis­sion for the As­sess­ment of Le­gal Af­fairs and Spe­cial Is­sues said the is­sue of li­cens­ing is likely to be the one that gets the most at­ten­tion while dis­cussing the new law with in­dus­try in­sid­ers. But he cau­tioned that the re­quire­ments set in law would need to be care­fully thought out, as training to meet in­ter­na­tional stan­dards, for ex­am­ple, would ex­clude a lot of the in­dus­try as many real es­tate firms could not af­ford to of­fer that level of school­ing.

“The training pro­vided in­ter­na­tion­ally for a li­cence can in­clude up to a de­gree level of ed­u­ca­tion,” he said.

“It will be prac­ti­cally im­pos­si­ble in Myan­mar. It is nec­es­sary to im­ple­ment a sys­tem which is a good fit with the coun­try.”

U Tin Maung Oo, said the draft law needed to be fair to both agents and cus­tomers. It would take time to draft as the in­dus­try has a range of dif­fer­ent agen­cies of vary­ing sizes, he said. – Trans­la­tion by San Layy

‘Some peo­ple are ... not ready to en­ter the in­dus­try.’

U Wanna Soe Manadalay Real Es­tate As­so­ci­a­tion

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