Getting the licensing standards right for real estate
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