Logo of Phnom Penh Post newspaper Phnom Penh Post - Equipping property agents with professional licenses



Equipping property agents with professional licenses

The building of the Ministry of Economy and Finance, which has pledged to crack down on illegitimate real estate agents operating in the Kingdom.
The building of the Ministry of Economy and Finance, which has pledged to crack down on illegitimate real estate agents operating in the Kingdom. Moeun Nhean

Equipping property agents with professional licenses

For those interested in a career as a real estate agent, Century 21 Cambodia, in collaboration with the University of Economics and Finance, will spearhead a training course that has the Ministry of Economy and Finance’s (MEF) stamp of approval.

Grace Rachnivong, director of Century 21 Cambodia, informed Post Property late last week that the training course, set to begin at the end of this month, would focus on honing real estate agents’ skills in order for them to be recognised and granted a license from the MEF.

The license would only be granted following 36 hours of intensive lessons with highly experienced Cambodian real estate experts and foreign mentors in the property field.

After passing the test, participants would receive a legal license from the ministry before being able to take up their official role as agents in the industry.

Content image - Phnom Penh Post
Grace Rachnivong. Photo supplied

“Even if graduates complete their training in schools and finish their [respective] majors, they won’t do well in this field if they haven’t been taught specific skills – that’s why it’s necessary for them to receive proper training and get a legal license,” Rachnivong emphasised.

Commenting on who can qualify for this course, she said candidates need to have passed the Year 12 national exam, while university graduates and heads of firms are also welcome.

Rachnivong said the training course was only a stepping stone towards legitimising the practice of real estate in the Kingdom.

In the near term, the MEF will make it mandatory for all real estate agents to possess a legal practising license before being able to act as an agent.

According to Rachnivong, the training program will encapsulate the legal aspect of the practice, the legal procedures of a binding contract as well as a real estate agent’s code of conduct.

Kuy Vat, CEO of Century 21 Cambodia, said teaching the skills in this industry is the fundamental aspect in improving the industry.

“There used to be a similar initiative in the past, but the quality of the training course was questionable,” he said.

“Now we’ve established a training course that is organised and clear.”

Vat emphasised that the training course would be taught by experienced professionals, enabling the participants to enhance their skill set, which would assist them in transferring that knowledge over to the demands of real-life, industry situations.

He continued, “When real estate agents are competent, they will become more confident, and this will attract more investors to invest in this industry.”

Mey Vann, director of the financial industry department at the Ministry of Economy and Finance, said training and up-skilling the country’s human resources would bring about wide-ranging benefits across all facets of the property sector.

MOST VIEWED

  • Restrictions re-imposed in capital as Covid cases surge

    Amid the ongoing community outbreak of Covid-19, which has shown no sign of subsiding with 750 infections and 10 deaths reported on June 2 alone, the Phnom Penh Municipal Administration has decided to re-impose the suspension of all occupations and business activities deemed as posing high risk of

  • Phnom Penh-Sihanoukville expressway 51% complete

    The construction of the nearly $2 billion Phnom Penh-Sihanoukville Expressway is 51.35 per cent complete and is expected to be finished in 2023, according to Ministry of Public Works and Transport secretary of state Vasim Sorya. Invested in by Cambodian PPSHV Expressway Co Ltd, the first expressway in

  • First 7-Eleven store to open mid-June, ambassador says

    Thai retail conglomerate CP All Pcl will open Cambodia’s first 7-Eleven convenience store in mid-June, Cambodian ambassador to Thailand Ouk Sorphorn told The Post on June 1. The Bangkok-listed 7-Eleven franchise operator, the retail arm of Charoen Pokphand Group Co Ltd, granted CP All (Cambodia)

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • US embassy guard gets Covid despite two doses of Pfizer jab

    The Covid-19 tracking commission on June 4 said a security guard at the US embassy in Phnom Penh had contracted the novel coronavirus, despite having received a second dose of the Pfizer-BioNTech shot two weeks ago. Embassy spokesperson Chad Roedemeier confirmed the SARS-CoV-2 infection to The

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy