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.