Several real estate groups and institutions in Thailand are taking steps in making the overall property market more trustworthy by making greater efforts to become registered and licensed. The president of ERA Franchise Thailand Co, a property brokerage firm, has declared a need for more control over the property brokerage profession, and is being heard by industry professionals.
One of the immediate steps being taken to make this major change and standardized procedure for the industry is through a collaboration of the Real Estate Broker Association and Bangkok’s Kasem Bundit University (KBU), who will be developing a course on property brokerage. The course will be offered at both the undergraduate and graduate levels, educating existing brokers and industry-newcomers about laws, best practices and most importantly, ethics related to the profession.
When it becomes standard procedure to become registered and licensed, the confidence of both property buyers and sellers will grow while enabling authorities to collect more income taxes and prevent fraud. This is yet another sign that Thailand’s real estate industry is maturing and growing apart from its reputation as a market in which to tread lightly.
