Thailand has come a long way since 1979. In less than 40 years the country has gone from a complete prohibition of foreigners owning property to greasing the hinges on its border doors; preparing for an influx of foreign investors post-AEC.
While progress has been extensive, Thailand is still lacking mandatory requirements for brokerage licenses, meaning that anyone can legally present themselves as an agent regardless of whether they have the skills necessary to complete a sale. As a result, foreign property investors have no way of knowing how legitimate an agent is; whether he or she understands the market, can perform accurate appraisals or even recommend a good lawyer. It is a situation that begs the question of whether Thailand will be able to service international incomers to the standards they will expect.
Century 21’s Launching the Thailand Sales and Management Academy
Taking matters into their own hands, Century 21 Thailand, the global real estate franchise is in the process of creating a national solution: a broker licensing course for all existing and new agents in their network. While the course will only be mandatory for Century 21 agents, it will be open and available to all agents in Thailand seeking an edge with the foreign market.
David Dennison, the VP of Century 21 Thailand and one of the masterminds behind the course says that the intention behind the licensing system is to help bring Thailand up to international standards by establishing a need for professionalism in the industry.
“In the very near future, the new Century 21 Brokerage License will offer a sense of never-before-seen security to foreign investors,” Dennison said. “Investors who work with one of our license holders will no longer have to question whether their agent is educated in their field or has gone through the training needed to perform legitimate and legal transactions.”
The Broker License Course Requirements
The licensing program, which will run trimester-long courses at the Thailand Sales Academy will train and test all real estate students on a full spectrum of the industry; from how to become an established and service-minded agent to mastering appraisals and taxes. A major component of the coursework will focus on national laws and regulations, which will provide all license holders with the knowledge necessary to give sound advice to their clients.
At the end of each trimester, examinations will be taken by participating students in which a passing grade will allow the student to advance into different levels of their license and thus career. The first level examination will grant the Agent license, which will be necessary for anyone wishing to work with the company or remain active as a Century 21 agent. The license will stay valid for two years only; a time limit meant to encourage holders to continue professional development throughout their careers. The next level will test students for the Associate Broker license, which will allow professionals to advance their careers to a managerial role. Finally, the Broker’s License, the highest level in the system will allow professionals to manage an agency or even franchise.
Quality of Service, Established
With over 50 offices in Thailand, the course will achieve a significant reach as soon as it launches; a strong start to what will expectantly become the standard measurement of professionalism in the real estate industry.
As Dennison puts it; “Just because Thailand doesn’t make it mandatory for all agents to go through a course like this, that doesn’t mean that international investors can’t come to Thailand and find a quality of service, knowledge and professionalism they are used to.”
