The Council for Estate Agencies (CEA) released new rules on Friday that will set standards and regulate the conduct of estate agency work. From 15 November, salespersons cannot represent both buyers and sellers in a property transaction under the Estate Agents (Estate Agency Work) Regulations. It will also prohibit estate agents and salespersons from handling cash in certain transactions or referring...
Agents
The new statutory board set up to regulate real estate agents, the Council for Estate Agencies (CEA), came into effect on Friday. It replaces the Inland Revenue Authority of Singapore (IRAS) as the issuer of licenses. Real estate agencies have until midnight on Friday to submit a list of their agents. According to estimates, there are about 30,000 agents in Singapore. However, as of 5pm on Friday, only...
The stigma of being called a real estate "agent" has led to many renaming themselves as "marketing directors, sales consultants, etc" to avoid being associated with some of the agents who demonstrate questionable knowledge and dubious sales propositions. I shared many of these perceptions prior to joining OrangeTee. However, after having worked at close quarters with some agents in the past months, I am...
A new statutory board to regulate estate agents in Singapore comes into operations from Friday. The Council for Estate Agencies (CEA) will be chaired by Greg Seow, Chairman of AMP Capital Investors (Singapore). The new body aims to raise the professionalism of the real estate agency industry and to enable consumers to better safeguard their interests. Key elements include enhanced licensing conditions...
Lesser property agents will be plying the trade from next year. The property industry is bracing itself for a mass cull of estate agents as the Council for Estate Agencies (CEA) begins operations tomorrow. Agency bosses estimate that the current national 30,000-strong pool of agents will fall by a third to about 20,000 due to stricter standards. The new regulations mainly involve the strict enforcement...
The new statutory board regulating the real estate industry will put in place its dispute resolution scheme early next year. The Council for Estate Agencies will ask property agents and consumers to go for mediation to resolve contractual disputes, such as payment of commission. For disputes which cannot be settled through mediation, the parties can opt for arbitration. National Development Minister Mah...
MPs speak out in support of the measures aimed at making the industry more professional Parliament yesterday passed the Estate Agents Bill aimed at shaking up the real estate industry and making it more professional. When the new statutory board, the Council of Estate Agents (CEA), starts operation on Oct 22 - it will have the power to set codes of practice, ethics and professional conduct to regulate...
Legislation has been passed to set up a new statutory board to regulate the real estate agency industry. Speaking in Parliament on Wednesday, National Development Minister Mah Bow Tan said the Council for Estate Agencies (CEA) will start operations on October 22. It will take over the Inland Revenue Authority of Singapore's (IRAS) role of licensing estate agents and implement a new regulatory framework...
Real estate agencies will be required to appoint a key executive officer (KEO) who will be responsible for the proper administration and overall management of the business and supervision of all their estate agents. The requirement is spelled out in the Estate Agents Bill which was introduced for a first reading in Parliament on Monday. The proposed Bill seeks to establish the Council for Estate Agencies...
Some Singapore real estate agencies are wooing Chinese investors to buy properties here. They are doing so by having a representative office in China and networking with private bankers to reach prospective buyers. These initiatives have benefited HSR International Realtors and ECG Property. It is not just about the property for most Chinese investors, it is the lifestyle. Property agencies said that...