Real estate firms in Singapore have axed thousands of agents, ahead of the regulatory framework to be implemented by the National Development Ministry. The framework seeks to professionalise the industry, with the introduction of a new statutory board, known as the Council for Estate Agencies, and enhanced regulatory guidelines. Channel NewsAsia understands that a Bill for the framework could be...
Agents
Real estate firm ERA has reminded its property agents to be careful in their choice of words when it comes to written communication. In an email to its more than 3,000 agents on Tuesday, ERA's associate director of Asia Pacific, Eugene Lim, said agents have a responsibility to communicate the latest property market information to customers. But agents are not to "twist the information and use them as...
Property agents have been urged to be responsible in the light of "scare tactics" on clients' concerns. Emails forwarded to MediaCorp detailed how some agents are highlighting the Government's recent land sales to lower client expectations of property prices. These emails detail correspondence between agents of real estate firm ERA. In one email, a senior division director drew attention to a news report...
With the property sector showing signs of a slowdown, concerns have been raised over how some real estate agents are employing scare tactics to close deals. Emails forwarded to MediaCorp detailed how some agents are highlighting the government's recent land sales as a bargaining tool to lower their clients' expectations on property prices. One agent disclosed that a deal was closed after telling the...
The Singapore Accredited Estate Agencies has identified some gaps in the real estate sector and it hopes to plug them before new rules to regulate property agents kick in later this year. It's partnering the Singapore Institute of Surveyors and Valuers to help property agencies improve productivity through the use of technology. Part of that initiative will focus on rolling out more courses for...
A major shake-up is expected among real estate agents as their numbers are expected to fall by as much as 25 per cent when the new rules to regulate property agents kick in later this year. Agents who do not measure up will likely leave the industry and market watchers said smaller real estate agencies in Singapore may also consolidate. Currently, there are more than 20,000 real estate agents here and...
Industry watchers said smaller real estate agencies in Singapore may consolidate when new rules to regulate property agents kick in later this year. Agencies are also concerned about recruitment and compliance costs. The government is due to set up the Council of Estate Agencies to regulate property agents. The upcoming regulations seek to weed out rouge agents, and raise professional standards and...
The game could be up soon for rogue real estate agents. The Ministry of National Development (MND) plans to set up a statutory board, the Council of Estate Agencies (CEA), to professionalise the real estate industry. Among the measures: Tighter licensing conditions for estate agencies and their agents, a code of ethics and professional conduct for estate agents, a discipline and dispute resolution...
The Ministry of National Development (MND) plans to set up a new statutory board to raise the professionalism of the real estate agency industry and to better safeguard consumer interest. The proposed statutory board - the Council for Estate Agencies or CEA - will implement a new framework to regulate the industry. This through the enhanced licensing of estate agencies, registration of estate agents, new...
A new statutory group will be set up, and new regulations for the industry put in place to raise the professionalism of the real estate agency industry. The Council for Estate Agencies (CEA) under the Ministry of National Development (MND) will replace the Inland Revenue Authority of Singapore's (IRAS') as the licensing authority for real estate agencies. MND will introduce a Bill in Parliament in the...