Members of the public said that property agents must pass a standard industry entrance examination before they are allowed to practise. The exam should not only test them on practical knowledge of the real estate industry and how to carry out their work, but it should cover ethics as well. This was part of the feedback received during a public consultation exercise for a new regulatory framework for the...
Agents
PROPERTY firm HSR announced yesterday that it will list on the Singapore Exchange via a reverse takeover of electroplating company Wepco. As part of the move, Wepco will apply to be transferred from the Catalist board, where it is now listed, to the SGX mainboard. The move involves Wepco acquiring the real estate giant and issuing 80 million shares at 50 cents a piece, a total of $40 million, to HSR...
Catalist-listed electro-plating and industrial engineering services firm Wepco said on Monday that it is acquiring real estate firm HSR in a reverse takeover. It is buying the entire issued share capital of HSR for a consideration of S$40 million. The purchase will be satisfied by the issue of new ordinary shares. Wepco will issue some 80 million consideration shares at a price of 50 cents per share. At...
Accrediting all real estate agents and setting up a tribunal to handle disputes are some of the proposals which could be introduced soon to help improve the standards of the real estate industry. The suggestions came after the Ministry of National Development consulted industry players from September 10 to October 1. And from October 13, the public can give their feedback on the proposed regulatory...
Just like drivers, some suggest property agents should be licensed by a government body - and subject to a demerit point system too. That would mean being allowed to a set number of points, before facing possible suspension for misconduct. Such ideas were floated by industry players yesterday at a forum organised by the Institute of Estate Agents (IEA), as the Ministry of National Development (MND) began...
The vibrant property market saw not just burgeoning sales volume but an increase in consumer complaints against real estate agents as well. To address issues such as what property agents should or shouldn't do, as well as their duties, the Institute of Estate Agents (IEA) will hold a public seminar on Sept 28 with the theme "Consumers' Expectations of Today's Professional Estate Agents". At the forum,...
THE recent rush to buy properties has spawned a record rush of complaints about housing agents - but it has also become obvious that some homebuyers have been setting aside caution in their eagerness to buy. "We have received complaints even from educated people who sign off at the end of forms without reading them and with nothing filled in. It's just like signing a blank cheque," said Singapore...
The buoyant property market in the past six months has attracted not just home buyers but also mid-career professionals who have made the switch to become property agents. Industry watchers said there are about 26,000 housing agents in Singapore and this number is likely to go up to 40,000 if the positive market sentiment continues. During the lull in 2008, there were less than 20,000 agents. Since...
THE sizzling-hot property market and the rush by buyers to secure choice units have led some property agents to turn greedy. Some agents are offering potential buyers their services to secure a booking for their choice units if they pay them a commission. This has prompted at least two marketing agencies to warn their agents against this practice. This scheme is reportedly rampant at the freehold...
Complaints about property agents run the gamut from service quality to commission disputes. Each week, the Singapore Accredited Estate Agencies (SAEA) deals with 15 to 25 such enquires and feedback from the public, comparable to the 1,000 to 1,200 that reach the Consumer Association of Singapore every year. Based on the four most frequent complaints received, the SAEA offers tips on how you can deal with...