Plans are underway to ensure that all property agents in Singapore have proper accreditation by the end of this year. According to the Singapore Accredited Estate Agencies (SAEA), it is working with the Workforce Development Agency (WDA) to equip more agents with a formal certification. Out of 30,000 property agents in Singapore, only about 6,000 have sat for exams. The SAEA plans to introduce an...
Agents
For every property deal they close, their agencies would take a cut of their commission, and how much would depend on the productivity and seniority of the real estate agent. But some agents are getting around this commission system — prompting one agency to issue a “final warning” to all its agents on Tuesday. In an email, ERA said it had discovered that some agents under a “80/20 scheme” —...
The government is reviewing ways to strengthen the regulatory framework for housing agents. Speaking in Parliament on Tuesday, Senior Minister of State for Finance and Transport, Lim Hwee Hua, said government bodies - including the Housing and Development Board and the Finance Ministry - are carrying out a review on how to raise the overall professional standards of housing agents here. Mrs Lim said:...
Stricter rules are needed to protect the public from unscrupulous real estate agents THE recent case of the couple, who sued ERA Realty Network after discovering they had been shortchanged by the company's agents when they sold their apartment, once again highlights the need for better regulatory control of real estate agents. Following the case, there were many calls for the authorities to bring about...
ERA Realty Network is implementing a set of measures to improve transparency and accountability on the part of its agents. The move - the first of its kind in Singapore - comes on the heels of a court decision criticising the behaviour of two ERA agents for breach of duty and fraud. On Thursday, the High Court ordered ERA to pay S$257,000 to a couple who had engaged one of the agents to sell their...
WE REFER to the report, "Rental scams on the rise here" (Oct 13). It is important for the public - who may be potential tenants, buyers, landlords and/or sellers - to be aware of their rights and to do as much due diligence checks before entering into any contracts or handing over monies. We strongly advise the public to engage or work with accredited agents and salespersons under the Singapore...
Like medical and legal services, we must engage trained and reliable property professionals Many people praised the Competition Commission of Singapore’s recent decision to have the Institute of Estate Agents (IEA) remove its commission guidelines for property agents. The common reason given was that many felt property agents played a minor role in their transaction and hence did not deserve what the...
House-seekers can expect more property listings on MediaCorp’s online classifieds portal mocca.com following its tie-up with HSR, one of the largest real estate agencies here. The partnership will make it easier for HSR’s large network of property agents to place their advertisements on the website with just a telephone call through a dedicated hotline service. Agents can also make use of the...
Market players said on Wednesday that the move to scrap guidelines on property agents’ fees by September 25 is unlikely to leave a deep impact on the real estate sector. But they warned against rogue agents who might try to cash in on the change in rules. The Competition Commission of Singapore (CCS) ruled on Tuesday that the fee guidelines adopted by the Institute of Estate Agents (IEA) should be...
If you’re shopping for a new home or selling one, you can now negotiate with your property agent on the appropriate commission. The Institute of Estate Agents (IEA) will remove its guidelines on property agents’ commissions next month, to fall in line with the Competition Act. Consumer watchdog CASE has welcomed the move, pointing out that it is not compulsory to have agents facilitate a property...