IN a "survival of the fittest" situation in the challenging domestic property market, property agencies and agents are continuing to bow out of the industry. The latest annual report of the Council for Estate Agencies (CEA) showed fewer licensed property agencies and registered property agents around at end-March this year compared to a year ago. The number of licensed property agencies has slipped...
Agents
IT has come full circle for Edmund Tie & Company, which became DTZ Debenham Tie Leung (SEA) more than 16 years ago and has now been relaunched with its original name following a management buyout. An agreement between shareholders of Edmund Tie & Company Holdings and Cushman & Wakefield was inked on Friday. Bound by contractual constraints, the value of the over 60 per cent stake in DTZ (SEA) was not...
In an unprecedented move, the Council for Estate Agencies (CEA) has fined a property agency and barred it from undertaking any enbloc sale work for one year starting April 20, after it was found to have breached its duty as adviser and brought about a conflict of interest by offering incentive payments to several homeowners of Thomson View Condominium in exchange for their backing the development’s...
Property buyers who want to avoid the stress of using an agent who turns out to be a dud have an extra tool at their disposal, following the launch of real estate agency OrangeTee's platform that allows customers to write reviews and rate their agent. These reviews will then be published in full on the agents’ profile pages, which include contact information, a short biography, past achievements and...
AS A harbinger of how technology is encroaching into the role of real estate agents, the latest survey by the Council for Estate Agencies (CEA) suggests that more people may eventually choose to complete property transactions on their own. In the Public Perception Survey, three in every 10 consumers were undecided about whether to engage a property agent for future transactions. This was up from 25 per...
SOON after completing its acquisition of property agency Global Alliance Property (GAP) Pte Ltd, Asia-Pacific Strategic Investments Ltd (APSIL) is shoring up its agent strength by acquiring another firm - this time, Century 21 (AsPac) Pte Ltd. In a regulatory filing with the Singapore Exchange on Friday, APSIL said that its wholly owned subsidiary GAP has inked a non-binding memorandum of understanding...
AS A sign of the current market conditions, a total of 104 property agencies and 3,573 real estate agents left the industry after the latest licence renewal exercise with the Council for Estate Agencies (CEA). The CEA had licensed 1,369 estate agents and registered 29,262 salespeople as at Jan 1, 2016. In the past year, there were 1,299 new salespeople who joined the industry, said CEA, which...
The number of registered professionals in the property sector in Singapore has fallen in the past year, according to data from the Council for Estate Agencies (CEA) released on Thursday (Jan 21). In the past year, there were 1,299 new salespersons who joined the industry, a decrease from the 3,006 in 2014, CEA said in a news release. CEA Director of Policy and Licensing Heng Whoo Kiat said the...
The number of consumer complaints against property agents in Singapore fell to 702 cases in the 12 months till March 2015, down from the 751 cases in the previous 12-month period. This is according to data released by the Council for Estate Agencies (CEA) in its 2014/15 annual report on Monday (Oct 12). Most of the complaints, or 46 per cent, were transactions related to HDB flats. Another 34 per...
The annual churn compounded by the sluggish property market has led to more than 2,000 property agents leaving major real estate agencies here in the first three months of the year, industry data showed. As of Apr 1, there were 23,947 agents, an 8 per cent drop from 26,014 towards the end of last year. Earlier this week, the Ministry of Manpower’s latest labour market report showed that the number of...