33,054 real estate agents were registered with the Council for Estate Agencies (CEA) as at end of August and 1,535 agencies have been awarded licences. The CEA gave an update on its operations to the media at a closed-door event on Monday, one year since its formation. The council is tasked with industry development and enforces regulations such as compulsory licensing. So far, the CEA has issued about...
Agents
The Council of Estate Agents (CEA) is investigating some 20 possible cases of unethical advertising. This comes one month after its new advertising guidelines for property agents came into effect on August 1. CEA's director for regulatory control, Mr Lee Say Kee said dummy ads, which advertise fictional properties or properties which do not have the owner's consent remain the most serious. Others...
Like many others, my jaw dropped when I read about the findings of a recent employment survey of fresh Nanyang Technological University graduates which showed that the top earner was drawing $20,000 a month with a firm in the financial industry. That person was in a select club of fresh graduates earning close to a five-figure salary each. What is it that the employers of these new professionals expected...
The growing percentage of cash-rich Chinese home buyers is providing Singapore property agents a wealth of opportunities. While other real estate agents are holding roadshows in China, some are taking a more aggressive approach, bringing potential buyers from China to Singapore for tours of recent property launches. While most property agencies in Singapore recognise China as a key market, emerging...
Singapore property agents have been advised to avoid doing business in Johor because they may be unfamiliar with Malaysian regulations and laws. Similarly, Malaysian real estate agents have been discouraged from looking for properties in neighbouring countries, particularly in Singapore. Loo Kung Hoe, Chairman of Malaysian Institute of Estate Agents Johor Baru, noted that the institute had received...
Koon Holdings on Friday announced it has acquired a 51 per cent stake in Singapore-based real estate agency GA Property Management (GAPM) for S$3 million. GAPM is an investment holding firm that owns real estate agency Global Property Strategic Alliance, which is involved in a range of real estate services including corporate leasing services, investment sales and en-bloc sales. Managing director and CEO...
More measures are being taken to raise the professionalism of the real estate agency industry. Council for Estate Agencies (CEA) on Tuesday issued two practice guidelines - Ethical Advertising and Use of Prescribed Estate Agency Agreements for Residential Transactions. The Practice Guidelines on Ethical Advertising will provide directions and establishes best practices on the use of advertisements for...
The new framework was designed to professionalise an industry whose image had been tarred by a few black sheep. Six months on, real estate firms that MediaCorp spoke to said the Council for Estate Agencies' (CEA) strict rules have reined in illegal moneylending, cashback and subletting. The prospect of losing one's licence or being suspended has been an effective deterrent, said Dennis Wee Group director...
A 45-year-old man has become the first person to be charged in court with representing himself as a property agent without being registered with the Council for Estate Agencies (CEA). It is believed Tan Cher Peng had also failed to obtain a written authorisation from a licensed real estate firm before practising. Since January 1 this year, all property agents must register with the CEA and possess...
Consumers will be able to view photographs of registered salespersons online from March 1. This is in addition to the information already available on the Council of Estate Agencies' public register, which includes the saleperson's name, company and registration number. The council advised consumers to access its register to verify a saleperson's information before engaging his or her services. It added...