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 real estate agency industry.
The guidelines were developed in consultation with estate agents, industry associations, government bodies such as Housing Development Board, Urban Redevelopment Authority, and the Consumers Association of Singapore.
It applies to all forms of advertisements, including SMS and the social media.
CEA said misleading headlines and claims such as “Advance loans available” and “Real Estate Specialist” will not be allowed in advertisements and publicity collaterals.
Director of Regulatory Control at CEA, Lee Say Kee, said misleading and unauthorised advertisements are among the top three categories of public complaints.
To date, he said the council has issued 23 letters of advice to estate agents and salespersons on such complaints.
He said the Guidelines will provide clarity on the do’s and don’ts of advertising, thereby raising professional and ethical standards in the industry.
The Practice Guidelines on the Use of Prescribed Estate Agency Agreements for Residential Transactions is an instruction manual that explains the key terms in the agreements, including commission clauses, disclosure requirements, and co-broking clauses.
It also provides guidance on the use of the agreements.
CEA said the two Practice Guidelines will take effect on August 1 and disciplinary action may be taken against anyone flouting the guidelines.
Source : Channel NewsAsia – 29 Jun 2011