CEA to further improve industry standards

The Council for Estate Agencies (CEA) will continue to take steps to enhance industry standards as well as protect consumers, wrote Minister for National Development Khaw Boon Wan in his latest blog post.

“We set up the Council for Estate Agencies (CEA) to raise the professionalism of the industry so as to better protect consumer interest. CEA has now completed its first full year,” Mr Khaw wrote.

“We had a good one year, but it is only the first step.”

During its first year of operation, the estate agency registered more than 33,000 salespersons, licensed over 1,500 real estate agents, conducted examinations, organised consumer talks, set up industry practice guidelines, published its first consumer guide and handled over 1,400 complaints.

“We are grateful for the strong support from the industry and the public. Many have welcomed the regulation and its enforcement,” Mr Khaw added. “It takes time to build consumer trust and to fully professionalise the industry, which had been largely unregulated in the past.”

He noted that improvements for CEA will continue to progress through four main fronts: refining the Estate Agency Work Regulations, improving industry development, promoting consumer education and continuing to address the industry’s concerns.

“Please continue to support the CEA. Share your suggestions on how CEA can better serve your needs,” urged Mr Khaw.

Meanwhile, he also said that CEA has closed over 75 percent of the cases it received complaints about.

“Many letters of advice and warnings were issued. A handful of cases ended up in court or face disciplinary hearings.”

Source : PropertyGuru – 31 Jan 2012