Govt seeks views on real estate agency industry

The government is seeking the public’s views on the real estate agency industry.

A nation-wide survey was announced by Minister of State for National Development, Lee Yi Shyan on Tuesday.

The survey will cover four areas, including consumer satisfaction and expectations.

The results will guide the Council for Estate Agencies (CEA) in industry development and consumer education.

Mr Lee was speaking at the inaugural Key Executive Officer Seminar on Tuesday morning.

Aside from public outreach, the authorities have also stepped up enforcement and checks on the industry.

CEA has formed an Inspection and Compliance Section.

Aimed at detecting infringements and unethical behaviours, there’ll be inspection and compliance checks to ensure that estate agents have in place proper systems for management and supervision of salespersons.

The real estate agency industry generated more than S$1.25 billion last year in commissions.

As at end September, there are more than 33,000 property agents registered with CEA.

CEA was formed in October last year to regulate the industry.

Source : Channel NewsAsia – 18 Oct 2011

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