Like medical and legal services, we must engage trained and reliable property professionals Many people praised the Competition Commission of Singapore’s recent decision to have the Institute of Estate Agents (IEA) remove its commission guidelines for property agents. The common reason given was that many felt property agents played a minor role in their transaction and hence did not deserve what the...
Competition Commission of Singapore
Market players said on Wednesday that the move to scrap guidelines on property agents’ fees by September 25 is unlikely to leave a deep impact on the real estate sector. But they warned against rogue agents who might try to cash in on the change in rules. The Competition Commission of Singapore (CCS) ruled on Tuesday that the fee guidelines adopted by the Institute of Estate Agents (IEA) should be...
If you’re shopping for a new home or selling one, you can now negotiate with your property agent on the appropriate commission. The Institute of Estate Agents (IEA) will remove its guidelines on property agents’ commissions next month, to fall in line with the Competition Act. Consumer watchdog CASE has welcomed the move, pointing out that it is not compulsory to have agents facilitate a property...