Just like drivers, some suggest property agents should be licensed by a government body - and subject to a demerit point system too. That would mean being allowed to a set number of points, before facing possible suspension for misconduct. Such ideas were floated by industry players yesterday at a forum organised by the Institute of Estate Agents (IEA), as the Ministry of National Development (MND) began...
Property Agents
The vibrant property market saw not just burgeoning sales volume but an increase in consumer complaints against real estate agents as well. To address issues such as what property agents should or shouldn't do, as well as their duties, the Institute of Estate Agents (IEA) will hold a public seminar on Sept 28 with the theme "Consumers' Expectations of Today's Professional Estate Agents". At the forum,...
THE recent rush to buy properties has spawned a record rush of complaints about housing agents - but it has also become obvious that some homebuyers have been setting aside caution in their eagerness to buy. "We have received complaints even from educated people who sign off at the end of forms without reading them and with nothing filled in. It's just like signing a blank cheque," said Singapore...
The buoyant property market in the past six months has attracted not just home buyers but also mid-career professionals who have made the switch to become property agents. Industry watchers said there are about 26,000 housing agents in Singapore and this number is likely to go up to 40,000 if the positive market sentiment continues. During the lull in 2008, there were less than 20,000 agents. Since...
THE sizzling-hot property market and the rush by buyers to secure choice units have led some property agents to turn greedy. Some agents are offering potential buyers their services to secure a booking for their choice units if they pay them a commission. This has prompted at least two marketing agencies to warn their agents against this practice. This scheme is reportedly rampant at the freehold...
Complaints about property agents run the gamut from service quality to commission disputes. Each week, the Singapore Accredited Estate Agencies (SAEA) deals with 15 to 25 such enquires and feedback from the public, comparable to the 1,000 to 1,200 that reach the Consumer Association of Singapore every year. Based on the four most frequent complaints received, the SAEA offers tips on how you can deal with...
Plans are underway to ensure that all property agents in Singapore have proper accreditation by the end of this year. According to the Singapore Accredited Estate Agencies (SAEA), it is working with the Workforce Development Agency (WDA) to equip more agents with a formal certification. Out of 30,000 property agents in Singapore, only about 6,000 have sat for exams. The SAEA plans to introduce an...
For every property deal they close, their agencies would take a cut of their commission, and how much would depend on the productivity and seniority of the real estate agent. But some agents are getting around this commission system — prompting one agency to issue a “final warning” to all its agents on Tuesday. In an email, ERA said it had discovered that some agents under a “80/20 scheme” —...
The government is reviewing ways to strengthen the regulatory framework for housing agents. Speaking in Parliament on Tuesday, Senior Minister of State for Finance and Transport, Lim Hwee Hua, said government bodies - including the Housing and Development Board and the Finance Ministry - are carrying out a review on how to raise the overall professional standards of housing agents here. Mrs Lim said:...
Stricter rules are needed to protect the public from unscrupulous real estate agents THE recent case of the couple, who sued ERA Realty Network after discovering they had been shortchanged by the company's agents when they sold their apartment, once again highlights the need for better regulatory control of real estate agents. Following the case, there were many calls for the authorities to bring about...