ERA Realty Network is implementing a set of measures to improve transparency and accountability on the part of its agents. The move - the first of its kind in Singapore - comes on the heels of a court decision criticising the behaviour of two ERA agents for breach of duty and fraud. On Thursday, the High Court ordered ERA to pay S$257,000 to a couple who had engaged one of the agents to sell their...
Property Agents
WE REFER to the report, "Rental scams on the rise here" (Oct 13). It is important for the public - who may be potential tenants, buyers, landlords and/or sellers - to be aware of their rights and to do as much due diligence checks before entering into any contracts or handing over monies. We strongly advise the public to engage or work with accredited agents and salespersons under the Singapore...
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...
House-seekers can expect more property listings on MediaCorp’s online classifieds portal mocca.com following its tie-up with HSR, one of the largest real estate agencies here. The partnership will make it easier for HSR’s large network of property agents to place their advertisements on the website with just a telephone call through a dedicated hotline service. Agents can also make use of the...
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...
PropNex rolls out measures to win customers’ trust and confidence IF YOU discovered that the agent you had hired to sell your flat was also quietly acting for the buyer, you’d probably be hopping mad and looking for some kind of recourse. Unfortunately, there is nothing by way of laws over real estate practices that you can turn to. Property agencies like PropNex, however, are banking on...
One of Singapore's biggest real estate agencies, PropNex Realty, is firing more than one-third of its agents. According to its CEO, the move is aimed at cleaning up the profession. PropNex is firing those who have been with them for over a year, but have yet to submit a single transaction. About 2,800 agents currently on its list will be affected. The agents were first given a choice to remain as...
The consumer watchdog wants to reduce the growing number of complaints against property agents and real estate agencies. So it is developing a CaseTrust Accreditation Scheme for the industry. This could be introduced by the middle of 2008. Estate agencies who wish to apply and attain the CaseTrust status will be subjected to a more stringent criteria. The scheme will also raise the requirements for an...
COMPLAINTS against real estate agents are rising. According to the latest statistics, more than 1,000 reports have been lodged with the Consumers Association of Singapore and the Inland Revenue Authority. I am puzzled why little has been done to eradicate the presence of unethical agents who offer wrong advice and short-change buyers and sellers in a booming sector. It is time the industry is...