Better regulation and new training and exam requirements expected
TOUGHER powers to nail dodgy operators and new ways to solve disputes with home buyers are some of the recommendations expected from a review of how estate agents go about their business.
Industry experts also expect the government appraisal to outline new training and exam requirements for agents entering the business.
The impetus for the review – the report will be made by the end of the year – has come from the real estate sector itself, with leading players lobbying the Government to look at regulating the largely fragmented industry with very low entry barriers.
The move is timely. There has been a significant rise in sales and values in recent years – and a new boom seems on the starting blocks – while complaints against errant agents have soared.
The Consumers Association of Singapore received 1,100 real estate-related complaints last year, 1,113 in 2007, and 991 in 2006. Continue reading
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