Monthly Archives: October 2009

New rules for estate agents: Ethics just as important

Posted on 31 Oct 2009 | Comments Off on New rules for estate agents: Ethics just as important

I REFER to the current discussion on plans to regulate estate agents. We support the Government’s move towards a new regulatory framework, but in the process of developing these objectives, we must not forget the interests of estate agents.

The regulatory framework should not focus only on standardising fees or commissions and dual representation. Ethics is important too.

The Institute of Estate Agents (IEA) will play the pivotal role and stay true to our objectives in helping and protecting the interests of estate agents and those of consumers who engage the services of estate agents. IEA will continue to be the dominant platform and the united voice of estate agents and can assist the new regulatory body by providing regular feedback and input. Consumers, too, will not be confused with too many organisations representing estate agents with an avenue to seek assistance or redress when needed.

We may have all come on different ships, but we are in the same boat now. Let’s join hands and move towards a better generation of professional estate agents.

Jeff Foo
President
Institute of Estate Agents

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How condos protect their funds

Posted on 31 Oct 2009 | Comments Off on How condos protect their funds

SOME managing agents of condominiums here are not allowed to sign on cheques to make payments on behalf of the estates they run. Such duties are usually entrusted to the estate’s management councils. Usually, at least two signatures – that of the chairman and treasurer or secretary – are needed for cheque payments.

It is a safeguard against possible misappropriation of funds by managing agents, said Mr Vijayen Nair, a property manager from Philip Motha Property Management, which runs about 30 condominiums and commercial buildings here.

The 52-year-old, who manages The 101 complex – a residential and commercial building in Beach Road, keeps the cheque books to the estate’s funds under lock and key. His employees have to present invoices and purchase orders for him to verify before he writes the cheques. They will then get the necessary signatures from the estate’s council members. ‘If any money goes missing, I become personally liable,’ he told The Straits Times.

Mr Chan Kok Hong, managing director of CKH Strata Management which looks after 95 condominiums, said his firm has become increasingly reliant on Internet banking to keep tabs on the money that goes in and out of an estate’s fund. ‘Its faster to track this way. With Internet banking, I can verify almost immediately that the money has been deposited, rather than wait for the bank slip at the end of the month.’ Continue reading →

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