Category Archives: CEA

Estate Agents in Singapore

Posted on 9 Mar 2014 | Comments Off on Estate Agents in Singapore
As at 1 January 2014, the Council for Estate Agencies (CEA) has licensed 1,425 estate agents and registered 31,783 salespersons. Out of the pool of registered salespersons, 3,336 are new entrants to the industry last year, compared to 4,567 in 2012. This is a drop of about 27%.
Last year, CEA had issued licences to 1,492 estate agents and registered 31,040 salespersons. However, 88 (5.9%) estate agents and 3,382 (10.9%) salespersons indicated that they did not want to continue with their estate agency work in 2014.
The number of registered salespersons has remained fairly consistent for the last 3 years, at around 31,000 after each renewal exercise.
End Jan 2011 1 Jan 2012 1 Jan 2013 1 Jan 2014
No. of salespersons 31,169 30,577 31,040 31,783
No. of new entrants – 2,733 4,567 3,336

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What you should know about co-broking

Posted on 9 Mar 2014 | Comments Off on What you should know about co-broking

Co-broking involves two or more salespersons in a property transaction. A salesperson should promote your interest and explain and advise on co-broking options.

Co-broking is advantageous as it widens exposure of property to all. With more potential parties who may be interested, you may be able to get a better deal.

A salesperson should NOT:

  • Deny co-broking opportunities to other salespersons because of pre-identified salespersons whom he is only prepared to work with.
  • Adopt unacceptable practices such as advertising property with phrases such as “buyers only”, “no agents”, “already co-broke”, etc.
  • Ask for additional commission or fees from consumer due to co-broking.
  • Force someone to engage him and pay him commission.
  • Deny property viewing opportunity to a DIY consumer.

CEA takes a serious view of salespersons who seek to block other salespersons or consumers from participating in the property transaction to the detriment of the client’s interest. CEA will take action against such errant salespersons

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