56 rogue agents from ECG could get the boot

Posted on 16 Jul 2012 | Comments Off on 56 rogue agents from ECG could get the boot

ECG Property may fire 56 of its property agents who violated regulations set by the Council for Estate Agencies (CEA).

The errant agents were either caught moonlighting or using client information from the company’s database to sell other products, according to Eric Cheng, Chief Executive Officer of ECG.

In some cases, the agents collected deposits from potential tenants on behalf of landlords looking to rent out their homes, an act prohibited by CEA.

“We sent a few warning letters to some of them but they just ignored the warnings,” said Cheng. He added that the agents will be given a chance to explain themselves before ECG issues termination letters.

Meanwhile, Andy Lye, Chief Operating Officer at ECG, noted that dismissing errant agents will protect their clients and the company’s reputation.

“We cannot afford for our brand to be impacted negatively by rogue consultants, thus the need to eradicate those who are not abiding by industry rules and regulations.”

At the same time, ECG has distributed a 35-page Consultant Operations Manual to its agents.

“We’ve told our agents that they must finish reading the manual and acknowledge every clause by 31 July,” said Cheng.

Written by the firm’s in-house lawyers, the manual “covers things like the attire they should wear, what sort of name cards they can print and carry, how they should do their presentations to clients, guidelines on advertisements and where they can put up fliers, and what they can say in the fliers”.

Souce: PropertyGuru – 2012 July 16

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New private home sales fall 19.4% in June

Posted on 16 Jul 2012 | Comments Off on New private home sales fall 19.4% in June

The number of new private homes sold in June continued to fall for the second consecutive month, according to the latest data released by the Urban Redevelopment Authority (URA).

Developers sold 1,371 private homes (excluding executive condominiums) in June, down 19.4 per cent from May when 1,702 units were sold.

May’s private home sales figures had dropped 32 per cent compared to April and, for the first time, bucked the strong sales growth momentum recorded in the first four months of the year.

In June, 1,111 new private homes in the suburban areas, or Outside Central Region (OCR), were sold, 8 per cent lower than in May.

The biggest dip in the number of sales came from the city fringes, or Rest of Central Region (RCR). 119 new private homes in the city fringes were sold — a 67.2 per cent decline compared to May.

But 141 new private homes in the city or Core Central Region (CCR) were sold, four per cent higher than in May.

The two top selling private condominium projects in June were River Isles located in Punggol with 263 units sold and Sea Esta in Pasir Ris with 255 units sold.

The best performing executive condominium sale was Watercolours at Pasir Ris, with 201 units changing hands in June.

Including executive condominiums, a total of 1,725 units of new homes were sold last month.

Source : CNA – 2012 Jul 16

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Posted in Property Market / Real Estate

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