Freelancing may end; agents will have to pass exam
The government has proposed ways to regulate property agents here.
To start with, their activities will be monitored more closely and rules enforced more keenly. A new government agency will be created to take on the enhanced regulatory powers.
A recognised accreditation body for agents will be formed. It will create and maintain a public central registry listing all accredited agents so that consumers are able to ascertain that the agent they engage is qualified.
The Ministry of National Development (MND) is also looking at whether industry players can work with government to set up an independent tribunal specialising in real estate disputes. ‘Such a set-up would send a strong signal on the industry’s commitment to enhance fair dealing and raise professional standards,’ said the ministry.
MND is also proposing that real estate agents should no longer be allowed to be freelancers (agents who are not contracted with any accredited agencies). It also wants to prevent them from representing more than one agency. Continue reading