THE Government is moving quickly on a plan to regulate real estate agents in the wake of growing calls to improve the standards of the industry.
The Straits Times understands that an independent body will be set up and chaired by a neutral party appointed by the Government. It will also house a dispute resolution centre to mediate between agents and consumers.
Key agency bosses, industry associations and individual agents have already met with Government officials to discuss the reforms.
The proposals, which could be made public in the next month or two, will likely require that agents sit a compulsory exam and that all accredited agents be monitored through a central database run by this independent body.
This will mean that errant agents will no longer be able to switch agencies easily, as they can now. Currently, agents fired from an agency for dodgy activity can just switch to another firm.
There are also suggestions that agents will have to buy indemnity insurance protecting customers for losses resulting from negligent or unethical conduct. Continue reading
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