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Regulating property agents

Posted on 5 Oct 2009 | 4 comments

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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Posted in CEA

Tagged Institute of Estate Agents, Property Agency, Property Agents

Industry suggests licensing of property agents

Posted on 29 Sep 2009 | Comments Off

Just like drivers, some suggest property agents should be licensed by a government body – and subject to a demerit point system too.

That would mean being allowed to a set number of points, before facing possible suspension for misconduct.

Such ideas were floated by industry players yesterday at a forum organised by the Institute of Estate Agents (IEA), as the Ministry of National Development (MND) began this month its consultation process on a new regulatory framework for the real estate sector.

Complaints of agents’ poor service are rising and customers are now more discerning and demanding, so such regulations will be necessary to keep the standards of the profession up to mark, said IEA president Jeff Foo.

National Development Minister Mah Bow Tan had said in March that the whole system was “not satisfactory” and the status quo “not tenable”, after several cases of unethical practices by housing agents came to light.

The framework, suggested HSR International Realtors chief executive officer Patrick Liew, should include mandating minimum hours of training and certification to improve professionalism. Continue reading →