Tag Archives: Property Agents

Fewer complaints against property agents

Posted on 18 Nov 2015 | Comments Off on Fewer complaints against property agents

Consumer complaints against property agents in Singapore fell to 702 cases in the 2014 financial year, from 751 cases in the previous year, reported Channel NewsAsia, citing figures from the Council for Estate Agencies (CEA).

Complaints relating to HDB flats accounted for 46 percent of all cases, while 34 percent were related to private residential properties, said CEA.

Of the HDB-related complaints, 91 were linked to rental deals, 232 were related to resale transactions and another 134 complaints were linked to the sale of private properties.

According to CEA, the decline in consumer complaints was due to enhanced industry standards, due to the professional development of salespersons, consumer education and regulatory enforcement.

In a joint statement, council president Greg Seow and executive director Chionh Chye Khye revealed that CEA ramped up investigations and took disciplinary actions in various cases of malpractices and breaches of industry guidelines during the 2014/15 financial year.

“We invested in staff training relating to investigation work and industry regulations so that our officers are equipped to ensure rigorous standards and timely completion of all investigations, and effective management of consumer complaints,” they said.

Meanwhile, the number of licensed estate agents dropped to 1,422 as of March 2015 from 1,449 in the previous year. The number of registered salespersons also fell to 32,006 from 33,498 previously.

Looking ahead, CEA plans to strengthen capabilities in support of industry development. It also plans to add more resources and avenues to enable practitioners to sharpen their competencies via continuous learning.

Comments Off on Fewer complaints against property agents

Posted in CEA

Tagged , , ,

Less new blood joining property industry

Posted on 29 Oct 2014 | Comments Off on Less new blood joining property industry

Fewer people are willing to become real estate agents given the weak transaction levels in Singapore’s HDB and private housing markets, according to media reports.

In 2013, HDB resale deals plummeted to a historic low of 18,100. But this year’s figure is expected to be lower than that, as there were only 12,683 transactions in the first nine months of 2014.

As for the private residential market, sales barely reached 10,000 in the first three quarters — a figure is roughly equivalent to the quarterly average in 2012.

Given the weak sales, the number of new property agents declined to 3,061 in the last fiscal year compared to 4,289 a year ago, revealed the Council for Estate Agencies’ (CEA) latest report last week.

Moreover, many estate agents have sought alternative sources of income as commissions from selling houses have been hit by weak transaction levels.

For example, 28-year-old Nicholas Chia decided to establish a car-polishing business and a franchise of a pre-school enrichment centre in Q1 2014.

“Because of the slow market, I need something to supplement my income and something in which I can tap the network I’ve made,” said Chia, who has been a property agent since 2010.

Setting up a car-grooming business was an innate choice, he explained. “Almost every property agent has a car, and image is important when they meet clients.”

Other agents turned to multi-level marketing or driving a taxi, noted Dennis Wee Realty agent Aaron Lin.

Comments Off on Less new blood joining property industry

Posted in CEA

Tagged , , , , ,