Proposed Statutory Board – Council For Estate Agencies (cea)

[Plastic3 0]

Council of Estate Agencies (CEA) to be setup to regulate Real Estate Industry

Among the measures to be introduced:

- Tighter licensing conditions for estate agencies and their agents

- Code of ethics and professional conduct for estate agents

- Discipline and dispute resolution mechanism

- Public education

PUBLIC REGISTRY OF AGENTS

- Estate agents need to pass a mandatory industry examination

- Undertake mandatory continuing professional development of six hours a year

- Public registry of real estate agencies and agents will be set up to provide a comprehensive listing of all licensed agencies and registered agents to allow consumers to check on the particular agency or agent they are engaging

"Regulations on Conduct of Real Estate Agency Work

Agencies and agents will be required to comply with new regulations on the conduct of real estate agency work. These include a code of ethics and professional conduct for estate agents, standard prescribed estate agency agreements for sale and leasing transactions and other measures aimed at avoiding a conflict of interest, such as the dual representation of both the buying and selling parties. MND will engage the industry and CASE over the next few months to work out the details of these measures."

SOURCE:

http://www.mnd.gov.sg/newsroom/newsrelease...ews06052010.htm

[dean 5]

that's is good news. my last inspection didn't go smoothly as the ex-owner cut off the electricity. Have a problematic flat, ceiling at both toilet going to crack. what that called?

[tnqhome 0]

Finally gov take action towards them!!

[leechaorui 2]

Finally gov take action towards them!!

I think it is not about taking action against housing agents. I see the statutory board as a body to regulate housing agency and agents in order to improve the professionalism and upgrade the image of the industry. I think this is a positive development for the agents and the consumers.

Cheers!

[estella83 0]

i will be taking the paper as a standby. haha. $214

[blueocean 0]

Taking the CEHA ?

i will be taking the paper as a standby. haha. $214

[estella83 0]

Taking the CEHA ?

hmmm... ces??

[Plastic3 0]

I think it is not about taking action against housing agents. I see the statutory board as a body to regulate housing agency and agents in order to improve the professionalism and upgrade the image of the industry. I think this is a positive development for the agents and the consumers.

Cheers!

Agreed, I believe the board should improve the professionalism of the industry and hopefully have some standardization across the numerous agencies, so the general public won't have to face different practices by different agencies.

[Plastic3 0]

i will be taking the paper as a standby. haha. $214

Are you an Agent?

[forgotten 1]

I think it's great that the stat board will have a common database that's made available to the public to do checks on the agent's past records including past complaints on him/her.

Edited May 19, 2010 by forgotten

[estella83 0]

Are you an Agent?

nope

[blueocean 0]

But taking CES as a standby ?

nope

[estella83 0]

have a wild thought, since i have to work with expatriate, why not i just leverege on the resources i have. i can always be a part time agent to supplement on my current income. but whether or not to be an agent, i have not decided yet, so no harm taking the paper as a standby. what is the downside?

[blueocean 0]

That's true. Can also leverage on your existing clients. When you refer to expatriate, are you referring to expats from China, India ? Cos not many UK, USA, Australian buy private housing from Singapore though.

Although the commissions are good for resale and new projects, it is not always easy to close one especially if you are on the buyer side. Rental is even harder to close if you dont have own listings.

have a wild thought, since i have to work with expatriate, why not i just leverege on the resources i have. i can always be a part time agent to supplement on my current income. but whether or not to be an agent, i have not decided yet, so no harm taking the paper as a standby. what is the downside?

[Plastic3 0]

have a wild thought, since i have to work with expatriate, why not i just leverege on the resources i have. i can always be a part time agent to supplement on my current income. but whether or not to be an agent, i have not decided yet, so no harm taking the paper as a standby. what is the downside?

Not wild at all, many agents are also business owners, or doing something alongside real estate.....

Downside? none....apart from the fees for exam......