Review of rules for housing estate agents being finalized

The Council for Estate Agencies (CEA) is finalising its review of regulations for agents with input from stakeholders, according to Senior Minister of State for National Development Tan Chuan-Jin.

Having experienced the new regulatory system since CEA was set up two-and-a-half years ago, he said, some industry members had raised issues and given feedback.

The agency itself has also gained experience through its handling of cases. Since its formation, CEA has received about 2,300 complaints, or an average of four a day.


This was why a working group, comprising representatives from estate agencies, industry associations, government agencies and consumer group Case, was set up last year to help in the review of Estate Agents Regulations.

"It is timely to review the regulations to enhance their effectiveness," said Mr Tan, who is also Acting Manpower Minister, at the Asia Pacific Real Estate Convention and Expo at Marina Bay Sands yesterday.

He hailed the cooperation between CEA and the industry in transforming what "some would deem a 'cowboy' industry" into one characterised by professionally qualified sales people.

Among the issues that the working group looked at were how to avoid conflict of interest and association with moneylending; dual representation; co-broking arrangements; and usage of prescribed estate agency agreements.

The Code of Ethics and Professional Client Care and the Code of Practice will also be tweaked. The group is also looking into ways to promote greater use of a resolution mechanism for disputes between agents and consumers.

The agency is working with the Infocomm Development Agency (IDA) and other partners to enhance operations and productivity for estate agents through IT solutions. More than 200 agents are expected to benefit as these measures are rolled out in the next six months, Mr Tan said.

Separately, CEA is developing practice guidelines for sales people's behaviour and conduct towards one another.

This is to "encourage a high standard of ethical practice" among industry practitioners, said Chan Mun Kit, director (regulatory control) at CEA. Some examples are showing mutual respect and courtesy, and encouraging the sharing of accurate, factual information.

Source: Business Times –21 March 2013