me think :): 01/01/2012

Monday, January 30, 2012

Number of registered property agents down 11% since new rules

Number of registered property agents down 11% since new rules
Posted: 30 January 2012 1606 hrs

SINGAPORE : The number of property agents registered with the Council for Estate Agencies (CEA) has fallen by nearly 11 per cent since new rules kicked in a year ago.

As of January 1, there are some 30,600 real estate agents licensed to practice, down from 34,300 last January.

There are also fewer property agencies in business - down by 5 per cent to less than 1,500.

The estate agency watchdog said property agents who did not continue with their registration were part-timers who opted to focus on their full-time jobs, or had found a full-time job.

Giving an update on the 2,700 new agents who joined the industry last year, the council said eight in 10 have tertiary education.

Currently, only five in 10 existing agents have tertiary education.

Apart from passing a mandatory examination, registered property agents also have to undergo six hours of compulsory professional development course to keep abreast of policy changes.

Some industry players said new agents face a tough time juggling this and closing property deals.

PropNex director David Poh said: "In the real estate industry, the first year is a very tough and important year. For any new agent who joins the industry, you have to go for courses, you go for exams.

"Then you go for further training, prospect for clients, and buy and sell for clients. And many times, your first deal will come six or nine months down the road. For many agents, you probably won't see any income until about a year later. So it is quite common for agents to leave within the first year."

Commenting on the Council's first year report card in his blog, National Development Minister Khaw Boon Wan said the CEA has had a good year and has asked the Council to press ahead on several fronts.

Mr Khaw said he has tasked CEA firstly to see how the Estate Agency Work Regulations can be further refined. Secondly, the Council could look at how to improve on industry development, especially in Continuing Professional Development and ethics.

Mr Khaw also said he would like to see more done in the area of consumer education so that consumers know their rights and responsibilities, and how to conduct sale/purchase transactions with due diligence.

Lastly, Mr Khaw would like the Council to continue to consult and address the industry's concerns. For example, Mr Khaw said that the Ministry is reviewing the CEA-Dispute Resolution Mechanism to see how the Small Claims Tribunals can be incorporated to facilitate resolution.

Last year, the Council handled over 1,400 complaints. Out of the complaints received, CEA had closed more than 75 per cent of the cases. A handful of cases ended up in court or had to face disciplinary hearings.

- CNA/cc/ms

- wong chee tat :)