Property firms registering agents as new rules take effect

Published October 22, 2010

By UMA SHANKARI


PROPERTY firms have begun the process of registering their agents as the new statutory board set up to regulate real estate agents here, the Council for Estate Agencies (CEA), begins operations today.


With CEA up and running, new and existing real estate firms can apply to the council for new licences from Nov 1.

The firms are also required to register their agents under the new regulatory framework, which states that anyone doing estate agency work must be registered as a salesperson before he/she can practise.

Under a transitional arrangement provided by CEA, firms have until today to submit a list of existing agents who have passed an industry examination or have completed at least three property deals over the last two years.

After this, agents will have to apply as a new salesperson and satisfy the full registration criteria - which includes passing a new CEA examination - to practise.

BT understands that as of yesterday, a few hundred small property firms have submitted lists of their agents who meet the transitional criteria.

But most of the larger property firms have yet to make their submissions ahead of today's deadline.

Agency bosses here have estimated that the current pool of more than 30,000 agents will shrink by a third to about 20,000 once the new rules kick in.

They also hope that the government's move to set up CEA will ensure that property firms and agents have the knowledge to provide professional service while working ethically.

Minister for National Development Mah Bow Tan said yesterday that the establishment of CEA is a major milestone to raise professionalism in the real estate agency industry and protect consumer interest.

Added CEA: 'The immediate focus for CEA is to prepare the estate agents (property firms) and salespersons to meet the higher standards of the enhanced licensing and new registration framework.'

The council will be headed by executive director Chionh Chye Khye, who was previously executive director (designate) with the Ministry of National Development.

The Business Times had earlier in December 2009 reported that he had been picked to helm the new statutory board.

Greg Seow, chairman of AMP Capital Investors (Singapore), has been appointed as CEA's president.

Other council members include representatives from the Urban Redevelopment Authority, the Housing and Development Board, the Consumers Association of Singapore, and the National University of Singapore's real estate department.


http://www.businesstimes.com.sg