In an effort to promote the integrity and competence of estate agents and salespersons, Council for Estate Agencies (CEA) announced some time ago a regulation which states that real estate agents are required to pass the Real Estate Salesperson Examination (RES). Recently the CEA introduced a new ruling that part-time agents need to obtain their respective employer’s consent before being allowed to become agents.
The CEA had also announced the extension of the deadline for provisional registered salespersons to pass the RES examination by the end of the month. It also highlighted that those who are unable to do so will have the registration lapsed after 30 June 2012.
Aside from that, all registered salespersons also have to undertake mandatory continuing professional development (CPD) of six hours to ensure that they upgrade themselves and keep abreast of the latest changes in policies and procedures related to real estate transactions. The number of CPD hours will be increased over time to raise the professional standards of the industry.
According to industry leaders, since the announcement of this new regulation, there has been a significant drop in the number of agents.
In a statement released today, iProperty.com Singapore, the country’s No.1 property website which operates under the iProperty Group stated, while the company has confirmed that the new regulation has reduced the number of agents and views the move as a positive approach in providing fewer but better quality agents that will better address the needs of local and foreign consumers who are keen on investing in property in Singapore.
Commenting on the regulation, Shaun Di Gregorio, Chief Executive Officer of the iProperty Group said, “The iProperty Group views the CEA regulations in a positive manner and believes that the intention at the end of the day is to protect the interest of not just the real estate agents but also consumers. As a company that abides by all regulations, with an extensive pool of agents who are duly certified with the CEA, we urge all professional property agents to view the moves in a positive way and work towards improving the standard of the real estate industry in Singapore.”
He added like any new regulation imposed, an educational awareness campaign is a must to help these real estate agents understand why such measures were taken and how the CEA at the end of the day only has the best interest of these agents and consumers in mind.
Di Gregorio also stated that the CEA has also revealed that there was an above 10 percent drop in the number of registered real estate agents and salespersons in the country.
“While the regulation seeks to ensure that real estate agents and salespersons will be more responsible and committed towards increasing the level of professionalism of agents, we do estimate that the move will reduce the number of agents in Singapore but the quality of these agents will be significantly higher. At the same time, consumers also stand to benefit from the move as their interest will be better served and protected,” said Di Gregorio.
He added that the move was also in line with the company’s mission to continue to deliver first class customer service and highly innovative products that will create a more engaging experience for property buyers and investors, helping them make a more informed decision.
He also cited that with a booming industry, Singapore is a prime location not just for local but also foreign investors who want a piece of the pie. The move by CEA also supports the Singapore government’s efforts in promoting the property industry in Singapore.
“Consumers will now have the assurance that the real estate agents in Singapore will work towards delivering the best service to them. This is also in line with our company’s vision in only providing the best service to our consumers,” added Di Gregorio.
He concluded by saying the iProperty.com Singapore will do its best in promoting CEA’s efforts and provide any assistance and advice that agents might require.