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Thread: New guidelines for ethical property advertising

  1. #1
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    Default New guidelines for ethical property advertising

    http://www.straitstimes.com/Breaking...ry_685234.html

    Jun 29, 2011

    New guidelines for ethical property advertising

    By Branden Ho


    THE Council for Estate Agencies (CEA) issued two practice guidelines on Wednesday to promote ethical advertising in the real estate agency industry and to guide the use of prescribed estate agency agreements.

    According to the new guidelines effective from Aug 1, misleading headlines and claims such as 'advance loans available' and 'king of (named) estate' will not be allowed in advertisments and publicity collaterals.

    They are applicable to all modes of advertisements, including classified advertisements, pamphlets or flyers, online advertising, short messaging services (SMS) and social media.

    Estate agents and salespeople will have to display their details such as name, registration number and contact number. SMS text advertisements must provide a mobile telephone number for consumers to opt out of future SMS advertisements. No SMS advertising or cold calling after 10pm.

    Advertisements will also have to contain accurate information. Claims such as rates of return and yield rates must be indicated and substantiated. Photographs and graphics will also have to be accurate depictions.

    The above changes are among many that Mr Lee Say Kee, chairman of CEA's Ethical Advertising Work Group, says 'will provide clarity...thereby raising professional and ethical standards in the industry'.

    For more details, visit www.cea.gov.sg.

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    These guidelines are long overdue!

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    Quote Originally Posted by ysyap
    These guidelines are long overdue!
    Low barriers of entry for too long for this profession.....

    too many kuching kurau in this line.......

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    Quote Originally Posted by solsys
    Low barriers of entry for too long for this profession.....

    too many kuching kurau in this line.......
    Yup... kuching kurak earning their million before 30 years old. Now maybe earn their million before 35 years old!

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    that article on the skyline residences thread, huttons agents claim 4% rental yield. now they can no longer do so rite? cannot substantiate liao. hurray!


    Quote Originally Posted by ysyap
    Yup... kuching kurak earning their million before 30 years old. Now maybe earn their million before 35 years old!

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    Quote Originally Posted by bargain hunter
    that article on the skyline residences thread, huttons agents claim 4% rental yield. now they can no longer do so rite? cannot substantiate liao. hurray!
    They'll now say maybe can potentially yield 4%. Cannot offer any guarantee anymore!

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    why target agents? how about developers' advertisements and showflats? take such a long time for consultation

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    Quote Originally Posted by hopeful
    why target agents? how about developers' advertisements and showflats? take such a long time for consultation
    Don't even get me started on Developers. The map shows MRT just across the nearby road then when I was there physically, the road is 500m to 800m away.

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    Quote Originally Posted by ysyap
    Don't even get me started on Developers. The map shows MRT just across the nearby road then when I was there physically, the road is 500m to 800m away.
    my point is, it is the little people that get taken advantage of, be it agents, property buyers or sellers.
    those big fishes get away scot-free.
    from consultation a few months until now, still not finalized?

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    Quote Originally Posted by hopeful
    my point is, it is the little people that get taken advantage of, be it agents, property buyers or sellers.
    those big fishes get away scot-free.
    from consultation a few months until now, still not finalized?
    Developers more difficult to tackle so need more time lah!

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    Quote Originally Posted by hopeful
    my point is, it is the little people that get taken advantage of, be it agents, property buyers or sellers.
    those big fishes get away scot-free.
    from consultation a few months until now, still not finalized?
    our dear KBW goto conduct personal interviews wif developer leh.....must give big big face one la!

    u tink he bother to interview individual agents meh?

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    Agree. The developers are the WORST. "Stone's throw" to places 5 km away, "artist impression" of Telok Kurau MM apartment right in front of the sandy beach surrounded by tropical rainforest, future MRT promises when not confirmed yet, d'Leedon "artist impression" so different from the actual design etc.


    Quote Originally Posted by hopeful
    why target agents? how about developers' advertisements and showflats? take such a long time for consultation

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    Quote Originally Posted by Wild Falcon
    Agree. The developers are the WORST. "Stone's throw" to places 5 km away, "artist impression" of Telok Kurau MM apartment right in front of the sandy beach surrounded by tropical rainforest, future MRT promises when not confirmed yet, d'Leedon "artist impression" so different from the actual design etc.
    all artist impression showing unblocked greenary surroundings...hahahhaa

    silversea TV ads showing next to BEACH!! whahahaha

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    Default Advertising guidelines for property sales

    http://www.businesstimes.com.sg/sub/...63940,00.html?

    Published June 30, 2011

    Advertising guidelines for property sales


    THE Council for Estate Agents (CEA) issued two practice guidelines yesterday - one in the form of an instruction manual that explains and guides the use of prescribed estate agency agreements for residential transactions, and the other on ethical advertising within the real estate agency industry.

    These guidelines on ethical advertising are applicable to all modes of advertisements, including classified advertisements, pamphlets or flyers, online advertising, short messaging services (SMS) and social media.

    They were developed in consultation with estate agents, industry associations, government bodies and the Consumers Association of Singapore.

    With effect from Aug 1, self-made titles, misleading headlines and claims will not be allowed in all forms of advertisement.

    The key points for estate agents to note:

    display details of estate agents and salespersons must be accurate;

    advertisement contents must be indicated, current and substantiated (ie yield rates and photographs);

    consumers must be able to opt out of future SMS advertisements;

    no SMS advertising or cold calling after 10pm;

    no disclosure of transacted property detail without client approval.

    The list above is not exhaustive, and both comprehensive guidelines are available on CEA's website www.cea.gov.sg

    Non-compliance of the guidelines may result in disciplinary action.

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    Default No more property 'specialists' from Aug 1

    http://www.straitstimes.com/PrimeNew...ry_685492.html

    Jun 30, 2011

    No more property 'specialists' from Aug 1

    New guidelines aim to put a stop to misleading ad claims

    By Daryl Chin


    PROPERTY agents will no longer be allowed to make grandiose advertising claims when new guidelines come into force in a month's time.

    They will be banned from giving themselves misleading titles such as 'specialist' or 'expert'.

    All figures in their publicity materials will have to be properly sourced and they will no longer be able to promise that HDB flat sellers will receive a certain cash premium.

    The guidelines, which kick in on Aug 1, follow a rising number of complaints about misleading property advertisements which make exaggerated or unsubstantiated claims.

    The Council for Estate Agencies (CEA) announced the new guidelines in a statement yesterday.

    They apply to print, online and mobile phone advertisements. Agents who infringe the rules can be fined up to $75,000, suspended or have their licences revoked.

    CEA's director of regulatory control Lee Say Kee said: 'The guidelines will provide clarity on the dos and don'ts of advertising, thereby raising professional and ethical standards in the industry.'

    Some guidelines had already been spelt out in the Estate Agents Act last year, but the latest measures flesh them out in more detail.

    Larger property firms told The Straits Times the move will help make sure members of the public are not misled.

    Dennis Wee Group director Chris Koh said: 'The previous guidelines were still vague, and some of my agents have approached me for clarification.

    'Now at least, they can refer to the official set of rules. It's also good to do away with terms like 'specialists' as there is no clear definition of it.'

    PropNex chief executive Mohamed Ismail said the firm took steps in April to ensure the existing rules were followed to the letter.

    'We hired more staff to vet new marketing materials and also organised talks to educate the agents,' he added.

    Bosses of smaller firms also welcomed the new guidelines.

    Ms Janice Chan, director of Asia Breeze, said: 'It's obvious hogwash when people promise a guaranteed sale, so this is a step in the right direction.

    'Now the question lies in how these rules are enforced.'

    Mr Lee said the CEA will conduct random checks on publicity materials put up by property firms and their agents, and act on tip-offs from the public.

    Some websites are already taking steps to make sure agents are really who they claim to be.

    An iProperty spokesman said the company has made it compulsory for agents to display their registration numbers on its online advertisements.

    The site has about 74,000 property listings from more than 14,000 agents.

    House hunter Melanie Khoo, a 25-year-old creative executive, said the new guidelines could not have come at a better time as she is looking to buy a house this year.

    'The more honest the ads are, the less time I need to sift through them and check if they are legitimate. I can also make better buying decisions then,' she said.

    As well as advertising, the guidelines touch on the sale, purchase and lease of residential properties.

    Since Jan 1, all property agents have had to be registered with the CEA, and since March 1, they have had to carry an Estate Agent Card which displays their name and licence number and recent photograph.

    The CEA, which started work in October last year, is part of the Government's bid to raise the industry's professionalism through regulation and disciplinary powers.

    So far, it has issued 23 letters of advice, which carry no penalty, to property firms and agents after receiving more than 100 complaints relating to misleading ads.

    It took its first unregistered property agent to court earlier this month.

    According to the latest published figures, there are 1,515 licensed property firms and 32,221 registered property agents in Singapore.

    Anyone with information on property agents who break the rules can visit www.cea.gov.sg to file their complaints.

    [email protected]


    Some dos and don'ts

    ADVERTISEMENTS for 'specialist' or 'expert' agents should soon be a thing of the past.

    And publicity materials should no longer guarantee sellers of HDB flats a certain cash over valuation - the amount paid over and above the property's value.

    Ads which include figures such as expected rates of return, yield or capital gains will need to refer to credible sources.

    Agents will no longer be allowed to attempt to get around the law with promises to sell a flat before the minimum occupancy period is up.

    They will also be banned from publicising the full address of properties or their floor levels without the client's approval, and will have to ensure that photos of the properties are not misleading.

    Text message ads will need to allow consumers to opt out of receiving further ads, and there should be no messages or cold calls from 10pm to 9am.

    Fliers and pamphlets should have the property agent's name, registration number and contact details, as well as those of the firm he works for.

    The same rules apply to ads on online property sites such as Property Guru and iProperty.

    Agents who use social media networks such as Facebook for work purposes will have to clearly display their registration numbers and those of their firms on their profiles.

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