View Full Version : New Government Body to regulate Property Agents?
News are flying around lately that a new government body will be formed to regulate property agents from 2010. All agents will have to be qualified and licensed by the new body. It is indeed a good news to buyer/seller of properties:cheers5:. I always believe that Property Agent is a professional job as millions of dollar are brokering thru them just like bankers. But so far, this industry fails to self regulate.
they have mentioned this years back, hard to enforce. All smoke but no fire, let's see if this time there is any new ideas.
What they should do is to pass a law stating that 1 single agent cannot simultaneously represent both seller & buyer and many of the existing problems (especially in HDB transactions) will be solved! :hell-hath-no-fury:
News are flying around lately that a new government body will be formed to regulate property agents from 2010. All agents will have to be qualified and licensed by the new body. It is indeed a good news to buyer/seller of properties:cheers5:. I always believe that Property Agent is a professional job as millions of dollar are brokering thru them just like bankers. But so far, this industry fails to self regulate.
Regulators
18-09-09, 15:31
it is high freaking time to have a body to regulate agents, in fact they shud hv done that 30yr ago. Our govt aint that smart after all
News are flying around lately that a new government body will be formed to regulate property agents from 2010. All agents will have to be qualified and licensed by the new body. It is indeed a good news to buyer/seller of properties:cheers5:. I always believe that Property Agent is a professional job as millions of dollar are brokering thru them just like bankers. But so far, this industry fails to self regulate.
How to speak of Property Agents and Bankers in the same breath?
Attend 5-month CEHA course you are a qualified agent already.
It's the same way how some call themselves Propery CONSULTANTS.
More like CON + inSULT = CONSULT.
I hope the body will introduce standard agreement formats just like the standard OTP and S&P from the developers. Right now every agencies have their own formats but if you read carefully all have similar contents but written differently. The standard forms will protect buyer/seller's interest as most of the contracture terms are not easily understood even for some property agents...
Should also allow public to check agent status and lodge complaints on-line...
The government had been very reluctant to regulate property agents because it is a very "dirty" profession.
This is due to the very nature of the profession itself, and also the type of people it tends to attract.
I can predict one big problem once agents themselves are licensed (instead of the agencies) - e.g. after being outmanoeuvred in a deal, Agent A sets up a trap for Agent B, causing agent B to lose his/her licence. Agent B then takes revenge by collaborating with Agent C ...
I predict that within one year, the "New Government Body" will be flooded with 400 million complaints (20,000 agents to the power of two) to de-register one another.
You start seeing this type of behaviour in other professions when the business gets too competitive or, using a more appropriate phrase, "low class", e.g. conveyancing in the legal profession (whereby it was reported that one law firm set up another over commission kickbacks), and LASIK (whereby one of the top eye surgeons reportedly almost fell into a similar trap set up by another).
Now, you don't see this type of problem in services with higher entry barriers, such as commercial litigation and neurosurgery.
When a profession gets too competitive, it becomes very "dirty".
money makes the world go round and it will forever be a dog eat dog world.
Why bother so much about it? You can never cure it. Just make sure that the medicine is not worst than the cure.
I like to see that agents be licensed like taxi drivers and get suspended if there are valid complaints. Maybe their comissions should be withheld by the regulatory body and be given out in phases. They stand to lose the remaining commissions withheld if they misconduct themselves.
At least we will hv "police" around rather than bo-chen-wu right now:sleep:
proud owner
18-09-09, 21:59
How to speak of Property Agents and Bankers in the same breath?
Attend 5-month CEHA course you are a qualified agent already.
It's the same way how some call themselves Propery CONSULTANTS.
More like CON + inSULT = CONSULT.
and many agents from big companies ..can advertise GCB just becos the land is big .... ?? come on .. do some home work agents ...
some are so so arrogant ..during bull times .. "whats your budget ? "
if low .. they wont entertain you ..
in other countries , the agents (realtors) will help you find something within your budget .. they still take you to view the unit you like ..but explain to you why it is costing more etc etc ..and then show you other units within your budget ..be it in the same project, or another location ..
when it comes to unrealistic sellers , asking for sky high price .. the realtors will explain to them, base on latest transactions, similar location, similar size and conditions ..to bring seller down to earth ... and if sellers wants to sell at a future price, then they would advice them to hold on to the property , until market reaches there .. .
they protect both buyer and seller..
NOT OUR AGENTS here in spore ..
thats why i call them agents .. but i call those professionals in otehr countries Realtors ..
Agreed. The realtors I've met in the US are REAL PROFESSIONALS. Just like what you mentioned. The competition is just as strong if not stronger. How do the realtors react? They do so by being more professional, not more "dirty". There should be no excuse for being "dirty".
But having seen most of the tricks, as a potential buyer and seller, you will know how to look for them and avoid it, even at times do without an agent. But I pity those newbies.
If there is a good agent I don't mind paying for the service if I need it. But now the problem is that you don't know who is "good" only till it is too late.
and many agents from big companies ..can advertise GCB just becos the land is big .... ?? come on .. do some home work agents ...
some are so so arrogant ..during bull times .. "whats your budget ? "
if low .. they wont entertain you ..
in other countries , the agents (realtors) will help you find something within your budget .. they still take you to view the unit you like ..but explain to you why it is costing more etc etc ..and then show you other units within your budget ..be it in the same project, or another location ..
when it comes to unrealistic sellers , asking for sky high price .. the realtors will explain to them, base on latest transactions, similar location, similar size and conditions ..to bring seller down to earth ... and if sellers wants to sell at a future price, then they would advice them to hold on to the property , until market reaches there .. .
they protect both buyer and seller..
NOT OUR AGENTS here in spore ..
thats why i call them agents .. but i call those professionals in otehr countries Realtors ..
louisebrown
19-09-09, 09:42
echotrain
Pl share the tricks U've learnt.
The tricksters had not been able to net U and so it would be really nice if U could let us have some idea.:)
Actually I've met quite a few agents who did all that you'd mentioned... and yes it is in Singapore. One from DWG and one from Huttons. Have had some good experiences from Propnex agents as well.
In fact it's nothing to do with the agency, more up to individual agents.
and many agents from big companies ..can advertise GCB just becos the land is big .... ?? come on .. do some home work agents ...
some are so so arrogant ..during bull times .. "whats your budget ? "
if low .. they wont entertain you ..
in other countries , the agents (realtors) will help you find something within your budget .. they still take you to view the unit you like ..but explain to you why it is costing more etc etc ..and then show you other units within your budget ..be it in the same project, or another location ..
when it comes to unrealistic sellers , asking for sky high price .. the realtors will explain to them, base on latest transactions, similar location, similar size and conditions ..to bring seller down to earth ... and if sellers wants to sell at a future price, then they would advice them to hold on to the property , until market reaches there .. .
they protect both buyer and seller..
NOT OUR AGENTS here in spore ..
thats why i call them agents .. but i call those professionals in otehr countries Realtors ..
Property_Owner
19-09-09, 11:10
Actually I've met quite a few agents who did all that you'd mentioned... and yes it is in Singapore. One from DWG and one from Huttons. Have had some good experiences from Propnex agents as well.
In fact it's nothing to do with the agency, more up to individual agents.
Agree nothing to do with agency. Every trade has it's own black sheep. Try 2nd hand car trader, buy 4d also easlier to hit.
One trick encountered by me:
Agent told me owner has agreed to sell at $1.1 M, I issued 1% cheque. He then took my cheque to "pressurise" seller who asked for $1.2M. I am not sure this is illegal or immoral. Hope that new Body can provide guideline and punitive action
Property_Owner
19-09-09, 12:30
I encounter this. Issue cheque to my agent who co broke with another agent. Mission fail. Next day the seller agent called me to tell me she's has direct contact with seller. I choose to work with her will get me a better price:doh: :doh: :doh:
I encounter this. Issue cheque to my agent who co broke with another agent. Mission fail. Next day the seller agent called me to tell me she's has direct contact with seller. I choose to work with her will get me a better price:doh: :doh: :doh:
How come seller's agent got yr no.?
part of the problem was that it the previous property run every Tom Dick and Harry could make money off property. This naturally attracted a lot of people to the property market, especially considering the low training requirements.
Don't you people remember that during the last run everyone wanted to be either a banker or a property agent.
part of the problem was that it the previous property run every Tom Dick and Harry could make money off property. This naturally attracted a lot of people to the property market, especially considering the low training requirements.
Don't you people remember that during the last run everyone wanted to be either a banker or a property agent.
Well, u're so rite ... during bull run everyone wants to join these kinda "professions" ...
How to speak of Property Agents and Bankers in the same breath?
Attend 5-month CEHA course you are a qualified agent already.
Actually, the so-called "bankers" oso muz see which type of job lah ... if jus doing sales in a bank shld not call themselves bankers; more like salesmen .... but they call themselves relationship mgrs leh .... so wat if have degrees (know of some who earned thru dist learning)?? It's just the image a bit more atas only mah .... in terms of product knowledge, some don't even really understd wat they sell ..
Property_Owner
19-09-09, 23:33
How come seller's agent got yr no.?
When u issue cheque of course have to give your name for the option.
.... in terms of product knowledge, some don't even really understd wat they sell ..
You give them too much credit, it should be ".... in terms of product knowledge, none actually understd wat they sell .."
They are just a bunch of well-dressed rubbish-spouting airheads who don't even know what themselves are talking about, much less understand what they sell.
Notwithstanding, they are quite effective in conning money from clueless old folks or starry-eyed scions of illustrious families.
I encounter this. Issue cheque to my agent who co broke with another agent. Mission fail. Next day the seller agent called me to tell me she's has direct contact with seller. I choose to work with her will get me a better price:doh: :doh: :doh:
The seller agent is unethical. Her style is similar to one agt from DTZ that is active in Sail & MBR area. Ban these kind of agt marketing my ptys as they don't work for owner's interest despite owner paying com, they work for more $$$ for their own pocket.
Agreed. The realtors I've met in the US are REAL PROFESSIONALS. Just like what you mentioned. The competition is just as strong if not stronger. How do the realtors react? They do so by being more professional, not more "dirty". There should be no excuse for being "dirty".
But having seen most of the tricks, as a potential buyer and seller, you will know how to look for them and avoid it, even at times do without an agent. But I pity those newbies.
If there is a good agent I don't mind paying for the service if I need it. But now the problem is that you don't know who is "good" only till it is too late.
Well, if i didn't remember wrongly agt commsion in USA & Australia abt 5 to 6%. Are locals prepared to pay such rate to enjoy similar kind of svc? Else with lower profit margin for agt here, we can't blame them for selecting clients :)
Not many pple are like u & me don't mind paying for trustworthy svc. Many i know "Ai Pi Ai Qi Ai Tao Liap Ni" Just like those RMs in bank, sometimes i also don't know whether their interest is aligned with mine. At least property is safer, less "blind spot" than financial pdts.
Hi teddybear,
Just wonder how your suggestion solve problem? agent can't represent both buyer and seller inspire them to be more professional?
What they should do is to pass a law stating that 1 single agent cannot simultaneously represent both seller & buyer and many of the existing problems (especially in HDB transactions) will be solved! :hell-hath-no-fury:
when buyer issues cheque, the answer has to be immediate.
i like to see civil suits taken by buyer against agent or by seller against agent should the deal gets screwed because of such cheques dangling thingy
Today straits Time:
Quote:
THE upbeat property market has led to a surge in the number of real estate-related complaints from home hunters.
The Consumers Association of Singapore (Case) said the number of such complaints it received started to surge from May.
It has received 619 complaints in the first eight months of the year, of which 89 cases and 107 cases were lodged in July and last month respectively.
The bulk of the complaints relate to HDB flat transactions, said Case executive director Seah Seng Choon.
The Singapore Accredited Estate Agencies (SAEA) said it received 141 public inquiries, feedback and complaints in July and last month, which is more than what it would typically get in a full year. This compares with just 26 cases in the first half of this year.
Another six complaints have poured in during the first two weeks of this month. About 40 per cent of the 141 cases comprise complaints against property agents or disputes on commission payments, and so on, said SAEA chief executive Tan Tee Khoon.
These cases include referrals from the HDB or Inland Revenue Authority of Singapore, as well as from MPs' Meet-the-People sessions, he said.
However, the other body that aggrieved real estate consumers head to - the Institute of Estate Agents - said it has not seen any recent rise in complaints against its members.
Dr Tan said there are often overlaps in complaints, as a consumer may sometimes go to all three bodies. In cases involving the behaviour of property agents, SAEA said it would have problems resolving a dispute concerning an agent who is not accredited with it, and who refuses to cooperate.
Property agency bosses have said compulsory accreditation is a key thing needed by the industry, which has low entry barriers. They are hoping that a government review of the regulatory framework for real estate agents announced last month will raise standards in the industry.
Unquote
I do not understand why these so called institutions take in complaints which they know very well that they have no power to act..... but then whoelse should consumers complaint to ???
louisebrown
23-09-09, 19:53
Thanks a million to all who have kindly responded:) .
I had just looked into propertyguru and am truly shocked by the gall of some agents who broadcast "No agent Co-broking" on their listings.
Don't the sellers check what their agents are doing??
Or maybe, these agents do not have some kind of exclusive listing or whatever. I fail to see how one party takes all (from both seller and buyer) serves the genuine interests of those vested:doh: :doh:
Property_Owner
23-09-09, 21:00
Thanks a million to all who have kindly responded:) .
I had just looked into propertyguru and am truly shocked by the gall of some agents who broadcast "No agent Co-broking" on their listings.
Don't the sellers check what their agents are doing??
Or maybe, these agents do not have some kind of exclusive listing or whatever. I fail to see how one party takes all (from both seller and buyer) serves the genuine interests of those vested:doh: :doh:
Wow, another guru here getting data from Property guru. You're german too?
southpark2000
23-09-09, 21:57
they have mentioned this years back, hard to enforce. All smoke but no fire, let's see if this time there is any new ideas.
Sigh......
POSB take $1 deposit also regulated.....but $500k property not......
I think this no co-broking business is not right, especially if the seller doesn't know about it. I mean my targeted buyers will be reduced immediately with such a clause. If agents are all for being involved in the process of a property transaction, how can you deny the buyer a chance to be represented by an agent as well?
I will always check what my agent is doing.
Long ago when I sold one of my properties, the agent who represented me told me that she did not advertise on the papers and she is doing it through her own contacts. I asked her why and she said it was so that the process will be more "controlled".
That time I was still unaware of such stuff.
Luckily I am always around for the viewings. I actually spoke to the potential buyers and their agents. I actually struck a deal with the buyer directly much to the disappointment of my own agent. I wondered what she was waiting for... But I paid her her commission anyway.
Now. I use them if I need them to screen calls. I NEVER sign an exclusivity deal as they can just take their own sweet time to sell. I have at least three agents working at the same time per property. Got money to pay don't worry they won't work. I have observed that they are more efficient as well knowing the competition. Don't worry if there are no agents to help you sell, there are tonnes of them running around undercutting each other.
Thanks a million to all who have kindly responded:) .
I had just looked into propertyguru and am truly shocked by the gall of some agents who broadcast "No agent Co-broking" on their listings.
Don't the sellers check what their agents are doing??
Or maybe, these agents do not have some kind of exclusive listing or whatever. I fail to see how one party takes all (from both seller and buyer) serves the genuine interests of those vested:doh: :doh:
When agents advertised "No Co-broke" without much details on the property, most probably they are not direct agent for the seller. They first got the understanding that original seller's agent can co-broke. They will then advertise the property as "No co-broke" since the original agent can only co-broke with one agent. The objective of such ads is to get the direct buyer!
Such tricks are very common and I think it is perfectly allright as no one get "hurt". You can learn all these tricks during the agency marketing training.
BTW, I am not agent but have many agent friends telling me all kinds of story.
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