Accreditation Scheme For Estate Agents Exists

Source : The Straits Times, Oct 15, 2007

I REFER to the recent letters on the regulation of real estate agents ('Industry regulation of estate agents overdue'; ST, Oct 3 and 'How is public protected if agents are not accredited?'; ST, Aug 7).

Currently, there is an accreditation scheme known as the Singapore Accredited Estate Agencies (SAEA) Scheme which was launched by the Minister of State (Finance) on Nov 10, 2005. This scheme has the support of the Ministry of Finance, Inland Revenue Authority of Singapore and Housing & Development Board. Under the scheme, it is expected that all agents and agencies will be accredited by Jan 1, 2009.

Our agency has been accredited under the scheme. We support the scheme as it seeks to improve the image of the industry by accrediting agencies as well as agents. In my view, agencies, especially those that undertake mass recruitment, should be responsible for the actions of their employees and associates and should not expect the authorities to control the agents on their behalf.

The difficulty with this scheme is that it is not seen as mandatory. Therefore, there are still agencies and agents who have not sought accreditation. Perhaps the authorities could make the SAEA scheme compulsory for all agents. This will go a long way to regulate the industry. The SAEA scheme can be reinforced with a licensing or practising certificate or other form of mandatory accreditation. The aim is to ensure agencies conduct their business properly, including supervision of employees and associates.

There is no need to introduce other licensing schemes at this moment. Let us all strengthen and support the SAEA scheme. As bosses of agencies, we should exercise control over our agents and take responsibility for their actions. Agents on their part should assume personal responsibility for their conduct. The consumer body should also work with SAEA to educate home buyers.

Charles Ee Hoon Kee
Managing Director
Asia-Elite Realty Network