Source : The Straits Times, Oct 3, 2007
I REFER to the article, 'Case, property body seek licensing of housing agents' (ST, Sept 26).
I fully support the move towards industry self-regulation of real-estate agents by the Institute of Estate Agents (IEA). It is long overdue.
The launch of a 'practising certificate' for all its members is a step forward. It is not surprising that the IEA is doing so as, for years, it had sought to regulate estate agents.
With IEA as the national regulatory body, consumers can be sure of better control over housing agents.
Perhaps the relevant government body can recognise, endorse and support IEA's new initiative at self-regulation.
The Consumers Association of Singapore (Case), HDB, the Small Claims Tribunal, Immigration and Checkpoints Authority and now NTUC have been working closely with IEA because they recognised it as the proactive body representing real-estate agents. Over the last year or so, IEA has also been more proactive in organising public forums and educational talks for both agents and consumers.
Both Mr Yeo Guat Kwang, president of Case, and Mr Lim Swee Say, Minister, Prime Minister's Office, have voiced their support for the IEA initiative to promote high standards of professionalism and integrity in real-estate agents. Self-regulation will boost the image of agents as well as the interests of consumers. The latter will now have a body that they can turn to for redress.
It is timely that real-estate agents be regulated because of the rise in complaints, as reported by Case.
Dave Lau
Executive Director
Roof Real Estate Group
Yes I think the real estate industry should regulate its agents.
ReplyDeleteI engaged an agent to sell my pte apt last year and he was able to sell it at a reasonably high price within the first advertisement. Then after that I bought another home but I found it too small so I engaged the same agent to sell it for me. This time, he had some trouble selling it off. He told me I had to pay an additional referral fee (of $1K) to an anonymous person on top of the commission I had to pay to the agent. I trusted this agent so I did as he asked me to. Before the completion of the sale, the agenet asked me to pay him his commission cos the co-broke agent needed money. I obliged. Then on completion of my sale, my lawyer's secretary errroneously issued a cashier's order in the name of real estate agency. I told my agent about it and he said when his company got the cheque from the lawyer, he would return me the money from his account. That was more than three months ago but up to now, the agent has yet to return my money. He has been coming up with one excuse after another for the delay in returning me my money. God knows when he is going to return me my money.
This agent has lost my complete trust in him. Worse still, he is a director of an agency. How can such an irresponsible man lead a group of agents?