Real-Estate Companies Must Regulate Agents

Source : The Straits Times, Oct 5, 2007

IT IS heartening to read that bosses of real-estate companies now see the need to regulate housing agents - and they have a pivotal role to play.
There have been cases where agents committed gross acts of impropriety and when the matter was reported to their company, the company simply said that the agents were independent contractors and that the company was not responsible for their acts.

I am not sure how many company bosses do surprise checks on their agents by responding to the agents' advertisements. Just on Tuesday, when we called an agent to enquire about a house for sale, she told us that the owner expected 'under hand cash' (cash paid under the table). When we pointed out that it was illegal to do so, she said that 'if you are not comfortable, you don't buy. I can find another buyer'.

Simply expecting the Government or HDB to regulate housing agents will not bear fruit. The companies themselves must undertake the task.

N. Nageswaran