Source : The Straits Times, Feb 4, 2008
Accreditation Scheme
A GROUP of property agencies plans to form a new association to raise standards in response to growing complaints about estate agents.
The group, which will be separate from the Institute of Estate Agents (IEA), will work closely with an ongoing accreditation scheme to lift the industry's game.
Complaints about agents have shot up in the past two years amid a property boom, prompting disquiet among some about the sector, which remains largely self-regulated.
Unlike the IEA, which has individual agents as members, the new body will involve estate agencies, said the chairman of its interim committee, property consultant David Ong.
The new body is likely to be linked to the Singapore Accredited Estate Agencies Scheme (SAEA), which last year was reported to have vetted more than 7,000 agents out of the 30,000 or so working in the industry.
It is understood that more than 10 agencies - including HSR Property Group and KF Property Network - will be joining the group. KF Property is the agency division of Knight Frank.
More details are expected soon, but the director of KF Property, Dr Tan Tee Khoon, told The Straits Times that the new body would allow the agency heads to share information about rogue agents as well as host seminars and conferences to raise standards.
A register of agents from member agencies could also be set up.
The group could rival the efforts of the IEA, which introduced a registry in 2006. That registry lists about 350 agencies with almost 21,000 agents.
Dr Tan denied that the new group would rival IEA, saying rather that it would help curb the problem of errant agents. 'We are really trying to cover more ground. Members of the public are free to choose whether they want to use an IEA agent or an agent with the new association,' he said.
His firm was among a group of agencies that raised concerns about IEA's practising certificate scheme when it was launched last year.
The certificate was given to IEA members - which number about 1,400 now - who pledged to abide by its code of conduct. The dissenting group, which included HSR, DTZ Debenham Tie Leung and Global Real Estate, felt the certificate could confuse the public and called instead for the industry to support the SAEA.
One agency chief, Mr Chris Koh from Dennis Wee Properties, said the new group could work if it united all the industry's head honchos. But IEA's first vice-president and the chief executive of Propnex, Mr Mohamed Ismail, felt it would divide the industry instead and spread resources too thinly.
There were 1,717 housing agencies in Singapore as at the end of last year. The largely unregulated property sector has had a bad reputation over the years. The Consumers Association of Singapore (Case) received 1,113 complaints last year, up from 991 in 2006.
Case said the complaints involved agents misrepresenting facts, failing to honour promised terms and providing unsatisfactory services, among other things.
Industry veterans say the problem lies in the fact that only agencies are licensed, so agents sacked for unethical conduct can simply practise in another firm.
The Government, however, has consistently shied away from regulating agents.
Case is working with IEA to look into setting up another accreditation system for housing agencies.
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2 comments:
Source : The Straits Times, Feb 14, 2008
Why confuse people with a new association for real estate agents?
I REFER to the article, ‘Plans for new group to raise standards of housing agents’ by Ms Tan Hui Yee (ST, Feb 4).
Being the founding member and council member of the former Association of Singapore Realtor (ASR), now known as IEA (Institute of Estate Agents), I am surprised to see my former council member of ASR and past president of the IEA wanting to set up another association with the reasons of raising standards or covering more grounds.
If this new group has the interest of the realtors and the real estate industry at heart, then it would make more sense to work with the IEA. Why waste resources, time and personal commitment which, I doubt, many can give to form this new association. And would the new association be more effective or is it a clash of personalities?
From my understanding from the realtors, I believe the present IEA has done a fairly good job for realtors in Singapore. They have the Central Register Scheme (CRS) which is already well supported by the majority of the larger agencies. Be it raising standards, sharing of information or conducting courses, I believe these are being done by the IEA. As reported in the newspaper, the IEA has captured more than 354 licensed agencies and about 21,000 agents’ names. The bulk of the industry’s players have been supporting it since 2006. Why confuse people with another register or association now?
More importantly, now, for the IEA is to work harder for the day when we can see the association governing realtors in Singapore, like the Singapore Institute of Architect or the Singapore Medical Council.
As the saying goes: Rivalry will surface when there is more than one tiger in the hills. Work together in unity for the betterment of the industry and not oneself.
Khoo See Pheng
Source : The Straits Times, Feb 15, 2008
No need to form new estate agents' group
I REFER to the article, 'Plans for new group to lift standards of housing agents' (ST, Feb 4).
Legislation for individual estate agents is already in place in many neighbouring places, for example, Malaysia, Hong Kong, Macau and Australia. Why not a First World country like Singapore?
In 1998, three organisations amalgamated to form the Institute of Estate Agents (IEA). Setting up another association is a pure waste of resources - and gives the impression of a divided and fragmented industry. The best solution is for all to get involved, resolve problems and evolve. Unity, a standard set of self-regulation and self-policing measures are the only way to move forward with IEA.
An accreditation scheme was launched in 2005 to raise industry standards. Clearly, three years on, standards have not improved. Statistics provided by the Consumers Association of Singapore (Case) show complaints against agents continue to rise. The scheme has not solved problems, raised industry standards or injected more confidence among consumers.
If parties are serious about the state of affairs and cleaning up the industry, be it raising standards or information sharing, IEA's doors are always open. It is more sensible to work together to address and resolve industry problems quickly and resolutely, working on an ability to recommend solutions to meet future challenges. Practitioners should decide what is best for the industry.
Make estate agents responsible and accountable for their actions, especially when they are dealing with consumers' biggest asset. Over time, with tighter control it will raise industry standards and lead to better service, more discipline and higher professionalism. Eventually, there will be fewer complaints about estate agents.
IEA plays an active role in promoting public awareness and keeping estate agents abreast of the latest housing policies. The IEA Central Registration Scheme is supported by more than 354 licensed real estate agencies with well over 21,000 real estate agents' names. It also acts as a platform for IEA to disseminate information and exchange programmes with agency bosses.
IEA and Case are presently working closely to provide solutions towards self-regulation of estate agents and setting up self-policing measures. It is time we stood together and united as one body that truly looks after the interests of all estate agents and that of consumers who engage the services of estate agents in Singapore.
Jeff Foo
President, Institute of Estate Agents
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