Their presence has indeed cost Singapore’s fine reputation as a well oiled engine. In an industry where the job entry barrier is set artificially low, it is perhaps no surprise that real estate industry has churned out all sorts of misfits and rogue agents.
The proposed measures are: Centralized Accreditation and Registration, Regulatory Framework, Dispute Resolution Center. With alarming and frequent number of complaints lodged on errand and rogue property agents, the Ministry of Development has reacted with necessary counter measures.
One key element in the proposal is Centralized Accreditation and Registration. A team of industry professionals would be tasked to oversee its operation. It will make registration mandatory for all agents and a database will be maintained to allow potential hirers to check the background of new job applicants.
This is largely intended to stem the situation of job hopping among agents, sometimes illegally holding multiple employments.
To put muscles into the proposal, a regulatory framework is also introduced. A new enforcement unit would be made responsible of dispensing demerit points to errant agents/agencies.
This is no doubt going to bring relief to consumers who are discouraged by the present system. The new tribunal intends to inject much anticipated booster to the public confidence by having real estate specialists sitting on it.The objective is to minimize the dispute-related cost on all sides and subsequently lead to fast resolution.
The initial funding of this tribunal would come from the government but this is done with a view to pass down the operation, and thus the funding, back to the industry.
But the government also stressed that this is not meant to replace the current agency level tribunal. The government would expect the current system to be in place and are looking to formulate guidelines and fine tune the process from this agency level tribunal to the official tribunal.
The implementation part of the proposal would be rolled out in phases and become fully operational. Policy makers are optimistic about the initiatives designed to address the dropping service level within the real estate industry and hopeful that it will eventually repair the damage done.
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