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Do You Know Real Estate Industry In Singapore ? |
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Written by BillyChen
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Saturday, 23 January 2010 |
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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. Their presence has indeed cost Singapore's fine reputation as a well oiled engine.
by BillyChen
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. Their presence has indeed cost Singapore's fine reputation as a well oiled engine.
With alarming and frequent number of complaints lodged on errand and rogue property agents, the Ministry of Development has reacted with necessary counter measures. The proposed measures are: Centralized Accreditation and Registration, Regulatory Framework, Dispute Resolution Center.
One of the key elements of the proposal is a centralized licensing and registration. Team of professionals will be to oversee the operation. In this way, mandatory registration of all agents and the database will be observed for potential tenants to check the background of new job seekers.
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.
Initial funding for this dish comes from the government, but that will be transferred to the operation and the funds back into the industry.
But the Government also emphasized that it does not replace existing agency settled the court. The government expects that the current system should be available, and attempts to formulate the rules and fine-tuning of the process from the stands on the official court of the agency.
The implementation of the proposal would be rolled out in stages and fully operational. The policy makers are some initiatives to deal with declining services in real estate are optimistic and hopes to eventually repair the damage they cause to.
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