Real Estate
Singapore Government Repairs Tarnished Properties Industry
December 16, 2009 by Billy Chen · Leave a Comment
With a workforce of 30,000 real estate agents servicing the 4 millions residents in Singapore, the housing market here is really deplorable with atrocious service quality. The fact has not escaped the attention of the government.
Responding to newly compiled number of complaints against real estate agents, Singapore government put up three-pronged initiatives to reverse the situation. And these initiatives are: Accreditation Registry, Enforcement Framework, Dispute Resolution Tribunal.
The proposal is the primary accreditation agency, which is a registration mandatory for all brokers. The accreditation body is likely to lead a team of industry experts. The body is planning on a central register of the Agency should be reviewed in the context of estate agents which are potential recruits.
The aim is to free movement of substances, more than 1,700 offices, stamp, address and unscrupulous agents, who for several well-known employers
To send a signal that it stop a serious mistake to. The government has also put up en recovery for potential offenders. It is likely, the state agency to hand out punishment in the form of weakness, pointing to the wrong-doing on the content and the agency side.
With the authorities coming into the fray, it is hoped that this would provide a more effective resolution as compared to the more conventional tribunals conducted by the offending agents’ agencies. This could potentially help both consumers and agents to save money on dispute-related cost and ultimately lead to quick resolutions by all parties.
Government will fund the formation of this tribunal initially but it is expecting the industry itself to foot the bill once it is more established.
Expectations are that agency would continue with this practice, and government may consider putting regulation in place to make sure the existing tribunal system to play its role as the first level peace maker.But the government maintained that this is not to do away with the existing agency level tribunal.The other reason is of course to prevent the flood of complaints heading to the government sanctioned tribunal board judged by the current unhappiness.
In the mean time, the proposal is greeted with mixed feelings.Industry insiders are lamenting that the current proposal would not go far enough to eradicate the long standing ethical problem but policy makers are happy that government is making the first step towards overall improvement.It would be at when the proposal will get passed into laws.
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