For first-time or inexperienced homebuyers, searching for a new place can be a minefield of complications. While estate agents can help simplify the process, sometimes dealing with an agent can in itself be a complex matter. As such, the Council for Estate Agencies (CEA) has released an online document detailing helpful information on the process.
(Estate agents have often come under scrutiny for the profession, however the CEA are taking steps to eradicate this perceived negative stereotype.)
The online guide expounds on some of the rules and regulations that govern real estate agents’ behaviour. As such, it can highlight some facets for buyers to look out for, or clarify any misunderstandings a buyer may have. For example, one of the points explains that an estate agent should only represent one client at a time, and not concurrently represent both the buyer and a seller in a property deal, as this constitutes a conflict of interest.
To view the full guide, simply head to www.cea.gov.sg, hover on the consumer tab, and click on Consumer Resource, where you can then read the document “Consumer Tips for Engaging a Real Estate Salesperson”.
Set up in 2010, the CEA was created due to a surge in consumer dissatisfaction. There had been a rise in the number of property agents who were conducting business in unclear and unprofessional ways, leading to many complaints from buyers who felt taken advantage of. Actions such as referring their clients to moneylenders, for example, were in direct contradiction to the rules.
Some of the statements may seem obvious, but by spelling out the entire landscape of dealing with agents, the CEA will be able to help consumers know where they stand.
For example, one statement reads: “In any property transaction, you can choose not to be represented by any Estate Agent or Salesperson. The Estate Agent or Salesperson should not insist that you engage them or another Estate Agent or Salesperson.”
In an attempt to have a clearer oversight of property agent behaviour, the CEA has tightened some regulations. A rule set in place at the beginning of this year, for example, now means that all property agents must register with the CEA. Similarly, consumers can search public records for a specific property agent, which details whether any disciplinary action has been taken against them.
The guide also supplies contact details by which homebuyers can submit complaints. As of now, 1,400 complaints have been received. The most common grumble? Poor service and deceptive information.
Other information in the document includes samples of Estate Agent Cards, so that buyers can identify a registered agent, as well as a detailed explanation of how a salesperson’s commission works.
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Related Categories: Daily Property News and Updates, Real Estate Agents, For Agents
Tags: CEA, Council for Estate Agencies, Homebuyer, house, property, property agent, property agents Singapore, Real estate agent, salesperson, singapore property
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