Thousands of poorly qualified real estate agents in Singapore set to go with introduction of new rul

[Nicholas Wallwork]

New regulations for property agents in Singapore that are due to come into being later this year are already having an impact with real estate agencies shedding thousands of staff.

The new rules, aimed at making the industry more professional and transparent, will mean the end of agents who have other jobs and are a step towards a requirement for all agents to have qualifications.

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[mortagage]

This is interesting. Maybe regulations should be enforced in other countries. When I worked as an estate agent in the UK most of my colleagues and competitors were of good character, informed and honest, but, in a market where alot of money could be made, there were some questionable types, who are not challenged by any regulatory board.

 

[dasimond]

With the regulation, it does weed out those part timer and improve the knowledge and standard of property agent. Again, this board does not really protect the poor agent instead it is set up to protect consumer, and thus many consumer are taking advantage of knowledge of this agent to their own benefit.

In Singapore, not every agents know all property type, example an agent specialise in commercial property may not know much of residential property, a HDB agent may not know much of private property. therefore is good to engage one that knows their strength.

 

[Longterminvestor]

It all comes down to trust, if investors and sellers do not trust Singapore real estate agents then this is a major problem. On the flip side of the coin, overly aggressive regulations can restrict innovation and enthusiasm.