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.
And these initiatives are: Accreditation Registry, Enforcement Framework, Dispute Resolution Tribunal.Responding to newly compiled number of complaints against real estate agents, Singapore government put up three-pronged initiatives to reverse the situation.
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 objective is to stamp the free flow of agents across the 1,700 agencies and also to address unscrupulous agents who are known to have multiple employers
To send signal that it is serious about stopping the bug. The government also put up en enforcement framework for possible offenders. This is likely a government agency tasked to dish out penalty in the form of demerit points to any wrong-doing on the agents as well as agencies sides.
The offices come to fight, it is hoped that this would be a more effective solution to conventional criminal courts of the agents ‘agencies. This could help consumers and agents to save money on the dispute with the charges and ultimately lead to a rapid solution for 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.
It would be if the proposal is passed into law. Until then, the proposal has been received with mixed feelings. Industry insiders are complaining that the current proposal does not go far enough removed to ethical problem for too long, but the politicians are happy that the government takes the first step towards the general improvement.
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