New rules in Singapore aimed at driving out rogue property agents from the real estate business will take a few years to work, says Consumer Association of Singapore (Case) director Seah Seng Choon as reported in the Straights Times.
Property agents are the sixth-most complained about professions in Singapore. In 2009 Case received 1,079 complaints against property agents for poor service and making misleading claims. A code of conduct for the property industry was announced last month which will be enforced by new statutory body the Council for Estate Agencies (CEA).
“It’ll take a few years for agents and consumers to be more familiar with the rules. That’s when I expect the complaints to go down,” said Mr. Seah at a PropNex Realty convention in Suntec City.
The new code of conduct bans agents from representing both buyer and seller, or referring clients to moneylenders. They must also have a system for handling complaints and follow advertising guidelines. Those with fraud convictions will not be allowed to register.
The three most complained about sectors last year were timeshare (2,523 cases), beauty (2,060 cases) and education (1,843 cases). CEA has the authority to fine, suspend or revoke the licences of property agents who break the rules. From Jan 1, 2010, only CEA-registered agents will be allowed to work.
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