Latest news with #propertyagents
Bloomberg
10-07-2025
- Business
- Bloomberg
A Start for Housing
By Morning, I'm Chloé Meley In an encouraging sign for the UK's property market, lots of people knocked on real estate agents' doors last month.
Irish Times
30-06-2025
- Business
- Irish Times
One major sanction imposed after more than 270 complaints against property agents
Over 270 complaints were processed against property agents including auctioneers, estate and letting agents and property management agents in 2024, according to the regulator. However, only one of 274 complaints concluded had resulted in a major sanction, according to the Property Services Regulatory Authority (PSRA) . The statutory body responsible for licensing and regulating property services in the State published its annual report on Monday. A complaint in 2023 relating to a property agent misappropriating client funds led to a major sanction prohibiting the agent from applying for a new licence for six months. READ MORE Sixty per cent of the 274 complaints lodged last year were concluded without the need to appoint a PSRA investigator after an initial assessment; 6.5 per cent were ultimately withdrawn; and 4.3 per cent remained under review at the end of 2024. Of 68 complaints requiring investigation, 55 instances of improper conduct were found, while 12 showed no improper conduct. Eighteen cases held up 'a combination of breaches'. [ Agent who allegedly let out 17 overcrowded properties to migrants disputes claims against him Opens in new window ] Most complaints related to a client being dissatisfied with the service the property agent provided. Others included bidding issues, the retention of money by a property service provider, and ethical conduct. The 2024 figures represent a slight drop in the number of complaints filed in the year previous (281), which itself was an increase on 2022's figure of 205 complaints. The PSRA also conducted 406 anti-money laundering audits last year, in which 89 per cent of businesses were found to be compliant. Areas of noncompliance were identified in 45 businesses, most often for failure to conduct adequate business and client risk assessments and customer due diligence. PSRA chairman Michael Quinlan said the authority maintains 'an ongoing commitment and proactive approach to the safeguarding of consumer protection and to maintaining oversight and professionalism in the property services sector'.
CNA
18-06-2025
- Business
- CNA
92% of Singapore consumers satisfied with their property agents' services: CEA survey
More consumers were satisfied with their property agents last year than in 2021. A survey by the Council for Estate Agencies showed a marked improvement of 92% satisfied consumers compared to the previous 77%. Over 1,500 people took part in the poll conducted from October to November 2024. Consumers cited three top ways agents can value-add, including making faster transactions, helping with paperwork and securing better prices or rent.
Yahoo
18-06-2025
- Business
- Yahoo
3 in 4 consumers want property agents to stay updated by closing at least one deal a year: Survey
SINGAPORE - Three in four consumers expect property agents to facilitate at least one transaction per year so that they stay familiar with the latest rules and guidelines. A public perception survey of the real estate agency industry also showed a record high of 92 per cent consumer satisfaction with property agent services. While consumers were satisfied with the services, the survey found that they hoped property agents would improve in several areas, said Senior Minister of State for National Development Sun Xueling on June 18. One such area was conducting checks to ensure that property transactions are carried out in line with the laws and regulations, according to the survey by the Council for Estate Agencies (CEA). Ms Sun was speaking to property agents at the Singapore Estate Agents Conference held at the Lifelong Learning Institute in Paya Lebar. The conference is organised by the Singapore Estate Agents Association (SEAA). The survey found that 74 per cent of respondents expected property agents to close at least one deal each year. Ms Sun said consumers also wanted agents to improve their understanding of client needs and offer relevant professional advice, as well as negotiate better prices and terms for their clients. CEA said in December 2024 that it was assessing whether property agents should be required to facilitate a minimum number of transactions in order to renew their licence, following concerns raised during industry engagement sessions. When asked about the status of the review, a CEA spokesman referred The Straits Times to its December statement. More than 1,500 respondents participated in the CEA survey from October to November 2024. Of these, 1,004 respondents had engaged property agents in the year before the survey, and the remaining 505 respondents were considering to do so within two years. Consumer satisfaction was at a record high of 92 per cent, compared with 77 per cent in 2021 and 85 per cent in 2018. The survey is conducted every three years. Ms Sun said: 'This is the highest since the survey was first conducted in 2012, and is a testament to the industry's sustained efforts in uplifting professional standards and strengthening consumer trust.' Singapore must remain committed to combatting money laundering and terrorism financing in order to remain a clean and trusted financial centre for business and property transactions, she said. Property agencies and agents are crucial gatekeepers in protecting the real estate sector from illicit activities, which is why the Ministry of National Development in April passed a Bill to strengthen penalty frameworks, she added. The Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill was passed to impose the maximum penalties on a per-breach basis rather than a per-case basis. Property agencies and agents will also be required to conduct due diligence measures on unrepresented counterparts. Ms Sun also lauded efforts by property agents to use artificial intelligence apps and tools developed by their agencies to generate information for their clients, such as property trends and financial calculations. Agencies should also continue to digitalise and streamline the property transaction process to provide better and faster customer service, she said. At the conference, SEAA president Adam Wang announced that SEAA and the Institute of Estate Agents have merged to form a new industry body – the Singapore Institute of Estate Agents. With over 15,000 property agents and agency leaders as members, the body will represent their interests as well as work with the Government to advance professionalism and long-term industry sustainability, he added. SEAA said in a statement that the proposed name is currently pending approval from the Registry of Societies. There were a total of 36,058 registered property agents and 1,046 property agencies at the start of 2025, according to CEA's website. On June 18, a new platform to facilitate co-broking among the members of SEAA was launched. Co-broking refers to a situation where two or more salespersons, representing different parties in a transaction, work together to complete the deal. Mr Wang said the platform, which was developed by property portal EdgeProp, allows its members to post and collaborate on property listings in a secure space. 'It helps address rising operational costs for agents and reinforces SEAA's commitment to equipping our members with innovative, effective tools,' he said. The launch comes amid rising costs of agent packages over the years, with PropertyGuru's packages costing $1,400 to more than $20,000 in 2025. The platform by SEAA and EdgeProp will be free for members until the end of 2025. Thereafter, they will have to pay a subscription fee – at an affordable rate, said SEAA. Isabelle Liew is a journalist at The Straits Times. She covers housing issues in Singapore, with a focus on public housing. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
CNA
18-06-2025
- Business
- CNA
92% of Singapore consumers satisfied with services provided by property agents: Industry regulator survey
SINGAPORE: More than nine in 10 consumers are satisfied with the services provided by their property agents, according to a survey published by the Council for Estate Agencies (CEA) on Wednesday (Jun 18). The survey found that 92 per cent of consumers felt this way, up from 77 per cent in 2021, the last time the survey was done. The figure was also the highest seen since the poll was first conducted by the industry regulator in 2012. The latest survey was carried out online between October and November last year. Those polled include 1,004 consumers who had engaged a property agent in the year before and 505 potential consumers who were considering engaging one in the next two years. The number of property agents in Singapore is now at an all-time high – at 36,058 registered agents as of Jan 1. This is despite the emergence of tech-savvy buyers embracing do-it-yourself property transactions over the years. In 2024, the Housing and Development Board (HDB) also rolled out a listing service to make it easier for people to buy and sell HDB flats on their own. CEA said its survey showed that consumers continue to find value in engaging property agents for reasons such as faster transactions (45 per cent), help with procedures and paperwork (44 per cent), and to secure better property prices or rents (42 per cent). When engaging an agent, 45 per cent of consumers considered the reputation and track record of a property agency, as well as that of the agent. Forty-four per cent of respondents looked out for positive online ratings and reviews, while 43 per cent considered recommendations from friends and family. CEA said there was 'high' consumer awareness that commissions paid to property agents are negotiable, with 79 per cent of those polled indicating so. Of these consumers, 85 per cent negotiated on commissions. Eighty-two per cent of consumers were also aware that they are encouraged to make use of estate agency agreement forms offered by the CEA to reduce potential disputes. The CEA currently offers eight types of agreements covering various residential property transactions. It recommends the use of these forms as contracts between customers and their agents to prevent disputes over commission rates, the type and level of service provided by an agent, and other terms and conditions. Of those polled, 88 per cent said they were asked to sign these agreements, and 65 per cent did so before the property agent commenced work. On areas of improvement, 43 per cent of consumers hoped that property agents could better understand client needs and offer relevant advice, especially during the introductory stage of a transaction. Other areas included conducting relevant checks to ensure that transactions are carried out in line with laws and regulations (40 per cent), and the negotiating of better prices and terms for customers (38 per cent). AGENTS SHOULD COMPLETE AT LEAST ONE TRANSACTION A YEAR The CEA survey also sought feedback on 'recent topics involving the real estate agency industry', such as expectations for property agents to be up to date with the latest rules and guidelines on the property transaction process. On that, 74 per cent of consumers expected property agents to facilitate at least one property transaction a year to remain registered as an agent. CNA had previously reported that CEA was reviewing whether to require property agents to facilitate a minimum number of transactions to remain registered. The review stems from concerns raised during industry engagement sessions about the "potential risks" posed by inactive agents, a CEA spokesperson told CNA in December last year. Of its latest survey, the industry regulator said while property consumers appreciate the value of property agents, 'there is rising expectation of property agents to remain professional and up to date in their knowledge of rules and regulations in the property transaction process'. The regulator will continue to work closely with industry partners to raise standards and give consumers greater confidence, said CEA executive director Chan Khar Liang. NEW INDUSTRY BODY It was also announced on Wednesday that the Singapore Estate Agents Association (SEAA) and the Institute of Estate Agents will merge to form a new industry body called the Singapore Institute of Estate Agents. The merger comes at a time when the real estate industry is undergoing rapid changes such as digital transformation and heightened regulatory focus, the two industry associations said in a joint statement. The new entity, currently pending approval from the Registry of Societies, will 'provide a united front' to address these challenges, while fostering innovation and collaboration within the sector. Senior Minister of State for National Development Sun Xueling called this 'an important milestone' for the sector. 'With a collective strength of over 15,000 property agents and agency leaders, I look forward to the new industry body representing the interests of property agencies and agents, and working with the government to advance professionalism, capability development, and long-term industry sustainability,' she said. Speaking at an industry conference organised by the SEAA, Ms Sun also urged the industry to continue its momentum on digitalisation and remain vigilant on compliance. On the latter, she noted that property agencies and agents serve as crucial gatekeepers, alongside financial institutions and legal practitioners, in protecting Singapore's real estate sector from illicit activities. This is why tougher financial penalties to combat money laundering in the property sector were passed by parliament in April. Property agencies and agents will also be required to conduct due diligence measures on 'unrepresented counterparties', not just on their clients, as part of the law amendments. 'I would like all of us to recognise that laws are put in place to safeguard ourselves,' said Ms Sun. 'The vast majority of real estate agents are, of course, law-abiding and professional, but we have to put in place laws to make sure that we weed out the bad actors who can tarnish our sector's reputation.'
