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Move to license property agents amid rising complaints

Jessica Cheam

Tue, Sep 25, 2007
The Straits Times

THE recent property boom in Singapore has seen homes change hands at a frenzied pace.

As the number of properties sold continues to rise, so has the number of complaints against one of the industry's main player: property agents.

This has led to renewed calls for a stronger industry watchdog to be formed to regulate them.

MP for Aljunied GRC Mr Yeo Guat Kwang said at the Institute of Estate Agent's (IEA) public forum on Tuesday that all property agents may have to be licensed in the future.

The president of the Consumers Association of Singapore (Case) said Case and IEA were in talks to regulate these agents.

This could be in the form of a proficiency test that every agent has to pass before being allowed to operate, said Mr Yeo.

Currently, estate agents do not need a licence to operate, but they have to join a licensed property agency. These licenses are issued by the Inland Revenue Authority.

Case said that the number of complaints against the real estate industry had almost doubled in the last two years.

Mr Yeo added Case received 991 complaints last year, up from 672 in 2005, and 469 in 2004.

Mr Jeff Foo, president of the IEA said that mandatory regulation for estate agents was 'overdue', especially given the current bullish property market.

The IEA also launched its new 'practicing certificate' for all its members on Tuesday.

It gives the identification number of the agent, who is required to comply with IEA's strict guidelines and code of conduct.

Besides giving agents more credibility, the certificate will help home owners to select agents with more confidence, said Mr Foo.

The IEA also announced a new tie-up with NTUC, which will extend social benefits to IEA members.

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