The CEA put out a press release on 8 Feb announcing that the real estate agency industry will be further regulated.
The key point in the announcement is the publishing of property agents’ transaction records.
This will be done in phases. Transactions for HDB flats will be the first phase to be completed by end 2018 while private property transactions will be available by the end of 2019.
I think this is a big wake up call to property agents as the collective power of the consumer will be used to police them.
I think it likely that rogue agents and those who scam and cheat their clients (far fewer now) will not be able to cheat the system. The system being the ratings mechanism introduced by the CEA.
The change will bring greater transparency to an industry that is sometimes seen as un-policed and the wild west.
Also read: S$962 psf for an EC which is making records
Things have improved in the last 10 years with the introduction of technology and it is set to change even more.
A screenshot of the document released by CEA, BCA and MND as follows.
Full text of the announcement on transforming the real estate industry to be future ready as follows