January 23rd, 2010 
hot victory In an industry where the job entry barrier is set artificially low, it is perhaps no surprise that real estate industry has churned out all sorts of misfits and rogue agents. Their presence has indeed cost Singapore’s fine reputation as a well oiled engine.
With alarming and frequent number of complaints lodged on errand and rogue property agents, the Ministry of Development has reacted with necessary counter measures. The proposed measures are: Centralized Accreditation and Registration, Regulatory Framework, Dispute Resolution Center.
A team of industry professionals would be tasked to oversee its operation.It will make registration mandatory for all agents and a database will be maintained to allow potential hirers to check the background of new job applicants.One key element in the proposal is Centralized Accreditation and Registration.
This is largely intended to stem the situation of job hopping among agents, sometimes illegally holding multiple employments.
To put muscles into the proposal, a regulatory framework is also introduced. A new enforcement unit would be made responsible of dispensing demerit points to errant agents/agencies.
This is no doubt going to bring relief to consumers who are discouraged by the present system. The new tribunal intends to inject much anticipated booster to the public confidence by having real estate specialists sitting on it.The objective is to minimize the dispute-related cost on all sides and subsequently lead to fast resolution.
Initial funding for this dish comes from the government, but that will be transferred to the operation and the funds back into the industry.
But the government also stressed that this is not meant to replace the current agency level tribunal. The government would expect the current system to be in place and are looking to formulate guidelines and fine tune the process from this agency level tribunal to the official tribunal.
The implementation of the proposal would be rolled out in stages and fully operational. The policy makers are some initiatives to deal with declining services in real estate are optimistic and hopes to eventually repair the damage they cause to.
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