Saturday, October 23, 2010

Regulation of Real Estate Agents

Only 6,600 applications in
as CEA comes into effect
The new statutory board set up to regulate real estate agents,
the Council for Estate Agencies (CEA), came into effect Friday.
Real estate agencies have until midnight on Friday to submit a list of their agents.
... there are about 30,000 agents in Singapore.


Lye Khuen Way said...

Can we infer then, that about only one in 5 Housing Agents we used to have are serious enough to register, or the other 4, are clueless of the situation ? We have to wait for some "Official" pronouncements. Some cooling-off period is in order.

Ray said...

I think we need to do more. We need to make property agencies pay their agents a basic salary (which must be paid irregardless whether the agent bring in sales for that month).

If you look at the insurance industry, the property industry and the MLM industry, they share 2 similarities. (1) A lot of consumer complaints. (2) No basic salary for salespeople.

Many electronics/ manufacturing/ construction/ IT/ Technology companies all pay basic salary for their salespeople.

Singapore's list of wealthy people comprise many from financial and property industry. Why can't these rich people provide a livelihood for their salespeople?

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