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Demerit System For Property Agents

>> Tuesday, September 29, 2009

At a forum organised by the Institude of Estate Agents (IEA), a demerit system similar to drivers was proposed. The forum was in response to the rising number of complains from customers of poor agent service and after National Development Minister Mr Mah Bow Tan highlighted several cases of unethical practices.

Similar to financial products, real estate is also a form of investment. Why are financial advisers regulated so strictly by MAS to sell financial products that sometimes cost as little $1,000, but there is totally no regulation on the sale of a property worth much more than $100,000?

Shouldn't the same strict standards be applied if not even more stringent. Housing is a basic need for everyone, yet why has it taken so many years before the regulators are finally taking notice of the importance to have licensing, regulations and a dispute resolution avenue.

Where is the urgency in implementing these even after realising this problem. Organising of a forum and discussing with no definite time frame seems like a lack of interest to address the rising concerns of the population in the management of the purchase and sale of their homes.

Compared to the removal of Interest Absorption Scheme (IAS) to "cool" the market, it was implemented literally overnight. Why are the authorities dragging their feet on this?

A quick reference for regulation can be drawn from the financial advising industry.




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