Support My Efforts By Visiting The Advertisers

Disclaimer

This is a personal blog. The opinions expressed here represent my own, not those of my employer and is not intended to malign any religion, ethnic group, club, organization, company, or individual.

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.

0 comments:

Disclaimer

Privacy

The owner of this blog does not share personal information with third-parties nor does the owner store information is collected about your visit for use other than to analyze content performance through the use of cookies, which you can turn off at anytime by modifying your Internet browser’s settings. The owner is not responsible for the republishing of the content found on this blog on other Web sites or media without permission.

Blog Comments

The owner of this blog reserves the right to edit or delete any comments submitted to this blog without notice due to;

1. Comments deemed to be spam or questionable spam
2. Comments including profanity
3. Comments containing language or concepts that could be deemed offensive
4. Comments that attack a person individually

Terms and Conditions

All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.

This policy is subject to change at anytime.

About This Blog

To promote the education of individuals for the need to have a healthy lifestyle and wealth management through proper financial planning, particularly in investments.




Top Blogs


Awards

There was an error in this gadget

Top Sites

  © Blogger templates Sunset by Ourblogtemplates.com 2008

Back to TOP