PropNex supports new MND proposal on industry regulation

Company sees Council for Estate Agencies as a body that furthers the professionalism of the industry.

One of Singapore's leading real estate agencies, PropNex Realty Pte Ltd, lauds the plan by the Ministry of National Development (MND) to create a new statutory board that will ensure higher standards of professionalism in the real estate agency industry, according to a PropNex statement.

"The problem of errant agents is a perennial one," says PropNex Corporate Communications Manager Mr Adam Tan. "Considering that MND first announced their intention to develop a new regulatory framework for estate agencies in August 2009, and the fact that agents who play moneylenders have been in the media spotlight recently, this is certainly welcome and timely news.

"As a prominent real estate agency, PropNex and its associates see the proposed statutory board, the Council for Estate Agencies (CEA), as an authoritative body that will at last introduce higher standards of entry for would-be real estate agents and maintain more stringent discipline amongst existing agents."

Mr Tan highlights certain criteria proposed under the new regulatory framework, such as mandatory professional indemnity insurance, mandatory continuing professional development (six hours annually) and no dual representation, as positive steps to take that will help raise the professionalism of the industry.

"As a long-time advocate of self-regulation," he points out, "PropNex has already made it compulsory for each of its agents to be covered by professional indemnity insurance. We also have a Continual Professional Development programme that requires each of our agents to fulfill 12 hours a year."

Mr Tan says that some teething problems are to be expected, and auditing the over 20,000 agents in Singapore may present some obstacles, but feels that such measures are not impossible to implement and that the long-term benefit of a more reputable real estate agency industry will be the worthwhile result.

"We also welcome a public registry of agencies and agents," concludes Mr Tan, "as this will place greater responsibility on both agencies and individual agents to ensure that they provide only the best possible service in discharging their professional duties. This greater transparency is something that the real estate agency industry has long needed."