CEA eyes to publish property transactions and agent's ratings

It will be first rolled on HDB transactions from end-2018.

The Council for Estate Agencies (CEA) yesterday launched the Real Estate Industry Transformation Map, which defines the plans to improve the facilities management and transaction services in the real estate sector.

In a press release, CEA revealed that it will work with the industry to publish the property transactions closed by the agents. They plan to roll it out first on HDB residential transactions from end-2018 and on private residential transactions from end-2019.

In addition, CEA plans to collect and publish the consumer ratings of agents to improve accountability to their clients. “Apart from strengthening professionalism, this initiative will increase transparency to consumers, and give them greater confidence to continue engaging agents during this time of disruption.”

Moreover, a new Digitalised Property Transactions Workgroup, led by CEA, will develop digitalised contract templates and checklists that can be used by property agents and consumers by early 2020.

It will also work on a scheme that would facilitate the access of government property-related data such as property ownership details or check the work pass validity of a potential foreign tenant. “Firms can leverage on these data by streamlining and automating their internal process via digital platforms so that agents can focus on higher-value work.”