In industry, the barriers to entry into the labor market is set artificially low, it's probably no surprise that the real estate industry in the stomach for a variety of existence and untrustworthy agents. Their presence is actually the price of Singapore's reputation as a well-oiled machine.
With alarming and frequent number of complaints lodged on errand and rogue property agents, the Ministry of Development has reacted with necessary counter measures. The proposed measures are: Centralized Accreditation and Registration, Regulatory Framework, Dispute Resolution Center.
One key element in the proposal is Centralized Accreditation and Registration. A team of industry professionals would be tasked to oversee its operation. It will make registration mandatory for all agents and a database will be maintained to allow potential hirers to check the background of new job applicants.
This is largely intended to stem the situation of job hopping among agents, sometimes illegally holding multiple employments.
To put muscles into the proposal, a regulatory framework is also introduced. A new enforcement unit would be made responsible of dispensing demerit points to errant agents/agencies.
This is no doubt going to bring relief to consumers who are discouraged by the present system. The new tribunal intends to inject much anticipated booster to the public confidence by having real estate specialists sitting on it. The objective is to minimize the dispute-related cost on all sides and subsequently lead to fast resolution.
The initial funding of this tribunal would come from the government but this is done with a view to pass down the operation, and thus the funding, back to the industry.
But the government also stressed that this is not meant to replace the current agency level tribunal. The government would expect the current system to be in place and are looking to formulate guidelines and fine tune the process from this agency level tribunal to the official tribunal.
The implementation of the proposal would be rolled out in stages and fully operational. The policy makers are some initiatives to deal with declining services in real estate are optimistic and hopes to eventually repair the damage they cause to. - 30462
With alarming and frequent number of complaints lodged on errand and rogue property agents, the Ministry of Development has reacted with necessary counter measures. The proposed measures are: Centralized Accreditation and Registration, Regulatory Framework, Dispute Resolution Center.
One key element in the proposal is Centralized Accreditation and Registration. A team of industry professionals would be tasked to oversee its operation. It will make registration mandatory for all agents and a database will be maintained to allow potential hirers to check the background of new job applicants.
This is largely intended to stem the situation of job hopping among agents, sometimes illegally holding multiple employments.
To put muscles into the proposal, a regulatory framework is also introduced. A new enforcement unit would be made responsible of dispensing demerit points to errant agents/agencies.
This is no doubt going to bring relief to consumers who are discouraged by the present system. The new tribunal intends to inject much anticipated booster to the public confidence by having real estate specialists sitting on it. The objective is to minimize the dispute-related cost on all sides and subsequently lead to fast resolution.
The initial funding of this tribunal would come from the government but this is done with a view to pass down the operation, and thus the funding, back to the industry.
But the government also stressed that this is not meant to replace the current agency level tribunal. The government would expect the current system to be in place and are looking to formulate guidelines and fine tune the process from this agency level tribunal to the official tribunal.
The implementation of the proposal would be rolled out in stages and fully operational. The policy makers are some initiatives to deal with declining services in real estate are optimistic and hopes to eventually repair the damage they cause to. - 30462
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