Singapore Sets the Rules for Properties Industry
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.
The proposed measures are: Centralized Accreditation and Registration, Regulatory Framework, Dispute Resolution Center. With alarming and frequent number of complaints lodged on errand and rogue property agents, the Ministry of Development has reacted with necessary counter measures.
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 mainly to stop the situation of employment hopping between the agents, even illegally, with more jobs.
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 undoubtedly bring relief to consumers who discouraged by the current system. New court intended that the much-anticipated public confidence booster, real estate professionals to bring him sat. The goal is to minimize the costs lead from all sides, and subsequently to a rapid solution.
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.
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