Singapore Gets Tough on Real Estate Market
Coupled with non-existent requirement for qualification test or exam for the job holders, that probably explains the deteriorating service within this real estate industry. With the low entry barrier, the real estate agents make up 30,000 of Singapore's population of 4 million residents.
In response to the market that is rapidly losing faith in the code is an indicator of the level of real estate services, announced the Government of Singapore to clean multi-access points in an effort to review the situation. The proposed solutions are: Industry leading accreditation body, Enforcement Agency, Dispute Settlement Court.
This accreditation body would be headed by industry veterans.One significant part of the proposal is compulsory accreditation for all real estate agents. And it would make public a central database of agents to conduct background assessment of agents they intend to employ.
This public search facility would hope to resolve the job hopping issue that went undetected previously and put a stop on agents with multi calling cards.
An enforcement agency is recommended in the proposal as well.And it will also be responsible for handling out penalty in the form of demerit points. The enforcement agency will be on the look out for errant agents and the responsible agencies.
To a population who is increasingly losing faith to the existing system, this is definitely a timely booster.With the set up of experts led real estate dispute resolution tribunal, it is working to lead quick resolution of property related issues, and thus save money for all involved.
The government would set up the dispute resolution tribunal from its fund initially, but over time, the cost and the responsibility of running it would be handed back to the industry.
Going by the number of reported grievances, it is expected that this tribunal would be overwhelmed as it starts operation. For that reason, government insists that this is not a replacement for the existing agency level tribunal. This agency level tribunal would continue to serve its purpose and additionally function as a gate keeper for official Dispute Resolution Tribunal.
It would still be at least some months away before the proposal can be fully implemented and be checked against its effectiveness. But the government acknowledged the fact that all parties in this dilemma must work towards improving the present situation and government would also facilitate the program through public education. - 23200
In response to the market that is rapidly losing faith in the code is an indicator of the level of real estate services, announced the Government of Singapore to clean multi-access points in an effort to review the situation. The proposed solutions are: Industry leading accreditation body, Enforcement Agency, Dispute Settlement Court.
This accreditation body would be headed by industry veterans.One significant part of the proposal is compulsory accreditation for all real estate agents. And it would make public a central database of agents to conduct background assessment of agents they intend to employ.
This public search facility would hope to resolve the job hopping issue that went undetected previously and put a stop on agents with multi calling cards.
An enforcement agency is recommended in the proposal as well.And it will also be responsible for handling out penalty in the form of demerit points. The enforcement agency will be on the look out for errant agents and the responsible agencies.
To a population who is increasingly losing faith to the existing system, this is definitely a timely booster.With the set up of experts led real estate dispute resolution tribunal, it is working to lead quick resolution of property related issues, and thus save money for all involved.
The government would set up the dispute resolution tribunal from its fund initially, but over time, the cost and the responsibility of running it would be handed back to the industry.
Going by the number of reported grievances, it is expected that this tribunal would be overwhelmed as it starts operation. For that reason, government insists that this is not a replacement for the existing agency level tribunal. This agency level tribunal would continue to serve its purpose and additionally function as a gate keeper for official Dispute Resolution Tribunal.
It would still be at least some months away before the proposal can be fully implemented and be checked against its effectiveness. But the government acknowledged the fact that all parties in this dilemma must work towards improving the present situation and government would also facilitate the program through public education. - 23200
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posted by X - Men @ 12:12 PM
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