Real estate companies have started registering their agents as the Council for Estate Agencies (CEA), the new statutory board established to regulate property agents in Singapore, begins operations today.
New and existing real estate companies can apply to the CEA for new licenses starting November 1.
Real estate companies are also obliged to register their agents under the new regulatory framework, which states that those doing estate agency work should be registered as salespersons before they can practise their profession.
Under a transitional arrangement by CEA, companies have until today to submit a list of existing agents who have completed at least three property transactions over the last two years or who have passed an industry examination.
Agents must then apply as a new salesperson and meet the full registration criteria including passing a new examination from CEA.
As of yesterday, a few hundred small real estate companies have submitted lists of agents who meet the transitional criteria, according to The Business Times. However, a majority of the larger companies have not yet made their submissions.
Agency chiefs in Singapore have estimated that the existing pool of over 30,000 agents will drop by a third to approximately 20,000 once the new rules kick in.
They also hope that the government’s move to establish CEA will guarantee that property agents and companies have enough knowledge to offer professional service while working in an ethical manner.
The establishment of CEA is a key milestone to protect consumer interest and raise professionalism in the industry, said Minister for National Development Mah Bow Tan.
CEA added: “The immediate focus for CEA is to prepare the estate agents (property firms) and salespersons to meet the higher standards of the enhanced licensing and new registration framework.”