The database shows the track record of agents and how active they are in transacting HDB flats.
Those keen to buy or sell HDB flats can now check the track record of their property agent online, after the Council for Estate Agencies (CEA) launched the first phase of the Property Agents’ Transaction Records Initiative on Friday (4 Jan).
With this, consumers can now view at the CEA Public Register details of completed HDB resale transactions per property agent over the last two years. Data includes the transaction completion date, the general location of the HDB flat, and whether the agent represented the buyer or seller.
According to ERA’s Key Executive Officer Eugene Lim, the database will help people choose which property agent to engage for their resale HDB deals, as it shows the track record of agents and how active they are in transacting such properties.
“This move did not come as a surprise for ERA. We have been preparing our agents well in advance for more information transparency in line with the rollout of the Real Estate Industry Transformation Map (REITM),” Lim said.
In fact, via a portal, ERA has been assisting clients find the best property agent by enabling them to view customer reviews, past transactions statistics, awards and trainings of each ERA agent.
“So our agents are no strangers to have their track record and customer reviews made available for public view. In fact, they see the value in it to help them build their business and rapport,” noted, Lim, adding that they will be working closely with CEA to implement Phase 2 of the initiative, which will cover private residential transactions.
Meanwhile, CEA revealed that the number of registered property agents in Singapore increased from 28,571 on 1 January 2018 to 29,146 during the same period this year. However, the total number of licensed property agencies fell from 1,269 to 1,229.
In particular, PropNex Realty emerged as Singapore’s largest property agency with a headcount of 7,400. This was followed by ERA Realty Network (6,490) and OrangeTee & Tie (4,056). Completing the top five are Huttons Asia (3,067) and Savills Residential (672).
“Notwithstanding a slight increase in the number of registered property agents compared to the same time last year, the industry continues to face a challenging road ahead with rising consumer expectations and technological disruption. In order to remain relevant, it is vital that the real estate agency industry keeps up its efforts to transform itself and enhance its professionalism,” noted Chia I-Ling, director for policy and licensing at CEA.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org