The public can view the records of all property agents’ transactions on the CEA’s public register.
Consumers can now view the complete record of all residential property transactions facilitated by property agents within the last 24 months.
These records, which come under the Property Agents’ Transaction Records Initiative, may be viewed on the Council for Estate Agencies’ (CEA) public register.
Among the details in these records are the completion date of the transaction, general location of the property as well as the party represented by the property agent in the transaction, which could be resale and rental of HDB unit as well as new sales, resale and rental of private homes.
Under the amended Estate Agents Act, it is mandatory for property agents to submit their residential property transactions to the CEA.
Property agencies should “ensure that the information is true and not misleading for publication in the public register”, said CEA.
For HDB resale transaction records, the information will be provided directly to the CEA by HDB.
The transaction records for each month will be updated on the 15th of the next month.
“Records older than 24 months from the date of access are available at data.gov.sg,” added CEA.
Soh Cheng Hwee, Director (Licensing) of CEA, explained that the Property Agents’ Transaction Records Initiative is aimed at empowering consumers to make an informed decision when choosing a property agent to engage “by providing more data on the residential transactions which the agents have facilitated”.
The initiative is among the several under the Real Estate Industry Transformation Map launched in February 2018 “to enable property agencies and agents to raise professionalism and build stronger client relationships”.
Soh noted that property agents can also benefit from the initiative.
“Property agents can also use these verified records to show their professional experience and specialisation in the kinds of residential transactions they have facilitated, as a way of gaining consumer confidence,” he said.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.