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 of the key elements of the proposal is a centralized licensing and
registration. Team of professionals will be to oversee the operation. In this way,
mandatory registration of all agents and the database will be observed for
potential tenants to check the background of new job seekers.
This is largely intended to stem the situation of job hopping among agents,
sometimes illegally holding multiple employments.
A new enforcement unit would be made responsible of dispensing demerit points to
errant agents/agencies.To put muscles into the proposal, a regulatory framework is
This is no doubt going to bring relief to consumers who are discouraged by the
present system. The new tribunal intends to inject much anticipated booster to the
public confidence by having real estate specialists sitting on it. The objective is
to minimize the dispute-related cost on all sides and subsequently lead to fast
Initial funding for this dish comes from the government, but that will be
transferred to the operation and the funds back into the industry.
But the Government also emphasized that it does not replace existing agency settled
the court. The government expects that the current system should be available, and
attempts to formulate the rules and fine-tuning of the process from the stands on
the official court of the agency.
The implementation part of the proposal would be rolled out in phases and become