CNA : Real estate industry bodies collaborate to plug gaps in industry

Real estate industry bodies collaborate to plug gaps in industry
By Jonathan Peeris | Posted: 20 May 2010 2037 hrs

SINGAPORE: The Singapore Accredited Estate Agencies has identified some gaps in the real estate sector and it hopes to plug them before new rules to regulate property agents kick in later this year.

It's partnering the Singapore Institute of Surveyors and Valuers to help property agencies improve productivity through the use of technology.

Part of that initiative will focus on rolling out more courses for Continuing Professional Development.

This is in line with the government's plans to raise professionalism and accountability in the real estate sector.

The two industry bodies also hope to train property agents in mediation methods.

Tay Kah Poh, chairman, Singapore Accredited Estate Agencies Limited, said: "What we felt was lacking was the mechanism to help agents resolve dispute between themselves or agencies resolving disputes between themselves before it goes to an open court or litigation.

“It's not that we're venturing into this new. We've always had this idea. It's just that we realise now that the current regime because of its focus on consumers is somewhat lacking."

The collaboration will also make it easier for SAEA members to join the ranks of the SISV.

Currently, there are only 750 members of SISV who are in the real estate industry, a far cry from the 9,000 accredited agents of the SAEA. - CNA/vm