Industry regulation of estate agents overdue

I REFER to the article, ‘Case, property body seek licensing of housing agents’ (ST, Sept 26).

I fully support the move towards industry self-regulation of real-estate agents by the Institute of Estate Agents (IEA). It is long overdue.

The launch of a ‘practising certificate’ for all its members is a step forward. It is not surprising that the IEA is doing so as, for years, it had sought to regulate estate agents.

With IEA as the national regulatory body, consumers can be sure of better control over housing agents.

Perhaps the relevant government body can recognise, endorse and support IEA’s new initiative at self-regulation.

The Consumers Association of Singapore (Case), HDB, the Small Claims Tribunal, Immigration and Checkpoints Authority and now NTUC have been working closely with IEA because they recognised it as the proactive body representing real-estate agents. Over the last year or so, IEA has also been more proactive in organising public forums and educational talks for both agents and consumers.

Both Mr Yeo Guat Kwang, president of Case, and Mr Lim Swee Say, Minister, Prime Minister’s Office, have voiced their support for the IEA initiative to promote high standards of professionalism and integrity in real-estate agents. Self-regulation will boost the image of agents as well as the interests of consumers. The latter will now have a body that they can turn to for redress.

It is timely that real-estate agents be regulated because of the rise in complaints, as reported by Case.

Dave Lau
Executive Director, Roof Real Estate Group

Source : Straits Times - 3 Oct 2007