How the Establishment of CEA will Benefit Consumers?
All Salesperson are to pass Real Estate Salesperson Examination (RES)
In a bid to uphold the integrity and aptitude of Estate Agents and Salespersons, Council for Estate Agencies (CEA) proclaimed some time ago a directive which stipulates that Real Estate Agents are obligated to pass the Real Estate Salesperson Examination (RES). CEA also presented a new decision that part-time agents need to acquire their respective employer’s consent before being permitted to practice. Additionally, all registered Salespersons also have to embark on compulsory Continuing Professional Development (CPD) of 6 hours to ensure that they improve themselves and stay up-to-date of the most recent changes in policies and procedures related to real estate dealings. The amount of CPD hours will be amplified over time to increase the professional values of the industry.
Establishment of Council for Estate Agencies
The establishment of CEA i.e. Council for Estate Agencies, helps take cursory look and regulatory measures on Estate Agent or Salesperson that operate in complicity with any moneylender. The council operates with various government bodies to spot and probe such cases.
CEA will look into matters concerning feedbacks, complaints or information from the public and other sources in this regard. It will not hesitate to prosecute any Salesperson involved in Court as related offences will not be endured and once convicted by law, he or she will not be able or deem fit to transact as a Salesperson and will surface disentitlement by CEA from working in the industry.
All of these measures and watch by CEA is to provide transparency in real estate dealings and for proper security basis for consumers.
Generally with regards to the Estate Agents Act, Salespersons are not permitted to refer a customer to any moneylender, licensed or otherwise, or accept any commission or other benefit from any moneylender relating to moneylending transaction.
When such as above arises, consumers are recommended to report to CEA about any Salesperson who works in conspiracy with any moneylender. It operates meticulously with Police to hold down any unlawful activities that may involve the Salesperson and illegal moneylenders.
A clear scenario why CEA is stem about this policy is that when consumer loans cash from his/her salespersons, such act may be of conflict of interest and then he/she may want to recover his loan leading to a stage of conflicting with his responsibility in protecting the consumer’s interest in the property transaction.
In essence a salesperson you engaged should be able to advise you on any of your property transactions and should not be found referring you to any moneylender. Your housing agent may advise you on the monies required for any property deal but he will not play any role in defining how and to whom the sales proceed are to be disseminated.
CEA on Foreign Property Investment
In foreign property transactions, the CEA Consumer guide for Purchasing Foreign Properties also aid consumers from potential fail investment. Consumers should implement due diligence and not rush into purchasing any foreign property without cautiously bearing in mind his or her needs and the likely financial commitments. The CEA guide is designed to mitigate consumers’ risks in acquiring an overseas property by setting the due diligence checks on Singapore’s local estate agents and their salespersons.
Consumers can now enjoy a great measure of peace and convenience as the duty of the due-diligence instructions are placed on the Estate Agents and Salespersons. The CEA policies help to equip Singapore’s Estate Agents for the overseas property sector since several of them may only have worked with local developers, and possess no idea how to work with foreign developers and what to anticipate.
The guides will help a lot of local Estate Agencies and Salesperson from failing as they exploit foreign projects because they now have a broad checklist to qualify foreign. Such credentials comprise track records, contracts, corporate governance, and documentations amongst others. All of these go hand in hand in safeguarding the investor or consumer.
Lesser Housing Agents
With CEA policies on ground, the number of Salesperson has been reduced and this has been viewed as the right direction for providing better quality Housing Agents that will better address the needs of consumers who are ardent on property investment or purchase. It is widely accepted that the CEA guidelines is a positive approach and is set to fully protect the interest of not just the consumers but Salesperson.
Part of these benefits is also for Estate Agents to be able to deliver top rated customer services and highly advanced products that will fashion a more pleasing experience for property consumers and investors, aiding them make a more well versed decision.
In summary, the CEA is setup to help regulate the real estate market, and it offers due diligence and a complete detailed checklist of information that should be provided to consumers.
The Council for Estate Agencies (CEA) establishment is the consumers’ full protection and safety guide to transacting real estate in the property market.