Sep 232020

Real Estate Scene in Singapore

Real Estate Scene in Singapore

In the course of my property profession journey, I have actually seen the unsightly and the lovely sides of this market in Singapore. Sadly, the hideous side takes most of the roles:

1) The astounding inadequate mindset of some real estate professionals;

2) The wrong education imparted by some group leaders from numerous agencies to their down-lines;

3) Customers are offenders as well. Yes.

4) Some solicitors with really little expertise of transportation treatments, try to prove their worth, press all the condemns to the realtors, so regarding escape, since, the word ‘lawyers’ brings even more weight than words ‘real estate agents’ I meant;

With all that, no surprise the stigma of ‘cowboy sector’ sticks to the industry, below in Singapore.

Agents with little or no understanding of their prospects’ demands, typically lose their time, their leads’ time and the co-broke representatives’ time, for self-center.

Team supervisors presenting wrong education to their down-lines, is the birth of underhanded agents.

Agencies and team supervisors that commonly grade themselves as the ‘1st’ in the market, cause the development of goose bumps throughout my body.This keeps showing up on the categorized advertisements every single day with:

‘The Number 1 Real Estate Agency’; or ‘The Number One Team in ABC Agency’.

In Singapore, most residential property purchasers favor to manage the primary property company as well as the top representative. In my point of view, this is over-rated. Customers are misdirected, confused and bewildered by many number 1s available.

Pages on the Singapore Classified Ads of The Straits Times will be a lot cleaner if the appropriate division from the Singapore Code of Advertising Practice keeps a watchful eye on this.

Consumers(Sellers/buyers) who do not appreciate the time of realtors and also owners, usually arrive late, without prior notice.No words of apologies when they have actually lastly come to the scene, an hour later.

Clients’ responsibility to pay GST to signed up agencies, decline to recognize the tax obligation, openly ask the real estate professionals to take in that expense, which is rightfully the formers’.

The step by the Singapore federal government to regulate the sector, with the recently developed Council for Estate Agencies (CEA) will certainly assist to eliminate the apparent. Stringent rules are set to fine as well as or jail dishonest representatives that attempt to perform pressure selling; dual depiction – obtaining compensations from both sellers and also customers.

The Consumers Association of Singapore (CASE) role is to protect the customers, which, I totally concur. However, there is a need to safeguard the agents as well. The underhanded and also amateur methods by solicitors and consumers should be explored as well.It is unfair to slap policies that punish all agents when there are agents that are legal, honest and straightforward, suffer from the strict policies being enforced by the Ministry of National Development (MND).

I guess, it is the beginning and the techniques will certainly be fine tuned as the industry grows, however, don’t take also lengthy please. The industry was provided the opportunity to self-regulate, it is a real pity that, the possibility was taken also freely, resulting the lost of 10 good years.8

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