Pages

Wednesday, 25 July 2012

The Real Estate Scene in Singapore

In the course of my real estate career journey, I have seen the ugly and the beautiful sides of this industry in Singapore. Unfortunately, the ugly side takes most of the roles:

1) The unbelievable poor attitude of some realtors;

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

3) Customers are culprits too. Yes.

4) Some solicitors with very little knowledge of conveyance procedures, try to prove their worth, push all the blames to the realtors, so as to get away with, because, the word 'solicitors' carries more weight than the word 'realtors' I supposed;

With all that, no wonder the stigma of 'cowboy industry' adheres to the industry, here in Singapore.

Agents with little or no knowledge of their prospects' requirements, often waste their time, their prospects' time and the co-broke agents' time, in the name of self-center.

Team managers imparting wrong education to their down-lines, is the birth of unethical agents.

Agencies and team managers who often grade themselves as the '1st' in the industry, cause the formation of goose bumps all over my body.This keeps appearing on the classified ads every single day with:

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

In Singapore, most property buyers prefer to deal with the number one real estate company and the number one agent. In my opinion, this is over-rated. Clients are misled, confused and overwhelmed by many number 1s out there.

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

Customers(Sellers/buyers) who do not respect the time of realtors and owners, often arrive late, without prior notice.No words of apologies when they have finally arrived at the scene, an hour later.

Customers' responsibility to pay GST to registered agencies, refuse to acknowledge the tax, openly ask the realtors to absorb that expense, which is rightfully the formers'.

The move by the Singapore government to regulate the industry, through the newly formed Council for Estate Agencies (CEA) will certainly help to eliminate the obvious. Strict rules are set to fine and or jail unethical agents who try to perform pressure selling; dual representation - receiving commissions from both sellers and buyers.

The Consumers Association of Singapore (CASE) role is to protect the consumers, which, I fully agree. However, there is a need to protect the agents too. The unethical and unprofessional practices by solicitors and consumers must be looked into as well.It is not fair to smack rules that penalize all agents when there are agents who are lawful, ethical and honest, suffer from the strict rules being imposed by the Ministry of National Development (MND).

I guess, it is the beginning and the approaches will be fine tuned as the industry grows, but, don't take too long please. The industry was given the opportunity to self-regulate, it is a real pity that, the opportunity was taken too loosely, resulting the lost of 10 good years.

20 comments:

  1. All the tips and tricks of the trade of the real estate market in Singapore. An informative post on the topic.

    ReplyDelete
  2. This comment has been removed by the author.

    ReplyDelete

  3. Thanks for sharing points in your blog. I have read your blog. keep my some relevant informations
    property in singapore
    real estate singapore
    bartley ridge
    new launch at mount vernon

    ReplyDelete
  4. Luxury property Singapore can be considered by those people who like to purchase their investments.It is best if you consider the assistance of real estate agent for your concern. Thanks again for sharing.

    ReplyDelete
  5. Great info. I will bookmark your blog and follow your future content. So I adhere to this site for collecting some important and useful article for post and sharing with some of my friends.
    Real Estate Agency
    Houses For Sale In Lisbon
    Property For Sale Lisbon

    ReplyDelete
  6. Very nice and helpful information has been given in this article.I want to buy some property in Australia with help of some Low commission real estate agents I like the way you explain the things. Keep posting. Thanks..

    ReplyDelete
  7. Many thanks with regard to discussing since it is a superb publish so want to study your own long term publish.
    We additionally reveal some thing.

    Lakeside Jurong MRT Condo in Singapore will be accessible via Lakeside MRT station as well many of the buses along Boon Lay Way. It is also a short drive to Pan Island Expressway (PIE).

    ReplyDelete
  8. In actuality well-to-do content and exceedingly handy information. I got it my clarification from over here. I decidedly propose his/her workings with the handy edifying information. Thanks a lot……… Outsourced IT Fort Lauderdale

    ReplyDelete
  9. If you spend a little time doing proper research online to get the most interesting condominium on the market, I believe that the Internet can help you find one like when you visit a trusted website to help you - www.sculpturaardmore.com

    ReplyDelete
  10. Truly tremendous vocation with the blog. I do reminiscent of your tough occupation and will stop for more post from you as post gave me pleasure and gives some helps to do same work right here. Thanks a lot…………………………kids writing

    ReplyDelete
  11. This is the initial instance I stopover this blog. Really this is grand employment with the blog. It is incredibly happiness to acquire it as I got gigantic helps right here. I exceedingly be pleased about the bloggers workings and will kill time for more post from the admin. writing camp

    ReplyDelete
  12. First of all thanks for the post. In truth it is breathtaking post. I do be fond of your stiff workings and be pleased about your thought. I can pass on you another site where one can find huge assistances regarding schooling. To learn moirĂ©, please click here. Thanks……writing summer camps

    ReplyDelete
  13. Gambet88 adalah pilihan yang tepat untuk anda jadikan sebagai Bandar Judi Bola Online Terbaik Dan Terpercaya Di Indonesia. Kepuasan anda penting untuk gamebet88, gamebet88 akan selalu berusaha yang terbaik dan tercepat untuk mendapatkan kepercayaan dari anda untuk memilih gamebet88 sebagai agen bola terbaik pilihan
    agen judi bola online terpercaya

    ReplyDelete
  14. Global IT Services Company of Sacramento, CA provides IT services, web application design, systems integration and IT staffing solutions throughout CA.
    health care services

    ReplyDelete
  15. Really awesome work with the blog. I do like your hard work on and will wait for more post as from you as post gave me pleasure and gives some helps to do same work right here. Thanks a lot………… home depot storage cabinet

    ReplyDelete
  16. Gets an insight of home shelving ideas from the expert and user reviews before you decided to buy one from your trusted store shelving.mavencreation.com

    ReplyDelete
  17. In reality prosperous content and extraordinarily functional information. I got it my elucidation from now. I vastly counsel his/her moving parts with the functional enlightening information. Thanks a lot………..Real estate Marbella

    ReplyDelete
  18. We provide our Clients with the comfort they need by maintaining a track record of dependability and quality work! Working with Simplified Roofing will save you money AND provide your home with a high quality roof.
    Emergency Roofing Cypress

    ReplyDelete

Recent Comments

adsense mentalis

Related Posts