Property agencies welcome new minimum transaction rule, seek safeguards for consumer ratings

Those who fail to meet the requirements and wish to return to the industry must retake and pass the real estate salesperson examination.

While three in four consumers surveyed in CEA’s 2024 Public Perception Survey expected their property agents to complete at least one property transaction per year, about 40 per cent of property agents do not meet this expectation today. 

“REASONABLE AND MEASURED”

Chief agency officer at PropNex Eddie Lim said the minimum transaction is a “reasonable and measured” benchmark.

This represents an average of one transaction per year. From 2023 to 2025, the median number of residential property transactions completed by each agent per year was two.

This figure covers only residential property transactions as CEA does not currently collect information on non-residential property transactions.

The new requirement also recognises different transaction types including residential, commercial, industrial, foreign property and en bloc transactions, Mr Lim said.

“The measures should contribute to a more current, committed and professionally engaged salesforce,” he said, adding that the framework provides different pathways for renewal.

Ms Avril Lee, key executive officer of OrangeTee and Tie by Realion Group, said completing at least three transactions over three years demonstrates a “basic level of practical exposure”.

The refresher examination provides an alternative structured pathway, especially for those who balance the profession with other commitments or specialise in niche, longer-cycle deals where transaction frequency is naturally lower, she added.

“But it is also important to note that professionalism is not defined by a single policy, or ticking the regulatory boxes,” she said.

“It should be a combination of competency, ethics, accountability and continuous learning, and more importantly, a genuine commitment to the client.

“An agent’s value is also built on relationship-building and complex negotiations, which will also require significant time and expertise.

“By ensuring agents stay active and up-to-date with industry practices, we are giving consumers the confidence that they are working with dedicated, current professionals.”