\n<\/p>\n
Ms Sun also announced a set of measures aimed at making the industry more transparent for both consumers and property agents.<\/p>\n
For one, CEA will begin collecting commission data from property agencies. Today, the industry celebrates and recognises top performers, she said.\u00a0<\/p>\n
“At the same time, we want prospective property agents to have a realistic picture of what a career in the real estate agency industry looks like,” she said.<\/p>\n
“We will be looking at the data and, in time, publish aggregated and anonymised industry-level information to help prospective property agents make better-informed career decisions. Now, to be very clear, we are not looking to publish individual property agents\u2019 commission figures.”<\/p>\n
A common concern raised by both property agents and consumers is the prevalence of inaccurate, fake, duplicated and unauthorised property listings, Ms Sun added.<\/p>\n
To address this, CEA has built on the work of the Alliance for Action on Accurate Property Listings and will be launching a full-scale platform to verify the authenticity of online listings next year.<\/p>\n
The regulator is also studying whether to publish consumers’ ratings of their property agents on the CEA public register, while making it easier for consumers to access the register.<\/p>\n
“We are also looking to require property agents and their clients to sign an Estate Agency Agreement and to disclose who the agents are collecting commission from before commencing work,\u201d she said.<\/p>\n
\u201cA signed agreement will give greater clarity to all parties and prevent downstream disputes,” she said.<\/p>\n
Ms Sun added that CEA plans to conduct a survey of property agents about their agencies to better understand how agencies support their agents.<\/p>\n
To help buyers and sellers make informed decisions, the government is studying whether to make HDB’s resale flat listing service the default listing platform for HDB flats, Ms Sun said.<\/p>\n
It is currently not mandatory for property agents and sellers to list HDB resale flats on the RFL service. Since its launch in May 2024, more than 12,500 verified listings have been published, with over 60 per cent of the flats listed proceeding to complete the transaction.<\/p>\n
“This is not intended to replace existing property portals, and property agents and sellers will still be able to continue advertising on other platforms as well,” Ms Sun said.<\/p>\n
The government is also studying whether consumers can list their properties directly on property portals, which would give consumers who wish to transact without engaging a property agent more visibility and options.<\/p>\n
The proposed changes follow other measures introduced by CEA this year.<\/p>\n
On Jan 1, CEA implemented a revised continuing professional development framework, which required property agents to complete 16 total training hours each calendar year.<\/p>\n
In June, the regulator also enhanced its public register, allowing consumers to access property agents\u2019 and agencies\u2019 enforcement records from the past three years.<\/p>\n<\/div>\n
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