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SINGAPORE: The requirement for property agents to complete at least three transactions over three years to get their licence renewed is fair, said property agencies on Tuesday (Jul 28) as they welcomed the new measure.<\/p>\n
The move, in line with the extension of validity periods for all property agency licences and agent registrations from one year to three years, would help to raise industry standards, they added.<\/p>\n
\u201cThe industry expects this to happen,\u201d said Mr Lee Sze Teck, senior director of data analytics at Huttons Group. He noted that the Council for Estate Agencies (CEA) had been engaging industry stakeholders on ensuring agents are up-to-date.<\/p>\n
Mr Lee said that the new measures \u2013 taken together with the requirement that property agents must complete 16 training hours per year to maintain their registrations \u2013 will raise the professionalism of property agents.<\/p>\n
\u201cThe consumer will also benefit because if the salesperson is current with the market, then they will be giving better advice to the consumer as well,\u201d he said.<\/p>\n
Senior Minister of State for National Development Sun Xueling announced the new measures on Tuesday, along with several longer-term measures that are being studied, including allowing consumer ratings for individual agents.<\/p>\n
Agents who do not meet the transaction requirement can instead pass a refresher examination to remain eligible for licence renewal.<\/p>\n
Those who fail to meet the requirements and wish to return to the industry must retake and pass the real estate salesperson examination.<\/p>\n
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.\u00a0<\/p>\n
Chief agency officer at PropNex Eddie Lim said the minimum transaction is a \u201creasonable and measured\u201d benchmark.<\/p>\n
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.<\/p>\n
This figure covers only residential property transactions as CEA does not currently collect information on non-residential property transactions.<\/p>\n
The new requirement also recognises different transaction types including residential, commercial, industrial, foreign property and en bloc transactions, Mr Lim said.<\/p>\n
\u201cThe measures should contribute to a more current, committed and professionally engaged salesforce,\u201d he said, adding that the framework provides different pathways for renewal.<\/p>\n
Ms Avril Lee, key executive officer of OrangeTee and Tie by Realion Group, said completing at least three transactions over three years demonstrates a \u201cbasic level of practical exposure\u201d.<\/p>\n
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.<\/p>\n
\u201cBut it is also important to note that professionalism is not defined by a single policy, or ticking the regulatory boxes,\u201d she said.<\/p>\n
\u201cIt should be a combination of competency, ethics, accountability and continuous learning, and more importantly, a genuine commitment to the client.<\/p>\n
\u201cAn agent’s value is also built on relationship-building and complex negotiations, which will also require significant time and expertise.<\/p>\n
\u201cBy 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.\u201d<\/p>\n<\/div>\n
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