Invest in Singapore Ethics framework for Property agents - Not more exams

Head of Property agent need to focus on ethics, not exams
Article by: www.PropertyBUYER.com.sg


We applaud the creation of a regulatory body to regulate the Singapore Property agents.

The below is an excerpt from a news published by the Asiaone.com.sg on 13th Dec 2009.

"MND in October shared some details of the new regulatory framework that it is proposing for the real estate industry, which includes the creation of a new government agency to take on enhanced regulatory powers.

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...
The move came as property agents here have come under increasing fire over the last few years for not having the right qualifications and for unethical practices. Minister for National Development Mah Bow Tan commented in March this year that the status quo was 'not tenable' and that the whole system was 'not satisfactory'.

Legislative enactment is expected by the second half of next year once the key elements are unveiled.

With the planned changes, agents' activities will be monitored more closely and rules enforced more keenly. For example, real estate agents will no longer be allowed to be freelancers (agents who are not contracted with any accredited agencies). They will also be prevented from representing more than one agency.

Agents must also pass an industry examination and be accredited by a new accreditation body (to be set up next year) before they can practise."

http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20091211-185327.html

There seems to be an overly keen focus on Examinations

There is a lot of talk about agents will be monitored more closely and they cannot represent more than one agency. These protect the rights of the Agencies.

The only thing that is mentioned that perhaps have a slight influence on protecting the consumer is Examination and improving professionalism.

What is the real challenge?

Many agents are already very knowledgeable. It is not a matter of full-time or part-time. Did MND know that many of the Singapore property agent cheaters are very professional and have many years of experience?

It's just that some of these people are simply unethical.

Now, examinations will NOT solve the problem. By enforcing more and more examinations which we are afraid MND will impose, would have missed the point completely.

By having examinations, you would remove some agents from the field, this would make long time agents stronger and give them more business. This is a rather stupid and potentially dangerous way of regulating, if it really comes to that. We are hopeful it will not end up this way. Do note that some of the dishonest agents are the experienced ones.

Just like there are wolfs out there. We don't throw sheeps to the wolfs so that these wolfs will become less hungry and tame.


So by feeding a Dishonest Singapore property agent who can also be very senior and very professional (knowledge wise) by eliminating less experienced agents, this is like throwing sheep to wolves.

How can we ever satisfy their greed?

So we urge MND and the new Head of Property agent regulator to focus on creating a framework that monitors ethics and removing conflicts of interests.

Some of these agents even work with rogue mortgage consultants which are tied up with lawyers to charge property buyers more for law fees so as to get a commission.

Some of the unethical Singapore Property agents' behaviours: -

* Cheating on valuation, working with roger valuers who stick their heads out for higher valuation so as to cheat the banks.
* Lying about the property transaction and staging a show to squeeze more commission
* Illegal kick backs from rogue loan consultants which are tied to lawyers.
* Illegal kick backs from lawyers.
* Running away with cheques, giving fake identidy.
* Recommending loans where they are not expert in.
* Cornering property launches and buying them up for sub-sale.
* Cheating the selling into letting go their property cheaply. Buys the Option of purchase and then immediately transfer of nominees (names) for Option to purchase.
o This involves cheating an owner into disposing a property at below the fair value. Then the agent goes into the market to re-sell the option to purchase for easily 50k to 100k more as there will be takers.

* The list goes on.

We are a Research-focused Singapore Mortgage Consultant which helps you compare Singapore Home loans either for new home loans or refinance home loans, we balance risks versus rewards for each home loan to match your risk profile and financing needs.

Buying property is a serious affair, we do NOT advocate a Greed or fear based buying approach, we emphasize that you need to check your property home loan affordability. Check out the mortgage calculators.

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Contact Singapore mortgage consultants
Tel: 6100 - 0608

SMS: 9782 - 8606