{"id":44199,"date":"2017-02-15T10:00:18","date_gmt":"2017-02-15T03:00:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/ethical-issues-in-the-property-sector\/"},"modified":"2017-02-15T11:27:28","modified_gmt":"2017-02-15T04:27:28","slug":"ethical-issues-in-the-property-sector","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ethical-issues-in-the-property-sector\/","title":{"rendered":"Ethical issues in the property sector"},"content":{"rendered":"


\n To raise industry standards, the government has introduced stringent entry requirements to be a property agent.
\nThe government\u2019s implementation of a series of cooling measures to rein in spiralling home prices has significantly reduced transaction volume in the industry, leading to stiffer competition among property agents to secure the fewer available deals in the market, reported Singapore Business Review.
\nIn turn, this led to more complaints regarding the professionalism of some agents and highlighted the ethical issues in real estate transactions, according to the Centre for Management Practice, a think-tank at the Singapore Management University.
\n\u201cAgents (are) duty-bound to act professionally to help clients get the best deal possible. However, not all were perceived by clients to perform their fiduciary duties diligently. Some clients felt that (some) were getting away with unscrupulous behaviour, such as misrepresenting information and using pressure tactics.
\n\u201cSome agents felt they had no incentive to offer good service as their commission was based on the transaction price and not service quality. They might also fail to convey acceptable offers to their client when negotiating, or refuse to a co-broking arrangement with a buying agent,\u201d it noted.
\nExacerbating the problem, there were some people posing as real estate agents to make easy profit.
\nTo address this, the Council for Estate Agencies adopted rigorous industry qualifications for agents and offered training programmes on proper ethical behaviour. Consumers were also provided with a reporting mechanism that investigates complaints pertaining to unprofessional conduct and conflicts of interest.
\n\u201cThe government is sending a clear signal that in the long haul, stringent entry requirements are needed to be a property agent. This will raise the image and professionalism of the industry,\u201d noted Tan Tee Khoon, CEO of the Singapore Accredited Estate Agencies.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Ethical issues in the property sector<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

To raise industry standards, the government has introduced stringent entry requirements to be a property...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-44199","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-buT","jetpack-related-posts":[{"id":111814,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/agents-professional-standards-have-improved-say-property-industry-players\/","url_meta":{"origin":44199,"position":0},"title":"Agents\u2019 professional standards have improved, say property industry players","date":"October 23, 2019","format":false,"excerpt":"\r A CEA spokesperson has observed an \u201coverall decrease\u201d in complaints relating to agents acting against their clients\u2019 interest or unethically from 2017 to 2018.\u00a0 The professional standards of real estate agents have improved over the years, said industry players after online criticism that some of the agents failed to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120608,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-recognises-new-accreditation-schemes-for-managing-agents\/","url_meta":{"origin":44199,"position":1},"title":"BCA recognises new accreditation schemes for managing agents","date":"June 24, 2021","format":false,"excerpt":"\r The Association of Property and Facility Managers (APFM), as well as the Association of Strata Managers (ASM) accreditation schemes have been recognised by BCA in a bid to raise the industry standards of managing agents.\u00a0\u00a0 In a bid to help the industry raise the standards of managing agents (MAs)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/06\/Singapore-condo.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":116259,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-property-agents-face-ethical-duty-advising-clients-on-bank-valuation-mortgage-financing-margin\/","url_meta":{"origin":44199,"position":2},"title":"Hong Kong property agents face ethical duty advising clients on bank valuation, mortgage financing margin","date":"May 12, 2020","format":false,"excerpt":"\r Property transactions in Hong Kong\u2019s primary and secondary markets have been declining due to the coronavirus pandemic, and the prospect of a near-term revival is not promising.As property prices often fluctuate in an unstable market environment, so too do a bank\u2019s property valuation and in turn the amount of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22682,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propertyguru-ntuc-to-help-estate-agents-amid-tough-environment\/","url_meta":{"origin":44199,"position":3},"title":"PropertyGuru, NTUC to help estate agents amid tough environment","date":"August 12, 2016","format":false,"excerpt":"\r Lewis Ng, MD of PropertyGuru Singapore, addressing the crowd at the ninth Agent Summit. (Photo: PropertyGuru) In a bid to equip real estate agents in Singapore with new skills to tackle dwindling property sales amid tough market conditions, PropertyGuru partnered with NTUC U Associate for its ninth Agent Summit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28769,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fewer-people-becoming-property-agents-cea-report\/","url_meta":{"origin":44199,"position":4},"title":"Fewer people becoming property agents: CEA report","date":"October 6, 2016","format":false,"excerpt":"\r The number of property agents in Singapore fell by 1,583 in the year to March 2016, said the CEA in its latest report. The number of licensed real estate agents in Singapore fell to 30,423 in the year to March 2016 from 32,006 over the same period last year,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118615,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/savills-residential-to-merge-with-huttons-asia\/","url_meta":{"origin":44199,"position":5},"title":"Savills Residential to merge with Huttons Asia","date":"September 15, 2020","format":false,"excerpt":"\r Marcus Loo, CEO of Savills Singapore. Photo: Savills Singapore. Savills Residential, the associate\u2019s arm of Savills Singapore, will merge with Huttons Asia, making it the latest consolidation among property agencies in Singapore, reported The Business Times (BT). With the merger, Hutton\u2019s current pool of 3,044 brokers will be strengthened\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44199"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=44199"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44199\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=44199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=44199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=44199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}