SINGAPORE on Friday launched a database which allows would-be home buyers to check the track record of their property agents.
The Council for Estate Agencies (CEA) launched the Property Agents’ Transaction Records Initiative which publishes the records of residential transactions carried out by realtors in the city-state in the last two years.
According to the Straits Times, the first phase of the initiative involved CEA’s website updated with information on completed HDB transactions, including when the flat changed hands, location, and whether the agent worked for the buyer or seller.
SEE ALSO: US-China trade war alarms wealthy Singapore
“The additional information can provide consumers with a clearer understanding of the agent’s experience in terms of how active he or she has been in the last two years in closing HDB resale transactions, in which HDB towns, and whether he or she was acting for the buyer or the seller,” the CEA was quoted as saying.
However, the information accessible were only those that took place over the last 24 months to allow consumers to see only the most updated transactions.
A new apartment neighborhood in with carpark and playground in Singapore. Source: Shutterstock
For more dated information, people can refer to data.gov.sg.
The effort, which eas among recommendations in the Real Estate Industry Transformation Map last February, was aimed at making the information much more transparent and to consolidate trust among buyers, sellers, and realtors.
“Property agents will be able to provide verified records of their experience in closing residential transactions, which will help them build and sustain consumer trust,” the CEA added.
By the end of the year, the council is expected to expand the initiative to homes that were put of for rent as well as residential properties that were not under the government’s HDB programme.
SEE ALSO: Thailand, Singapore are getting more expensive for expats
Last year, the CEA issued 57 new property agency licenses and 1,198 property agent registrations, while 59 property agency and 2,091 property agent registrations lapsed from Dev 31, 2018.
Chia I-Ling, the CEA’s director for policy and licensing, was quoted as saying the city state’s industry continues to face challenges with higher consumer expectations and disruptive technologies.
“In order to remain relevant, it is vital that the real estate agency industry keeps up its efforts to transform itself and enhance its professionalism,” she said.
