Singapore Gets Tough on Property Market
With the low entry barrier, the real estate agents make up 30,000 of Singapore's population of 4 million residents. Coupled with non-existent requirement for qualification test or exam for the job holders, that probably explains the deteriorating service within this real estate industry.
These proposed solutions are: Industry led accreditation body, Enforcement agency, Dispute Resolution Tribunal. In response to a market that is fast losing faith on the falling real estate service level indicators, Singapore government announced a multi-pronged approach in its attempt to correct the situation.
An important part of the proposal is mandatory accreditation for all brokers. The accreditation body should be headed by industry veterans. And it would be a central database publishing with agents in order to evaluate the background agents who want to employ.
This public search facility would hope to resolve the job hopping issue that went undetected previously and put a stop on agents with multi calling cards.
Enforcement Agency in the draft and recommended. Enforcement Agency is looking for agents and adventurers competent authorities. And it is also responsible for dealing with the weakness in the form of penalty points.
To a population who is increasingly losing faith to the existing system, this is definitely a timely booster. With the set up of experts led real estate dispute resolution tribunal, it is working to lead quick resolution of property related issues, and thus save money for all involved.
The government would set up the dispute resolution tribunal from its fund initially, but over time, the cost and the responsibility of running it would be handed back to the industry.
This agency level tribunal would continue to serve its purpose and additionally function as a gate keeper for official Dispute Resolution Tribunal. For that reason, government insists that this is not a replacement for the existing agency level tribunal.Going by the number of reported grievances, it is expected that this tribunal would be overwhelmed as it starts operation.
It would still be at least some months away before the proposal can be fully implemented and be checked against its effectiveness. But the government acknowledged the fact that all parties in this dilemma must work towards improving the present situation and government would also facilitate the program through public education. - 23210
These proposed solutions are: Industry led accreditation body, Enforcement agency, Dispute Resolution Tribunal. In response to a market that is fast losing faith on the falling real estate service level indicators, Singapore government announced a multi-pronged approach in its attempt to correct the situation.
An important part of the proposal is mandatory accreditation for all brokers. The accreditation body should be headed by industry veterans. And it would be a central database publishing with agents in order to evaluate the background agents who want to employ.
This public search facility would hope to resolve the job hopping issue that went undetected previously and put a stop on agents with multi calling cards.
Enforcement Agency in the draft and recommended. Enforcement Agency is looking for agents and adventurers competent authorities. And it is also responsible for dealing with the weakness in the form of penalty points.
To a population who is increasingly losing faith to the existing system, this is definitely a timely booster. With the set up of experts led real estate dispute resolution tribunal, it is working to lead quick resolution of property related issues, and thus save money for all involved.
The government would set up the dispute resolution tribunal from its fund initially, but over time, the cost and the responsibility of running it would be handed back to the industry.
This agency level tribunal would continue to serve its purpose and additionally function as a gate keeper for official Dispute Resolution Tribunal. For that reason, government insists that this is not a replacement for the existing agency level tribunal.Going by the number of reported grievances, it is expected that this tribunal would be overwhelmed as it starts operation.
It would still be at least some months away before the proposal can be fully implemented and be checked against its effectiveness. But the government acknowledged the fact that all parties in this dilemma must work towards improving the present situation and government would also facilitate the program through public education. - 23210
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posted by X - Men @ 12:12 PM
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