SINGAPORE: More than nine in 10 consumers are satisfied with the services provided by their property agents, according to a survey published by the Council for Estate Agencies (CEA) on Wednesday (Jun 18).
The survey found that 92 per cent of consumers felt this way, up from 77 per cent in 2021, the last time the survey was done. The figure was also the highest seen since the poll was first conducted by the industry regulator in 2012.
The latest survey was carried out online between October and November last year. Those polled include 1,004 consumers who had engaged a property agent in the year before and 505 potential consumers who were considering engaging one in the next two years.
The number of property agents in Singapore is now at an all-time high – at 36,058 registered agents as of Jan 1.
This is despite the emergence of tech-savvy buyers embracing do-it-yourself property transactions over the years. In 2024, the Housing and Development Board (HDB) also rolled out a listing service to make it easier for people to buy and sell HDB flats on their own.
CEA said its survey showed that consumers continue to find value in engaging property agents for reasons such as faster transactions (45 per cent), help with procedures and paperwork (44 per cent), and to secure better property prices or rents (42 per cent).
When engaging an agent, 45 per cent of consumers considered the reputation and track record of a property agency, as well as that of the agent.
Forty-four per cent of respondents looked out for positive online ratings and reviews, while 43 per cent considered recommendations from friends and family.
CEA said there was “high” consumer awareness that commissions paid to property agents are negotiable, with 79 per cent of those polled indicating so. Of these consumers, 85 per cent negotiated on commissions.
Eighty-two per cent of consumers were also aware that they are encouraged to make use of estate agency agreement forms offered by the CEA to reduce potential disputes.
The CEA currently offers eight types of agreements covering various residential property transactions. It recommends the use of these forms as contracts between customers and their agents to prevent disputes over commission rates, the type and level of service provided by an agent, and other terms and conditions.
Of those polled, 88 per cent said they were asked to sign these agreements, and 65 per cent did so before the property agent commenced work.
On areas of improvement, 43 per cent of consumers hoped that property agents could better understand client needs and offer relevant advice, especially during the introductory stage of a transaction.
Other areas included conducting relevant checks to ensure that transactions are carried out in line with laws and regulations (40 per cent), and the negotiating of better prices and terms for customers (38 per cent).
The CEA survey also sought feedback on “recent topics involving the real estate agency industry”, such as expectations for property agents to be up to date with the latest rules and guidelines on the property transaction process.
On that, 74 per cent of consumers expected property agents to facilitate at least one property transaction a year to remain registered as an agent.
CNA had previously reported that CEA was reviewing whether to require property agents to facilitate a minimum number of transactions to remain registered.
The review stems from concerns raised during industry engagement sessions about the "potential risks" posed by inactive agents, a CEA spokesperson told CNA in December last year.
Of its latest survey, the industry regulator said while property consumers appreciate the value of property agents, “there is rising expectation of property agents to remain professional and up to date in their knowledge of rules and regulations in the property transaction process”.
The regulator will continue to work closely with industry partners to raise standards and give consumers greater confidence, said CEA executive director Chan Khar Liang.
It was also announced on Wednesday that the Singapore Estate Agents Association (SEAA) and the Institute of Estate Agents will merge to form a new industry body called the Singapore Institute of Estate Agents.
The merger comes at a time when the real estate industry is undergoing rapid changes such as digital transformation and heightened regulatory focus, the two industry associations said in a joint statement.
The new entity, currently pending approval from the Registry of Societies, will “provide a united front” to address these challenges, while fostering innovation and collaboration within the sector.
Senior Minister of State for National Development Sun Xueling called this “an important milestone” for the sector.
“With a collective strength of over 15,000 property agents and agency leaders, I look forward to the new industry body representing the interests of property agencies and agents, and working with the government to advance professionalism, capability development, and long-term industry sustainability,” she said.
Speaking at an industry conference organised by the SEAA, Ms Sun also urged the industry to continue its momentum on digitalisation and remain vigilant on compliance.
On the latter, she noted that property agencies and agents serve as crucial gatekeepers, alongside financial institutions and legal practitioners, in protecting Singapore’s real estate sector from illicit activities.
This is why tougher financial penalties to combat money laundering in the property sector were passed by parliament in April.
Property agencies and agents will also be required to conduct due diligence measures on “unrepresented counterparties”, not just on their clients, as part of the law amendments.
“I would like all of us to recognise that laws are put in place to safeguard ourselves,” said Ms Sun.
“The vast majority of real estate agents are, of course, law-abiding and professional, but we have to put in place laws to make sure that we weed out the bad actors who can tarnish our sector’s reputation.”
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The survey found that 92 per cent of consumers felt this way, up from 77 per cent in 2021, the last time the survey was done. The figure was also the highest seen since the poll was first conducted by the industry regulator in 2012.
The latest survey was carried out online between October and November last year. Those polled include 1,004 consumers who had engaged a property agent in the year before and 505 potential consumers who were considering engaging one in the next two years.
The number of property agents in Singapore is now at an all-time high – at 36,058 registered agents as of Jan 1.
This is despite the emergence of tech-savvy buyers embracing do-it-yourself property transactions over the years. In 2024, the Housing and Development Board (HDB) also rolled out a listing service to make it easier for people to buy and sell HDB flats on their own.
CEA said its survey showed that consumers continue to find value in engaging property agents for reasons such as faster transactions (45 per cent), help with procedures and paperwork (44 per cent), and to secure better property prices or rents (42 per cent).
When engaging an agent, 45 per cent of consumers considered the reputation and track record of a property agency, as well as that of the agent.
Forty-four per cent of respondents looked out for positive online ratings and reviews, while 43 per cent considered recommendations from friends and family.
CEA said there was “high” consumer awareness that commissions paid to property agents are negotiable, with 79 per cent of those polled indicating so. Of these consumers, 85 per cent negotiated on commissions.
Related:
Eighty-two per cent of consumers were also aware that they are encouraged to make use of estate agency agreement forms offered by the CEA to reduce potential disputes.
The CEA currently offers eight types of agreements covering various residential property transactions. It recommends the use of these forms as contracts between customers and their agents to prevent disputes over commission rates, the type and level of service provided by an agent, and other terms and conditions.
Of those polled, 88 per cent said they were asked to sign these agreements, and 65 per cent did so before the property agent commenced work.
On areas of improvement, 43 per cent of consumers hoped that property agents could better understand client needs and offer relevant advice, especially during the introductory stage of a transaction.
Other areas included conducting relevant checks to ensure that transactions are carried out in line with laws and regulations (40 per cent), and the negotiating of better prices and terms for customers (38 per cent).
AGENTS SHOULD COMPLETE AT LEAST ONE TRANSACTION A YEAR
The CEA survey also sought feedback on “recent topics involving the real estate agency industry”, such as expectations for property agents to be up to date with the latest rules and guidelines on the property transaction process.
On that, 74 per cent of consumers expected property agents to facilitate at least one property transaction a year to remain registered as an agent.
CNA had previously reported that CEA was reviewing whether to require property agents to facilitate a minimum number of transactions to remain registered.
The review stems from concerns raised during industry engagement sessions about the "potential risks" posed by inactive agents, a CEA spokesperson told CNA in December last year.
Of its latest survey, the industry regulator said while property consumers appreciate the value of property agents, “there is rising expectation of property agents to remain professional and up to date in their knowledge of rules and regulations in the property transaction process”.
The regulator will continue to work closely with industry partners to raise standards and give consumers greater confidence, said CEA executive director Chan Khar Liang.
Related:
NEW INDUSTRY BODY
It was also announced on Wednesday that the Singapore Estate Agents Association (SEAA) and the Institute of Estate Agents will merge to form a new industry body called the Singapore Institute of Estate Agents.
The merger comes at a time when the real estate industry is undergoing rapid changes such as digital transformation and heightened regulatory focus, the two industry associations said in a joint statement.
The new entity, currently pending approval from the Registry of Societies, will “provide a united front” to address these challenges, while fostering innovation and collaboration within the sector.
Senior Minister of State for National Development Sun Xueling called this “an important milestone” for the sector.
“With a collective strength of over 15,000 property agents and agency leaders, I look forward to the new industry body representing the interests of property agencies and agents, and working with the government to advance professionalism, capability development, and long-term industry sustainability,” she said.
Speaking at an industry conference organised by the SEAA, Ms Sun also urged the industry to continue its momentum on digitalisation and remain vigilant on compliance.
On the latter, she noted that property agencies and agents serve as crucial gatekeepers, alongside financial institutions and legal practitioners, in protecting Singapore’s real estate sector from illicit activities.
This is why tougher financial penalties to combat money laundering in the property sector were passed by parliament in April.
Property agencies and agents will also be required to conduct due diligence measures on “unrepresented counterparties”, not just on their clients, as part of the law amendments.
“I would like all of us to recognise that laws are put in place to safeguard ourselves,” said Ms Sun.
“The vast majority of real estate agents are, of course, law-abiding and professional, but we have to put in place laws to make sure that we weed out the bad actors who can tarnish our sector’s reputation.”
Continue reading...