Singapore Gets Tough on Properties Market
With low barriers to entry are 30,000 real estate Singapore's population of 4 million inhabitants. In combination with not-there is no requirement for a test or an examination for a job that probably explains the deterioration of services in the field of real estate.
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. These proposed solutions are: Industry led accreditation body, Enforcement agency, Dispute Resolution Tribunal.
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.
An enforcement agency is recommended in the proposal as well.And it will also be responsible for handling out penalty in the form of demerit points. The enforcement agency will be on the look out for errant agents and the responsible agencies.
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.
Going by the number of reported grievances, it is expected that this tribunal would be overwhelmed as it starts operation. For that reason, government insists that this is not a replacement for the existing agency level tribunal. This agency level tribunal would continue to serve its purpose and additionally function as a gate keeper for official Dispute Resolution Tribunal.
That could remove at least a few months before the proposal would be implemented in full, and compare their effectiveness. But the government acknowledged that all parties in this dilemma is anxious to improve the current situation and the government would also facilitate the program through public education needs. - 23305
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. These proposed solutions are: Industry led accreditation body, Enforcement agency, Dispute Resolution Tribunal.
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.
An enforcement agency is recommended in the proposal as well.And it will also be responsible for handling out penalty in the form of demerit points. The enforcement agency will be on the look out for errant agents and the responsible agencies.
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.
Going by the number of reported grievances, it is expected that this tribunal would be overwhelmed as it starts operation. For that reason, government insists that this is not a replacement for the existing agency level tribunal. This agency level tribunal would continue to serve its purpose and additionally function as a gate keeper for official Dispute Resolution Tribunal.
That could remove at least a few months before the proposal would be implemented in full, and compare their effectiveness. But the government acknowledged that all parties in this dilemma is anxious to improve the current situation and the government would also facilitate the program through public education needs. - 23305
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12:21 PM
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