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Let's have a real estate relay

Since Mr Mah's advertisement in March, both the SAEA and IEA have met the authorities separately to argue why each is best placed to offer the industry with regulation.

Last Friday, the SAEA announced new initiatives to get more agents accredited, and the IEA responded by saying that it was unveiling a new entrance-level course for property agents.

Given the quantity between the two bodies, working out a new real estate regulatory framework would ask for egos to be carefully handled.

Yet there is no running away from the facts: Years of paralipsis on 'self-regulation' has not changed the employment substantially. The market has not matured; consumers are none the wiser. The digit of housing scams have not receded; they have merely changed with the times.

When the superstore was buoyant, it was common to hear of housing agents brokering transactions that smug the price of a flat to help buyers obtain larger loans than they merited. Now that prices are depressed, we understand of deals to under-declare the price of flats so that sellers who had worn their retirement savings to pay for their properties need not refund the full proceeds into their account.

Source: AsiaOne

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