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SINGAPORE – Online real estate agent ratings will now be standardized across the real estate industry in Singapore following the release of a new guide by the Council of Estate Agencies (CEA).
Currently, real estate agencies determine the standards for consumer ratings, but the guide aims to introduce consistent standards, such as the key attributes on which agents must be rated.
The ratings will now reflect whether the agent provided services beyond customer expectations, such as the use of digital calculators, and whether the agent was open, honest, and trustworthy, or had the skills necessary to facilitate favorable treatment for their client.
On Thursday (October 22), the Minister of State of the Prime Minister’s Office and the Ministry of National Development, Tan Kiat How, said that it is a necessary step to help consumers find agents that suit them when they perform your online searches.
“With these key categories in place and a standard way to assess, collect, and display these attributes, we can ensure that comparisons are fair, credible, and consistent across the board,” Tan said.
He spoke at CEA’s virtual celebration of its 10th anniversary, which was attended by industry leaders.
The guide also includes recommended safeguards to verify the authenticity of the transaction and the identity of the customer to avoid false ratings, Tan said.
This initiative is part of the Real Estate Industry Transformation Map, which was launched by MND and CEA in 2018 to help the industry meet future challenges.
It is developed by the Realtor Qualifications Working Group in association with key players from the real estate industry, consumer associations and the real estate portal industry.
Three real estate agencies, ERA Realty Network, OrangeTee & Tie and Huttons Asia, along with the Singapore Association of Realtors and property portal PropertyGuru have committed to adopting the guide on their online rating portals.
Together, they cover about 80 percent of the real estate agents in the industry.
There are around 1,200 real estate agencies and 30,000 agents in Singapore.
On Thursday, Tan noted that buying a property is often the biggest financial commitment for many Singaporeans and that agents should remind consumers to evaluate their own financial circumstances before committing to a property purchase.
“Even as the industry explores new ways to market properties and reach consumers online, we must continue to pay close attention to ensuring that the advice provided is accurate, measured and takes into account the overall economic landscape,” said Tan.
Since the CEA was established as a statutory board under the MND in October 2010, the number of complaints against real estate agencies and agents has decreased from 1,170 cases in 2011 to 777 cases last year.
Misrepresentation cases have dropped 98 percent since 2011, from more than 400 cases to 10 cases last year.
There were only two cases of dual representation last year, compared to nearly 60 cases in 2011.
Handling money from customer transactions, a felony under the Realtors Act, was reduced by 80%, from 20 cases in 2011 to four cases last year.
CEA CEO Lim Chee Hwee said: “This is an excellent opportunity for the industry to become more resilient and progressive, and CEA will be more interested in partnering with real estate agencies and industry associations to further transform the industry”.
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