The current buoyant property market is creating a new set of problems for would-be buyers and tenants.

The current buoyant property market is creating a new set of problems for would-be buyers and tenants.
We read of unscrupulous agents in ‘HDB resale: Sellers’ market or agents’?’ (ST, July 7). The writer, Mr Chia Kok Chin, is not alone. I have heard of more appalling incidents.

Some agents are becoming greedy. They do not want to co-broke, be it a sale or rental. They want the commissions from both parties for themselves. This leaves buyers and tenants at their mercy.

A friend, a foreigner, was looking to rent another apartment when his landlord increased his rent by 68 per cent for the one-room flat in the suburbs, far away from the city. But after three weeks’ experience with agents, and landlords, he decided to stay put despite the increase.

The industry is seen by many as lucrative and is drawing many new entrants, as reported in the media. Lest we have a situation similar to that of the mid-1990s when unqualified housewives and aunties were selling properties, it is time to regulate property agents.

Insurance agents and financial planners are licensed by the Monetary Authority of Singapore. So, why not property agents by the Ministry of National Development? There is a dire need for professionalism in the industry.

It is sad to read a senior member of a large property agency (’IEA not the only body regulating real-estate agents in Singapore’; ST Online Forum, June 23) arguing that as commission is left to contracting parties to negotiate, and that being not prescribed by any governmental or national body, his company’s agents have not flouted industry standards, even if they do not follow the recommendations set by the industry’s association.

What then do the Institute of Estate Agents (IEA) and the Singapore Accredited Estate Agents exist for? Property companies must abide by the rules of the association they belong to.

Teo Cheng Peow

Source: The Straits Times, 11 July 2007