Regulatory Changes on the Horizon

The Council for Estate Agencies (CEA) in Singapore is contemplating a new rule that would require property agents to facilitate a minimum number of transactions in order to maintain their registration with the regulator.

Currently, property agents in Singapore must pass an exam and be registered with the CEA through a licensed property agency to conduct estate agency work. Annual renewals require agents to complete at least six hours of training, but there is no current requirement for a minimum number of transactions.

This review by CEA stems from concerns raised during industry engagement sessions about the potential risks posed by agents who do not facilitate transactions regularly. The worry is that these inactive agents may be less familiar with evolving rules, transaction processes, and market trends, potentially affecting the accuracy of advice provided to clients.

A CEA spokesperson emphasized that the regulator acknowledges these concerns and is evaluating the introduction of a requirement for agents to facilitate a minimum number of property transactions to renew their registration. CEA is also engaging industry stakeholders to assess the most effective approach and implementation of such a requirement.