The government agency that regulates Singapore’s real estate industry has enacted another order, this time standardizing the way property agents are rated online.
Moving forward, instead of the agencies determining the standards for consumer ratings, rating systems across all Singaporean online real estate websites will follow a consistent standardized system that includes key attributes for rating agents.
Minister of State in the Prime Minister's Office and the Ministry of National Development (MND) Tan Kiat How said at the Council for Estate Agencies (CEA)’s virtual 10th-anniversary celebration:
"With these key categories in place and a standard way of assessing, collecting, and displaying these attributes, we can make sure that comparisons are fair, credible, and consistent across the board.”
So far, ERA Realty Network, OrangeTee & Tie, Huttons Asia, Singapore Estate Agents Association, and PropertyGuru have all pledged to adopt the rating guide.
The Ministry of National Development (MND) and CEA have been working to transform how the real estate industry works in Singapore. This recent move by the CEA is just another step in that transformation.
Other perks to this new guide include transparency and stronger safeguards to prevent false ratings.
CEA's Executive Director Lim Chee Hwee said:
"This is an excellent opportunity for the industry to be more resilient and progressive, and CEA will be most keen to partner the property agencies and industry associations to further transform the industry."