Buyers and their agents queueing to book a unit at High Park Residences, a 1,390-unit condo development in Fernvale in 2015.PHOTO: ST FILE
SINGAPORE - Taking a leaf out of travel websites and ride sharing apps, the real estate industry is introducing customer ratings of real estate agents, and publish property transaction histories to improve transparency and enhance professionalism in the industry.
The Council for Estate Agencies (CEA) is working with agencies to publish property transaction details - such as the price, location and the agent who closed the deal - and "TripAdvisor-like" customer ratings of the 28,000 property agents. It said this will allow consumers to find an agent who best fits their needs.
The initiative will be implemented in two phases, starting with Housing Board transactions from the end of 2018, and for private residential transactions from the end of 2019.
The measure was announced on Thursday (Feb 8) as part of the Real Estate Industry Transformation Map, which seeks to transform the facilities management and property transaction services sectors amid disruptive technology, rising consumers' expectations and a manpower crunch.
Second Minister for National Development Desmond Lee said there were two key thrusts to the map: embracing innovation and strengthening professionalism.
To do this, the Council for Estate Agencies is leading a new Digitalised Property Transactions Workgroup to make property transactions more seamless, efficient and secure.