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Charting new frontiers together

It’s the time of the year to wish everyone happy holidays and a wonderful new year!

On behalf of my CEA colleagues, I would like to thank all of you for supporting and collaborating with us in 2019 on various initiatives to raise the level of professionalism in the real estate agency industry so as to better serve your clients.

Here’s a quick snapshot of what we have done together in 2019.

We delivered on several key initiatives under the Real Estate Industry Transformation Map.

Developed standard templates for residential properties

  • You can make use of the tenancy agreement templates for both HDB and private properties, and the templates for the Option to Purchase (OTP) and Sale and Purchase (S&P) agreement for private properties.
  • Drafted by the Digitalised Property Transactions Workgroup, which includes industry representatives, to enable you to:
    • Enjoy time savings from negotiating contractual terms and conditions for residential transactions with your clients.
    • Offer greater assurance to your clients that their interests are protected.

Implemented new Continuing Professional Development (CPD) framework

  • The new CPD framework supports your breadth and depth of learning in professional and generic competencies.
  • Ensure that you will continue to have the skillsets and critical competencies to stay ahead and serve your clients better.

Launched Phase 1 of Property Agents’ Transaction Records Initiative

  • A new platform for you to showcase to your clients, and list your transaction records in closing HDB resale transactions.
  • Help to build clients’ confidence in engaging your services.

In addition, we established new channels that enabled us to keep you updated on the latest developments and share nuggets of information on practice-related matters.

Organised inaugural CEA Estate Industry Conference

  • 600 Key Executive Officers and team leaders attended the conference to:
    • Explore how the real estate agency industry can remain productive and resilient in a changing environment through technology adoption and business innovations.
    • Understand the necessary skillsets for you to be more professional.

Enhanced industry communications

  • Explored more ways to share information with you, e.g. videos on the annual licensing and registration renewal exercise and the new CPD framework, and tapping property agencies’ channels to reach you directly.
  • Launched Tip of the Month e-bulletin to provide more regular, bite-sized updates on regulatory matters, and new trends that have bearing on your day-to-day work.

What’s in store for 2020

CEA will be celebrating our 10th birthday in 2020. With a short and modest history, we are excited to move ahead where the operating environment will be different from the time when CEA was first set up. This also brings into sharper focus the importance of our mission, and renews our commitment to work with you to achieve our vision of a professional and trusted real estate agency industry. To celebrate our 10th anniversary, one of my colleagues has specially designed a 10th anniversary logo for CEA (see box story).

In 2020, there are many initiatives that we will continue to do together, including the following (just to name a few):

Combating anti-money laundering and countering the financing of terrorism

  • As responsible stakeholders, you can be the gatekeeper in combating money laundering and terrorist financing when facilitating property transactions for your clients.
  • CEA will guide you in fulfilling your responsibilities.

Collaborating with industry associations to help you build trusted relationships with your clients

  • CEA and the four industry associations are developing educational materials to help you better explain your responsibilities to your clients.
  • Being upfront with your clients on such details will start your working relationship on the right footing and help you and your clients work more effectively together to achieve the best outcomes for property transactions.

Launching Phase 2 of Property Agents’ Transaction Records Initiative

  • CEA will work with you to publish information on your private residential sales/rental, and HDB rental transactions records in your CEA Public Register profiles.
  • Enable you to better inform your prospective clients of your experience in facilitating residential transactions. This comes after the successful roll out of Phase 1 where your HDB resale transactions are displayed.

Publishing the Professional Practice Manual

  • CEA and industry stakeholders are in a workgroup to consolidate all CEA guidelines and circulars in a single manual. This will serve as a one-stop reference for you.

Amending the Estate Agents Act

  • Ensure the continued relevance of the Act, which was passed in 2010, to address the evolving real estate operating landscape and industry practices.

My colleagues and I look forward to working with you on the exciting journey ahead. Here’s wishing all good health and a prosperous 2020.

Cheers,
LIM CHEE HWEE
EXECUTIVE DIRECTOR
COUNCIL FOR ESTATE AGENCIES

What our 10th anniversary logo means

The origami-inspired, futuristic typeface in our logo embodies the concept of transformation in the real estate agency industry.

Over the past years, CEA has embarked on a journey with stakeholders and partners to sculpt a largely unregulated industry into a more professional industry today.

The operating landscape is continuously changing. Moving ahead, CEA will embrace the new challenges and work together with our partners to take the real estate agency industry to higher levels of professional and service excellence.