CEA is working with the real estate agency industry to strengthen the industry’s professionalism and upskill the workforce. Together with providing higher transparency in the experience of property agents, we hope to inspire greater consumer trust and confidence in the industry.
| ||Publish property agents’ transaction records |
CEA has worked with the industry to launch the first phase (PDF,558KB) of the Property Agents’ Transaction Records Initiative in January 2019. In this phase, completed resale transactions for Housing & Development Board (HDB) flats closed by registered property agents are made available on the CEA Public Register on CEA’s website.
From 2Q2020, we will publish property agents’ transaction records involving the renting out of HDB flats, as well as private residential sale/purchase and lease transactions.
Apart from strengthening professionalism, this will inspire greater consumer confidence by providing greater transparency in the track records of property agents.
Develop a framework for consumer ratings of property agents
CEA has set up the Ratings of Property Agents Workgroup in October 2019 comprising representatives from the industry, consumer association and academia to develop a framework for the consumer ratings of property agents. The framework is aimed at offering best practices in the rating of agents to support the industry in its effort to raise its professionalism and build consumers’ confidence and trust.
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Review Continuing Professional Development (CPD) framework
CEA has reviewed the Continuing Professional Development (CPD) framework to ensure property agents upgrade themselves and keep abreast of the latest changes in policies and procedures relating to real estate transactions.
The review included the development of a more structured approach to guide agents in achieving deeper technical knowledge and skillsets to perform duties in different segments of the property market.
This will ensure that property agents remain relevant in the changing business environment, and that they are equipped with the skills to handle digitalised processes.
From 1 October 2019 onwards, as part of the requirements for the annual renewal of their registrations, all property agents must fulfil a total of six credits under the new CPD framework: four credits under professional competencies and two under generic competencies.
Courses related to professional competencies offer agents opportunities to develop and deepen their knowledge in estate agency work. These are grouped into three categories: laws and regulations, property markets, and other related estate knowledge.
Courses related to generic competencies will contribute towards agents’ overall personal development and sharpen their “soft skills”. These are grouped into 18 categories, including those on leadership, digital literacy, communication, and creative thinking.
Visit the CPD microsite for more details.
| ||Prepare workforce for digital environment |
CEA is working with various agencies and trade associations to provide training programmes to upskill KEOs and property agents.
Together with NTUC LearningHub, CEA introduced a SkillsFuture for Digital Workplace programme contextualised for professionals in the real estate industry. The aim is to help real estate professionals gain new skills to remain relevant in the industry.
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View other Real Estate Industry Transformation Map initiatives to streamline and digitalise property transaction processes.