Jan 2024 - 3 min read
Dear industry partners and friends,
It’s the start of the new year, with new resolutions and aspirations. Let me first wish all of you a happy and healthy 2024!
CEA has worked with the real estate agency industry stakeholders to steadily transform and digitalise property transaction processes during the COVID-19 pandemic years and in 2023. I am glad that industry stakeholders have played an active role in this transformation journey which is still work-in-progress, following the launch of the Real Estate Industry Transformation Map 2025.
We share a common goal to raise the professional and service standards of real estate salespersons (RESs) and estate agents (EAs). To this end, our efforts in 2024 are underpinned by 3 key anchors.
First, implementing the recommendations under Project ADEPT (ADvancing and Enhancing Professionalism and Training) to enhance the entire continuing professional development (CPD) ecosystem. CEA will consult and work closely with various industry players on the implementation details.
The focus on CPD is nothing new, as enunciated in the Estate Agents Pledge launched in Oct 2020 at CEA’s 10th anniversary celebration, where the EAs pledged to, among others, upgrade the skills of RESs and support them to achieve higher standards of service, so as to build a more professional and trusted real estate agency industry. To-date, around 300 EAs covering more than 90% of the RES population have signed the Pledge.
Second, conducting estate agency work professionally and ethically. I encourage all EAs, especially the large EAs, to assume greater responsibility to guide and train their RESs, and to be more accountable for their conduct and service delivery (when more than 40% of the complaints were on RESs’ service lapses). While CEA will act and enforce against errant RESs who commit offences and disciplinary breaches, we will continue to share statistics on types of complaints, publish case summaries, and issue industry notices/advisories for EAs and RESs to learn and avoid making similar mistakes.
Third, partnering and collaborating to address and tackle industry issues. It is heartening to see industry players taking the lead (e.g. Alliance for Action on Accurate Property Listings), or joining CEA-initiated project teams (e.g. Project ADEPT, and the on-going reviews on industry examination syllabi and the approved course provider scheme) to study and recommend measures to raise industry professionalism and standards.
With our shared common goal, CEA will explore more partnership and collaboration opportunities to co-create solutions on key issues facing the industry.
Ultimately, with the 3 anchors, it will be the collective responsibility of all industry stakeholders to do their part to strengthen the trust of property consumers, and to build a real estate agency industry which is more client-centric, professional, productive and resilient.
Happy 2024 to all of you.
LIM CHEE HWEE
EXECUTIVE DIRECTOR
COUNCIL FOR ESTATE AGENCIES
Information accurate as at 2 January 2024