Aug 2021 - 3 min read
Two project teams led by the Council for Estate Agencies (CEA) have clinched the Minister’s Team Award 2021 conferred by the Ministry of National Development (MND) on 6 August 2021. The award recognises significant and innovative team-based projects that contribute to MND's vision of transforming Singapore into an endearing home and a distinctive global city.
Guide on Consumer Ratings of Property Agents Project Team
A multi-stakeholder workgroup led by CEA developed the Guide to introduce consistent standards for the ratings of property agents and to build trust among users of such rating platforms. With common standards, consumers can better compare the ratings of property agents across different rating platforms. Property agents can also better appreciate and use the ratings they have received to market themselves and to continuously adjust and improve their services.
The Guide was developed in partnership with representatives from the real estate agency industry, industry and consumer associations, academia and the property portal industry. This initiative is part of the real estate industry transformation map launched by MND and CEA in 2018.
The multi-stakeholder team from Consumers Association of Singapore (CASE), CEA, National University of Singapore (NUS), PropertyGuru, Singapore Estate Agents Association (SEAA), ERA, Huttons, OrangeTee and PropNex that developed the Guide (Image: CEA)
Digitalisation of Property Transaction Processes Project Team
Formed in 2018, the Digitalised Property Transactions Workgroup1 , led by CEA and comprising industry stakeholders and several government agencies, worked on facilitating the entire real estate sector to move towards offering digitalised, seamless, efficient, and secure property transactions.
The workgroup has mapped the consumer’s journey for residential property transactions, developed Application Programme Interfaces (APIs) for access to government data, made available contract templates for lease and resale of residential properties and reduced the time required for redemption of mortgage loans. On-going work includes facilitating and promoting e-signing of property contracts, and integration of work processes and IT platforms across the property transaction value chain. These efforts will put in place conditions for the automation and digitalisation of property transactions, which will improve the efficiency and productivity of service providers and benefit consumers.
1The Digitalised Property Transactions Workgroup comprises representatives from the following government agencies and industry associations: Council for Estate Agencies (CEA), Central Provident Fund Board (CPFB), Government Technology Agency (GovTech), Housing & Development Board (HDB), Inland Revenue Authority of Singapore (IRAS), Ministry of Law (MinLaw), Monetary Authority of Singapore (MAS), Singapore Land Authority (SLA), Urban Redevelopment Authority (URA). Consumers Association of Singapore (CASE), Institute of Estate Agents (IEA), PropTech Association Singapore, Real Estate Developers’ Association of Singapore (REDAS), Singapore Estate Agents Association (SEAA), Singapore Fintech Association (SFA), Singapore Institute of Surveyors and Valuers (SISV), SGTech, The Association of Banks in Singapore (ABS) and The Law Society of Singapore (LawSoc).
Kudos to both teams! We look forward to more initiatives to raise the professionalism of the real estate industry and build consumer confidence.
Information accurate as at 6 August 2021