Recommendation from friends or family tops list of consumers’ considerations when choosing a real estate salesperson

CEA_Key considerations_780

Feb 2023 - 3 min read

CEA’s 2021 Public Perception Survey (PPS) provides a gauge of consumers’ satisfaction towards the services rendered by real estate salespersons (RESs). The survey findings allow CEA and the industry to have a better sense of the progress made by the industry in delivering professional service to property consumers.  

This blog post focuses on consumers’ and potential consumers’ key considerations when choosing an RES to assist them in their property transactions. It is the fourth in a series of blog posts where we delve deeper into the 2021 PPS findings and share how the industry can continue to meet evolving consumer expectations.

Based on the 2021 PPS findings, recommendation from friends or family is the top consideration for consumers and potential consumers when choosing an RES. 

CEA_Key considerations_FA-02

How CEA is supporting the industry

CEA has put in place initiatives to facilitate the branding of RESs under the Real Estate Industry Transformation Map (Version 1.0)

Since September 2021, through the rollout of the Property Agents’ Transaction Records Initiative (TRI), CEA has been publishing RESs’ HDB resale flat transaction records as well as private residential sale/purchase and rental transaction records on the CEA Public Register

RESs can market their track record and experience by showing verified records of completed transactions to prospective clients. This increases transparency to consumers and facilitates their decision-making process to choose their RESs. It also helps RESs build and sustain consumer confidence.

CEA also launched a Guide on Best Practices for Consumer Ratings of Property Agents in October 2020. Developed by a multi-stakeholder workgroup comprising representatives from estate agents, industry and consumer associations, property portals, and academia, the Guide seeks to introduce consistent standards for the rating of property agents and to build trust among users of such rating platforms. Organisations representing over 90% of RESs in the industry have committed to adopting the Guide.

RESs can continue to benefit from the availability of their transaction records and online ratings to market themselves and improve their service levels. 

How the industry can respond

As consumers continue to rely on referrals from friends and family for recommendations of RESs, fostering relationships based on trust will be critical for RESs. 

It is therefore very important that RESs ensure that they continuously sharpen their competencies and hold themselves to the highest professional and ethical standards. This will go a long way in uplifting the reputation and standing of the RES profession and the real estate agency industry as a whole.

For EAs
  • Invest in in-house training to ensure your RESs have up-to-date knowledge in handling property transactions.  
  • Equip your RESs with the relevant technological tools to improve your RESs’ productivity and responsiveness to clients. You can find out more about enablers made available by CEA to help EAs accelerate your digitalisation journeys here
  • Put in place measures for close supervision of your RESs. This ensures that the RESs carry out their responsibilities responsibly and ethically. While many RESs are professional and perform their duties well, we need to ensure that a few black sheep do not tarnish the industry’s reputation, especially when CEA and the industry have collaborated closely to uplift the professionalism of the industry over the last 12 years.   

For RESs
  • Focus on better understanding your clients’ needs so that you can provide more personalised advice and services. This will help your clients make more informed decisions on their property transactions and offer them a more productive and positive experience.
  • Make your professional development a priority. Explore upskilling in areas that will empower you to bring value to your clients.
  • Cultivate a trust-based relationship with your clients. Being a trusted RES is not just about complying with CEA’s regulations and guidelines. Winning trust is a high order, as it requires you to put the interest of your clients above your own.  

    Information accurate as at 10 February 2023

Main blog cta