With the low entry barrier, the real estate agents make up 30,000 of Singapore’s population of 4 million residents. Coupled with non-existent requirement for qualification test or exam for the job holders, that probably explains the deteriorating service within this real estate industry.

In response to a market that is fast losing faith on the falling real estate service level indicators, Singapore government announced a multi-pronged approach in its attempt to correct the situation. These proposed solutions are: Industry led accreditation body, Enforcement agency, Dispute Resolution Tribunal.

This accreditation body would be headed by industry veterans.One significant part of the proposal is compulsory accreditation for all real estate agents. And it would make public a central database of agents to conduct background assessment of agents they intend to employ.

This public search facility would hope to resolve the job hopping issue that went undetected previously and put a stop on agents with multi calling cards.

Enforcement Agency in the draft and recommended. Enforcement Agency is looking for agents and adventurers competent authorities. And it is also responsible for dealing with the weakness in the form of penalty points.

To a population who is increasingly losing faith to the existing system, this is definitely a timely booster.With the set up of experts led real estate dispute resolution tribunal, it is working to lead quick resolution of property related issues, and thus save money for all involved.

The government would an extra-judicial settlement of its first fund, but with time, cost and responsibility for the performance it will be released back to the industry.

If the number of reported complaints, it is expected that the court was convinced, as it begins its work. For this reason, the Government stresses that it is not a substitute for the existing courts in the Agency. This agency level, will meet the court continue its purpose and also as a gatekeeper of the official dispute resolution court.

It would still be at least some months away before the proposal can be fully implemented and be checked against its effectiveness. But the government acknowledged the fact that all parties in this dilemma must work towards improving the present situation and government would also facilitate the program through public education.

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