New Poll Shows Consumers Demand More from Property Agents

In a striking revelation from a recent survey, a whopping 75% of consumers believe that property agents should secure at least one transaction annually to stay informed with the latest industry regulations. This demand highlights the growing expectation for agents to remain active and knowledgeable in a competitive market.

The survey, conducted by the Council for Estate Agencies (CEA), comes at a pivotal time as Singapore considers implementing guidelines that would require agents to handle a minimum number of transactions each year to maintain their licenses.

Record High Satisfaction But Improvement Needed

Despite concerns about agent activity, the survey yielded a remarkable 92% satisfaction rate among consumers regarding property agent services—a notable increase from 77% in 2021. CEA officials attribute this growth to ongoing efforts aimed at enhancing professionalism within the sector.

However, Senior Minister of State for National Development Sun Xueling noted that consumers expect agents to step up in areas such as compliance with legal standards and improving their understanding of client needs. This shows that while satisfaction is high, there is still substantial room for improvement.

Expert Opinions on Industry Expectations

Experts agree that the expectations laid out by consumers are reasonable. Claire Loh, a seasoned property agent, pointed out that closing one deal per year is a manageable target for experienced agents. Yet, she emphasized the importance of quality over quantity, suggesting that varying transaction types require different levels of expertise.

Conversely, newer or part-time agents expressed concerns about the feasibility of this goal, highlighting the challenges faced by those balancing multiple responsibilities.

Combatting Illicit Activities in Real Estate

At the recent Singapore Estate Agents Conference, Minister Sun reinforced the need for the industry to remain vigilant against money laundering and terrorist financing. Recent legislation has increased penalties for non-compliance, placing additional scrutiny on property agents as gatekeepers of the real estate market.

Innovation and Digitalization Are Key

Emphasizing the importance of technology, Sun praised property agents for utilizing AI tools to provide valuable insights on market trends and financials to their clients. She urged agencies to continue embracing digital solutions to enhance customer service and streamline transaction processes.

A New Era for Industry Collaboration

In an exciting development, the Singapore Estate Agents Association (SEAA) has merged with the Institute of Estate Agents, forming the Singapore Institute of Estate Agents. This new body aims to bolster the professionalism and sustainability of the industry, representing the interests of over 15,000 property agents.

Additionally, a new platform aimed at facilitating co-broking among agents was launched, allowing for more efficient collaboration on property deals. This initiative is especially crucial as agents face rising operational costs.

What’s Next for Property Agents?

As the landscape of real estate continues to evolve, so will the expectations placed on property agents. With consumer demands changing, agents must adapt, innovate, and deliver on these heightened standards to thrive in a highly competitive market.