New Rule to Protect Home Buyers and Property Agents

Most people buy a home once in their lifetime. It is a big purchase, so good advice is very important.

Now, people can easily find property information and buy homes without an agent. So, they expect more from property agents.

A new rule says property agents must complete at least three deals in three years to keep their license.

Most people are happy with their property agents.

A survey found that 92% of clients were happy with their agents in 2024, up from 77% in 2021.

But there were more complaints in 2024, which means agents must do better.

In 2024, there were 1,271 complaints. Most were about bad service, but some were about wrong prices and descriptions.

These problems waste time and confuse home buyers.

The new rule requires agents to complete three deals or pass a test to renew their license.

This is because many people think agents should do at least one deal a year to be familiar with the rules.

The old rule allowed agents to keep their license even if they did not do any deals.

Agents must keep up with changing rules and financing conditions.

The new rule is not too hard for active agents, as they can do deals on many types of properties.

Some people worry that inactive agents might cheat to meet the new rule.

But this can be stopped by making agents sign an agreement with their clients before starting work.

The new rule will likely reduce the number of agents, but this will not hurt home buyers.

There are currently 38,162 property agents in Singapore, which is a record high.

The number of agents has been growing since 2017, but the number of home sales has decreased.

This means there are enough agents even if some leave the industry.

Having fewer agents might be good, as it will reduce competition for leads.

Fewer agents will not automatically mean higher fees, as new agents can still join and fees are negotiable.

The government is also looking at ways to make property listings more accurate and transparent.

The Housing Board's resale flat listing service can help make the market more reliable.

The government might make this service the default platform for resale flats.

Even with better tools, home buyers still need professional help from property agents.

Agents help with difficult negotiations and protect their clients from problems.

The new rule aims to create a more professional and trusted property market.

It also protects property agents by encouraging them to keep their knowledge up to date.

Lee Nai Jia is a director of a property media company.

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