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PRESS RELEASE
14 NOVEMBER 2023

Singapore Estate Agents Association (SEAA) is proud to announce the signing of two Memorandums of Understanding (MOUs) at our Singapore KEOs and Leaders Conference 2023 held at Lifelong Learning Institute, Lecture Theatre on 14 November 2023. These agreements mark a significant step towards fostering cooperation and setting a new milestone in the real estate agency industry and SEAA is excited to be at the forefront of these collaborations.

The event was attended by Guest-of-Honour, Associate Professor Muhammad Faishal Ibrahim, Minister of State, Ministry of Home Affairs & Ministry of National Development. It also brought together key players and stakeholders from the real estate agency industry to witness the official signing of the two MOUs that seek to shape the future of the industry in Singapore.

MOU 1
Signed between SEAA and the Law Society of Singapore, this MOU promotes the usage of the Law Society of Singapore’s ADR (alternative dispute resolution) Schemes, including their Mediation and Arbitration Scheme by SEAA Members, for all disputes arising from Co-broking arrangements between Property Agencies and Property Agents. Partnering with Law Society, SEAA members will be able to adopt this resolution schemes at affordable rates.

MOU 2
Signed between SEAA and selected Property Agencies (see Annex 2), this MOU covers the following:
1) Co-operation & Collaboration
SEAA shall partner the Property Agency in offering one-year complimentary Associate Membership to all their Property Agents

2) Dispute Resolution Scheme
It seeks to promote and further use of the mediation and arbitration schemes offered by SEAA and its appointed Dispute Resolution partner, Law Society of Singapore as first port of call for all disputes arising from Co-broking arrangements between Property Agencies and Property Agents. This is with effect from 01st January 2024

When a commission dispute arises between property agents especially from different agencies, it is sometimes difficult for both the agencies to handle on the salesperson’s behalf as large part of the commission goes to the salespersons and their stakes are higher. Together with the Law Society of Singapore, SEAA as a leading industry association could step in to facilitate to resolve such disputes when the agencies are in the difficult position to do so.

3) Best Practice Guide on Co-broking Commission
For Property Agencies and all their Property Agents to adopt best practice guide on co-broking commission, with effect from 01st July 2024. Please refer to Annex 1, Document no: BPG/SEAA/2023/10/28.

There is no uniformity in the current practice of how property agents are renumerated which causes pain points. For example, in some sale transactions, the seller will pay the commission to the property agent representing them. As for the buyer, it is up to their discretion if they want to pay commission to the property agent who represents them. If the buyer does not pay the commission to their property agent, then their agent will negotiate with the seller’s agent to share the commission. This creates potential conflict of interest as the buyer’s agent is now in the dilemma of deciding to put the clients’ interest first or to protect their commission. The same applies for rental transactions.

In many other jurisdictions around the world, the concept of real estate representation is very clear; Agents should collect commission from who he or she represents, i.e., Seller’s agent to collect from seller, Buyer’s agent to collect from the buyer. The same applies to tenancy commission, Landlord’s agents will collect from landlords, and Tenant’s agents from tenants. This is the arrangement the MOU seeks to achieve.

SEAA’s President, Mr Adam Wang, expressed his excitement about these partnerships: “We are thrilled to be joining hands with Law Society of Singapore to offer mediation and arbitration schemes to our members. These schemes can help our members save time and costs as well as achieve better outcomes for any disputes they may face between property agents or property agencies on co-broking matters.

As for the MOU with the Property Agencies, we are advocating the industry to work together as one and getting property agents renumerated by the clients they represent. This recommended practice will help to resolve long-standing issues and we would like to thank all the property agencies involved for their support. We look forward to a future of exciting developments in our industry.”

President of Law Society, Mr Jason Chan SC said “Law Society of Singapore is excited to work with SEAA to offer our mediation and arbitration schemes to their members. The schemes are designed to resolve the disputes quickly and efficiently. All our panels comprise experienced, accredited legal practitioners who possess a deep understanding of the industry.”

Mr Lim Yong Hock, KEO of PropNex voiced “We are happy to see SEAA take the lead in gathering the Property Agencies in the industry to adopt best practice guide on co-broking commission. This move will address many issues in the industry and bring about more opportunities for the property agents.”

KEO of ERA, Mr Eugene Lim said “It is always not easy to change current practices and mindsets of the stakeholders. However, change is a necessity if it is for the betterment of the industry, and we see the best practice guide on co-broking commission as something we should work towards.”

Annex 1: Best Practice Guide for Co-Broking Commission

About SEAA
The Singapore Estate Agents Association (SEAA) was formed to represent the property agencies and property agents in Singapore and is the leading industry association for the real estate agency industry. With the support from Council for Estate Agencies (CEA) and the major property agencies, SEAA aims to be a cohesively strong voice for property agencies and agents and to advocate and further their common interests.

Driven to promulgate and maintain the high standards of the real estate agency profession, SEAA ensures that the industry remains relevant and sustainable by promoting continuous learning, upgrading, ethical standards and professional development amongst its 6500 members. The Association also works closely with the regulatory bodies and stakeholders on industry initiatives that benefit its members. For more information, please visit www.seaa.org.sg

For further information, please contact:
Ms Teo Wanting
Senior Manager, SEAA
HP: 90407180
Email: wanting.teo@seaa.org.sg

Key initiatives to future-proof real estate sector unveiled at SEAA Excellence Awards

SINGAPORE (EDGEPROP) – A slew of industry initiatives and updates were announced during the Singapore Estate Agents Association (SEAA) SG Real Estate Agents Excellence Awards on Sept 9.
This was the third consecutive year the awards were organised by SEAA, the largest representative body for real estate salespersons in Singapore. The event recognises outstanding performance by real estate agents in Singapore.

The event was graced by Tan Kiat How, Senior Minister of State for National Development and for Communications and Information. In his opening speech, he also unveiled key initiatives under the Real Estate Industry Transformation Map 2025 (ITM 2025).

ITM 2025

The ITM 2025 is an industry roadmap featuring sector-wide strategies that aim to better prepare the real estate industry to be future-ready. The Council for Estate Agencies (CEA), the industry regulator for real estate salespersons, will drive the implementation of the ITM 2025 alongside industry partners and stakeholders.

“I thank all industry leaders and partners in the real estate sector for actively contributing to discussions and collectively shaping the Real Estate ITM 2025. Our vision is that consumers will be served by property agents who are client-centric and professional and who will uphold the highest standards of integrity,” says Tan.

The ITM 2025 will focus on three strategies: improve the digitalisation of property transaction processes, promote a more widespread technology adoption among property agencies, and enhance the value-add of agents through a new framework of skills development.

Recognising top achievers

The SEAA SG Real Estate Agents Excellence Awards saw more than 600 award participants from large to boutique-sized agencies. This is the third year that the awards have been organised.
“Many of our awardees are already stellar performers in their agencies. We are glad that [the event] helps to elevate the profile of salesperson on the national level, on top of the many awards that they received from their agencies,” says Adam Wang, president of SEAA.
Some of the award categories include the Outstanding Youths Award, the Rookies Award, and the Senior Achievers Award. Other salesperson achievement awards were presented to more than 600 recipients.

“The publishing of the award received by the awardees on their respective profiles on CEA Public Register amplifies their exemplary performance in sales and rental transactions for the year 2021, and I am sure the prestige of the awards will spur their peers to do better next year,” says Wang.
SEAA also unveiled a refreshed logo at the event. Retaining the multi-colour design of the previous logo, the new SEAA logo is meant to project the “futuristic and uplifting energy of the association”, says SEAA. The new design “represents a forward-moving association, as we aspire to move with the latest technology and better benefits for our members and partners”, says Wang.

Click HERE to read article on partner’s site

Key initiatives to future-proof real estate sector unveiled at SEAA Excellence Awards

SINGAPORE (EDGEPROP) – A slew of industry initiatives and updates were announced during the Singapore Estate Agents Association (SEAA) SG Real Estate Agents Excellence Awards on Sept 9.
This was the third consecutive year the awards were organised by SEAA, the largest representative body for real estate salespersons in Singapore. The event recognises outstanding performance by real estate agents in Singapore.

The event was graced by Tan Kiat How, Senior Minister of State for National Development and for Communications and Information. In his opening speech, he also unveiled key initiatives under the Real Estate Industry Transformation Map 2025 (ITM 2025).

ITM 2025

The ITM 2025 is an industry roadmap featuring sector-wide strategies that aim to better prepare the real estate industry to be future-ready. The Council for Estate Agencies (CEA), the industry regulator for real estate salespersons, will drive the implementation of the ITM 2025 alongside industry partners and stakeholders.

“I thank all industry leaders and partners in the real estate sector for actively contributing to discussions and collectively shaping the Real Estate ITM 2025. Our vision is that consumers will be served by property agents who are client-centric and professional and who will uphold the highest standards of integrity,” says Tan.

The ITM 2025 will focus on three strategies: improve the digitalisation of property transaction processes, promote a more widespread technology adoption among property agencies, and enhance the value-add of agents through a new framework of skills development.

Recognising top achievers

The SEAA SG Real Estate Agents Excellence Awards saw more than 600 award participants from large to boutique-sized agencies. This is the third year that the awards have been organised.
“Many of our awardees are already stellar performers in their agencies. We are glad that [the event] helps to elevate the profile of salesperson on the national level, on top of the many awards that they received from their agencies,” says Adam Wang, president of SEAA.
Some of the award categories include the Outstanding Youths Award, the Rookies Award, and the Senior Achievers Award. Other salesperson achievement awards were presented to more than 600 recipients.

“The publishing of the award received by the awardees on their respective profiles on CEA Public Register amplifies their exemplary performance in sales and rental transactions for the year 2021, and I am sure the prestige of the awards will spur their peers to do better next year,” says Wang.
SEAA also unveiled a refreshed logo at the event. Retaining the multi-colour design of the previous logo, the new SEAA logo is meant to project the “futuristic and uplifting energy of the association”, says SEAA. The new design “represents a forward-moving association, as we aspire to move with the latest technology and better benefits for our members and partners”, says Wang.

Click HERE to read article on partner’s site

SINGAPORE (EDGEPROP) – The Singapore Estate Agents Association (SEAA), the largest industry representative body for real estate salespersons in Singapore, held its inaugural SG Real Estate Agents Excellence Award on Nov 13. The awards recognise the efforts and outstanding performance of individual salespersons. The awards are officially recognised by the Council of Estate Agents (CEA), the industry regulator.

The guests of honour were Minister in the Prime Minister’s Office and Second Minister for Finance and National Development Indranee Rajah and Tan Kiat How, who is the Minister of State in the Prime Minister’s Office and the Ministry of National Development. EdgeProp Singapore was the official media partner for the event.

A total of 387 individual awards were presented during the virtual event, and the categories included the Outstanding Youths Award, the Active Seniors Award for agents over 60 years old, and the Rookies Award for new agents who joined the industry after July 1, 2018. There were also Salesperson Achievement Awards for top earners.

All submissions were evaluated by a panel of four judges, made up of ARA Trust Management CEO Chong Kee Hiong, Singapore Fintech Association president Chia Hock Lai, Fortis Law CEO Patrick Tan and Professor Sing Tien Foo, director of the Institute of Real Estate and Urban Studies at the National University of Singapore.

Advocating agents interests

SEAA represents close to 5,000 members comprising individual real estate salespersons and corporate estate agencies. The industry body was officially registered as a society in 2016 and was formed to represent the interests of real estate agents in Singapore. The association is helmed by its president, Thomas Tan, who is also the chief learning officer of Life Mastery Academy, a CEA-approved course provider.
“SEAA has been growing steadily over the past few years. Last year we had about 4,000 members, and we have grown to about 5,000 members this year. We organised the SG Real Estate Agents Excellence Award specifically to recognise agents at an industry level, and we feel it is a timely event for the industry this year,” says Tan.

He adds that SEAA is an important industry body that voices the interests and concerns of real estate agents to government bodies such as CEA and other industry partners like the Real Estate Developers Association of Singapore (REDAS).

The association has accomplished several milestones over the past few years. It helps smaller estate agencies and individual real estate agents navigate the various compliance and money-laundering regulations related to property transactions. SEAA also has a seat in the government’s Future Economy workgroup for the real estate industry, which helped to roll out standardised contract templates for sales and rental agreements. As a member of the workgroup, SEAA has been promoting digital transformation initiatives to its members.
Recently, SEAA launched training programmes for agents during the “circuit breaker” period, bringing in vendors to teach members basic video courses. “We really tried to encourage them to carry on their marketing activities in a safe way and not to freeze their sales activities,” says Tan.

He adds: “Initially, agents took a while to adopt all the various technologies and digitalisation tools such as virtual tours, but it has been amazing watching how it has gradually been picked up by most of the industry.”
Tan hopes that the award will galvanise more agents to adopt digital tools. “One of the reasons why we came up with these awards is to show agents that there are still success stories in the marketplace. And one of the key drivers for their success is because they were open minded and were the early adopters of digitalisation,” he says.

Recognising professionalism and excellence

According to Tan, the SG Real Estate Agents Excellence Award differs from the accolades given to agents by their respective agencies because the evaluation is not purely based on sales performance. While certain sales benchmarks are included in the criteria, other elements such as client testimonials and a written submission play a significant role in the judging. This ensures that award winners are backed up by good customer reviews, the character of the agent and their sales performance, he adds.

In her opening remarks, Minister Indranee notes: “[The winners] have demonstrated that service excellence and professionalism must go hand-in-hand, in order to deliver good sales performance with high customer satisfaction — a positive and hassle-free property transaction experience for consumers.”
She also mentioned the winners in the Active Seniors category proved that “age is indeed just a number by adapting well to the changes in the industry and property transactions and remaining competitive over the years. Your spirit to continuously improve yourselves has shown that learning is indeed a lifelong journey.”
SEAA says that recognising outstanding real estate agents and highlighting such awards in their resume in the public register will help consumers pick out the right salesperson to represent them. The association says that the track record of good performing agents should also be as visible in the public register as much as disciplinary actions on their record. “This award also gives the winning agents a very good professional image, and this builds consumer confidence and trust in these agents,” says Tan.

He adds that the real estate industry has matured over the past decade since CEA was established in October 2010. “When the regulator was started it needed to send a strong signal to the marketplace as a government regulator, publishing all the management and disciplinary cases prominently. But the industry has matured, and the regulator has matured along with it and I think we need to take a more balanced approach,” says Tan.
Tan, who was recently reappointed to the Disciplinary Board at CEA, says that the nature of complaints against agents are mostly service-related or advertising-oriented. “Gone are the days when issues of dual representations or money lender referrals were prominent,” he notes.

His observations were also echoed by Minister Indranee, who adds: “Over the past 10 years, the industry has become more disciplined, more professional and more trusted. Consumers have also affirmed property agents’ service excellence and professionalism. We have seen a decline in the number of complaints against property agencies and agents over time, from 1,170 cases in 2011 to 777 cases in 2019. So that’s a drop of about 34%, which is good.”

Looking ahead, Tan says that agents will remain an indispensable part of the real estate industry ecosystem, even as digital tools such as property portals, virtual tours, and online document submissions become more prevalent.

“Digital tools are a very good enabler, but they do not totally replace the function of real estate agents who remain critical advisors to home buyers and sellers. Digital tools enhance productivity, and this allows agents more time to give better customer relations.” He adds that this will transform the role of property agents into an advisory role in the future.

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