Consumers expect property agents to close at least one deal a year

Survey shows they want agents to stay updated with latest laws and regulations

- Isabelle Liew

Three in four consumers expect property agents to facilitate at least one transaction per year so they can stay familiar with the latest rules and guidelines, a new survey of the real estate industry has shown.

While there are 36,058 registered property agents here, many of them are inactive and there is concern within the industry about whether these agents can provide sound advice to their clients.

The results from the survey, done by the Council for Estate Agencies (CEA), come after the Government said in December 2024 that it was considering imposing rules to require agents to handle a minimum number of transactions yearly in order to keep their licence.

The survey results, released on June 18, also showed a record 92 per cent of consumers were satisfied with property agent services.

That said, the poll also showed that consumers hoped property agents would improve in several areas, said Senior Minister of State for National Development Sun Xueling on June 18.

One such area was conducting checks to ensure that property transactions are carried out in line with the laws and regulations.

Ms Sun was speaking to property agents at the Singapore Estate Agents Conference held at the Lifelong Learning Institute in Paya Lebar. The conference was organised by the Singapore Estate Agents Association (SEAA).

The survey found that 74 per cent of respondents expected property agents to close at least one deal every year.

Ms Sun said consumers also wanted agents to improve their understanding of client needs and offer relevant professional advice, as well as negotiate better prices and terms for their clients.

More than 1,500 respondents participated in the CEA survey from October to November 2024.