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[SINGAPORE] While a record 92 per cent of property consumers are satisfied with their agents’ services, more are seeking clearer advice and better guidance from agents, based on the 2024 Public Perception Survey by the Council for Estate Agencies (CEA).

The latest figure marks a significant increase from previous surveys, with satisfaction levels rising from 77 per cent in 2021 and 85 per cent in 2018. It is also the highest since the survey was first conducted in 2012, said Senior Minister of State for National Development Sun Xueling at the Singapore Estate Agents Conference on Wednesday (Jun 18).

Consumers valued agents mainly for their network and expertise: 45 per cent cited faster transactions, 44 per cent highlighted their help with procedures and paperwork, and 42 per cent said their agents helped secure better prices or rent.

The share of consumers prioritising the track record of the agent’s agency rose to 45 per cent, up from 31 per cent in 2021 and 16 per cent in 2018. The agent’s personal track record was equally important at 45 per cent, slightly lower than 47 per cent recorded in 2021 but higher than 21 per cent in 2018.

Positive reviews online and from other consumers also carried more weight. Some 44 per cent of consumers prioritised online ratings, up from 16 per cent in 2021 and 12 per cent in 2018. Meanwhile, recommendations from friends and family fell in priority, from 63 per cent in 2018 to 43 per cent in the latest survey.

Consumers were increasingly aware that agent commissions are negotiable, and that signing formal agreements with their agents helped reduce potential disputes over an agent’s responsibilities.

Rising expectations

Despite increasing satisfaction, Chan Khar Liang, CEA’s executive director, noted that there are “rising expectations” of property agents to remain professional and up to date on the rules and regulations governing property transactions.

The triennial survey found that 43 per cent of consumers felt agents could improve in understanding client needs and providing relevant professional advice – particularly during the early stages of transactions.

Meanwhile, 40 per cent said agents could conduct relevant checks to ensure deals comply with current laws and regulations, and 38 per cent said agents could negotiate better prices and terms for their clients.

Sun said: “In line with this, about three in four consumers also expected property agents to facilitate at least one property transaction per year, to ensure that they stay familiar with the latest property transaction rules and guidelines.”

To raise professionalism, CEA has been implementing recommendations from an industry workgroup set up in 2021 to strengthen ongoing professional development for property agents. These include enhancing course accreditation and trainer requirements for better course designs.

Sun said: “Property agencies and agents serve as crucial gatekeepers, alongside institutions and legal practitioners, in protecting our real estate sector from illicit activities.”

In April, Parliament passed the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill, which imposes maximum financial penalties on property agencies and agents on a “per breach” basis, rather than “per case”, for anti-money laundering and terrorism-financing violations.

Property agencies and agents are also required to conduct due diligence measures on unrepresented counterparties.

Additionally, property agencies have ramped up investments into technology, and more agents used tech when serving customers in the past three years, the CEA survey showed. This includes websites or apps with details of properties or information on property trends, as well as pricing, valuation or financial calculation tools.

“At an organisational level, property agencies should continue the good momentum to digitalise and streamline property transaction processes, so that your agents can provide better and faster customer service to their clients,” said Sun.

CEA said it will continue working with agencies to further digitalise property transaction processes, as well as support small and medium-sized agencies in their digitalisation journey.

The 2024 Public Perception Survey polled 1,004 consumers who engaged property agents in the year before the survey was conducted, as well as 505 potential consumers considering such engagements within the next two years.

Unified industry body

At the conference, the Singapore Estate Agents Association (SEAA) and the Institute of Estate Agents (IEA) Singapore announced their merger to form a unified industry body.

The proposed name of the new industry body – pending approval from the Registry of Societies – is the Singapore Institute of Estate Agents (SIEA). The new body will represent more than 15,000 real estate agencies and agents.

Adam Wang, president of SEAA, said the new body will enable real estate agents and agencies to “collectively raise the standard and reputation” of the profession in Singapore. “Through this coming together, we are better-equipped to respond to change and shape the future with confidence.”

The merger comes amid rapid changes in the real estate industry, including digitalisation, evolving consumer expectations, tighter regulations and growing demand for trusted advisory services, said SEAA and IEA in a joint announcement.

“The proposed SIEA will provide a united front to address these challenges, while fostering innovation, collaboration and sustainable practices within the sector,” they noted.

Multi-listing system

To keep up with the rapidly evolving real estate landscape, SEAA and EdgeProp Singapore on Wednesday also launched a multi-listing system for the association’s 15,000 members.

The member-exclusive platform allows agents to post, manage and collaborate on property listings within a secure, centralised space, while preventing duplicate listings. The web-based system is mobile-friendly, with plans underway to develop a dedicated app.

The multi-listing system is owned by SEAA, with EdgeProp as the technology partner responsible for its ongoing development and maintenance.

Wang said the tie-up offers an affordable platform that enhances co-broking opportunities for members, as well as addresses rising operational costs.