I refer to the short article on 16th September 2010 of The Straits Times in Singapore 'Oct 22 begin for real estate stat board' written by Jessica Cheam pertaining to the expense passed by parliament on Estate Brokers.
Mr. Mah Bow Tan, the Preacher for Ministry of National Growth( MND) said the Council of Estate Agencies( CEA), which is under the jurisdiction of MND can not take care of payment prices, as
this would certainly be anti-competitive, as well as it was much better for such prices to be affected by market pressures.
I simply question, why it is possible to deal with commission prices for the insurance industry, as well as not being deemed 'Establishing policies on payment rates for representatives is deemed anti-competitive as well as could infringe the Competition Act.'
It is absolutely possible to deal with prices for the estate agents. In my point of view, by dealing with rates, a portion of current problems, whining about dishonest agents will be fixed.
I assume the following example is feasible as well as do-able:
Value of ขายบ้าน Residential or commercial property
Compensation Rates
Below S$ 900,000
2%
S$ 900,000 - S$ 1,800,000
1.5%
Over S $1,800,001
1%
Amongst Co-broke agents
50% each from the complete commission accumulated
In the insurance coverage market, if any insurance coverage agent is captured under-cutting, their licence will certainly be revoked. So, it can be done similarly for the estate agents.
The CEA's prime purpose need to not simply make sure the unethical housing representatives are punished, it needs to also check out real estate agents who are professional, truthful, and also by rewarding them through the straightforward approach of dealing with the compensation rates.
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