Singapore Property Agency Regulator Outlaws Free Gifts, Cash Vouchers From Agents and Sales Persons.
Online, September 1, 2012 (Newswire.com) - The Council For Estate Agencies (CEA) is formed on 22nd October 2010 as a statutory board under the Ministry of National Development (MND). It is empowered to administer the new regulatory framework for the real estate agency industry.
In a circular dated 23 August 2012,Council For Estate Agencies(CEA) reminded all estate agents and sales persons not to advertise or offer any free gifts, including cash or cash vouchers, to consumers or clients with immediate effect.
Recently, there have been cases where property agents and sales persons resorted to offering gifts and cash vouchers to entice potential clients to purchase properties or employ their services. Council For Estate Agencies (CEA) has been receiving feedback on the practice through regular dialogue sessions with the industry.
However, these actions prompted Council For Estate Agencies (CEA) to issue a circular calling the practice undesirable and is effectively a form of cash back. Council For Estate Agencies (CEA) reiterated that any agents or sales persons who fail to comply with the rule, will be subjected to disciplinary actions.
The use of an agent's services should not be under the inducement of gifts, and should be based on the professional competency and knowledge to meet the client's needs.
Hence, clients or consumers who have been approached by estate agents or sales persons purporting to offer gifts and cash vouchers should be wary and it is advisable not to engage them.
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