REAL ESTATE AGENCY IN SINGAPORE

Abstract

Estate agency, a service much sought after by a lot of property owners, is a major income generating activity for most real estate firms in Singapore. Firms offering estate agency services, nevertheless, have their fair share of problems just like firms in any other industry. Through a survey, this study revealed some weaknesses of the local estate agency industry. These weaknesses include weak legislative controls, lack of a professional body, existence of a large number of unlicensed agents, and the widespread use of open listing. The study also examined the operations of the local estate agency firms. It was found that most of the firms lack competent agents and have high staff turnover rates. The firms were also found to be affected by the undercutting strategy adopted by their competitors and the overpricing of properties by owners. In addition, abortive work in the firms was found to be high.