Last month, the Council for Estate Agencies (CEA) turned two. Happy Birthday, CEA!
How has the new regulatory body shaped up? To find out, a Public Perception Survey was carried out recently. The survey findings seem to suggest that the CEA, at two, has fared not too badly.
First, what used to be regarded almost as a ‘cowboy’ industry is now characterised by a more systematic and professional process of proper registration of salespersons and licensing of estate agents by the CEA.
Second, of the more than 100,000 property transactions each year, complaints made up one per cent of the cases.
Third, eight out of ten consumers (buyers and sellers) surveyed were satisfied with the services provided by their salespersons. And seven of them plan to recommend their salespersons to others. Many consumers also found their salespersons to be “courteous, contactable and responsive to queries”.
But there were areas for improvement. Consumers would prefer their salespersons to improve their industry knowledge so as to be able to provide enhanced advice pertaining to the property transactions.
The survey also covered the Key Executive Officers and salespersons. Many of them found CEA’s regulatory measures effective in raising professionalism in the industry. Practically everyone felt that the Continuing Professional Development (CPD) activities were useful in upgrading their professional standards.
All in all, this is a good start. But the real estate industry is a dynamic one. Salespersons would need to embrace continuous learning to stay relevant and bring value to their clients. The transformation of the industry has only just begun.
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