Rising consumer expectations a challenge for the real estate industry in Singapore

RISING consumer expectations is one of the challenges that the real estate industry in Singapore is facing even as recent efforts to better regulate the sector are starting to bear fruits.

Another challenge is being value-based and moving beyond the mindset of closing a deal in the shortest time possible, noted Mr Tan Chuan Jin, acting minister for the Manpower Ministry and senior minister of state for the National Development Ministry.

He was speaking at the inaugural Asia Pacific Real Estate Convention and Expo at Marina Bay Sands on Wednesday.

Since its inception in October 2010, the Council for Estate Agencies (CEA) has received 2,300 complaints - an average of 4 a day, Mr Tan revealed.

The CEA is also reviewing the Estate Agents Regulations and developing practice guidelines for salespersons' behavior and conduct towards each other. These efforts are meant to further enhance professionalism and business excellence.