Many unsubstantiated complaints against property agents
More than half of the complaints investigated by the Council of Estate Agencies (CEA) have been found to be unsubstantiated, or fell beyond its reach.
The agency also sent out 283 warning letters, and brought three cases to court.
This was revealed in the watchdog's first annual report, which covers the first 18 months of its operations. In October 2010, the agency began its arduous task of raising the standards of the real estate industry.
Said CEA president Greg Seow: "The industry has experienced significant change under this new regulatory landscape. CEA's approach has been to regulate with a lighter touch initially, and then gradually tighten up as the market adjusts to the new standards."