3 in 4 consumers want property agents to stay updated by closing at least one deal a year: Poll

SINGAPORE - Three in four consumers expect property agents to facilitate at least one transaction per year so they can stay familiar with the latest rules and guidelines, a new survey of the real estate industry has shown.

While there are 36,058 registered property agents here, many of them are inactive and there is concern within the industry about whether these agents can provide sound advice to their clients.

The results from the survey, done by the Council for Estate Agencies (CEA), come after the Government said in December 2024 that it was considering imposing rules to require agents to handle a

minimum number of transactions yearly in order to keep their licence

.

The survey results, released on June 18, also showed a record 92 per cent of consumers were satisfied with property agent services.

That said, the poll also showed that consumers hoped property agents would improve in several areas, said Senior Minister of State for National Development Sun Xueling on June 18.

One such area was conducting checks to ensure that property transactions are carried out in line with the laws and regulations.

Ms Sun was speaking to property agents at the Singapore Estate Agents Conference held at the Lifelong Learning Institute in Paya Lebar. The conference was organised by the Singapore Estate Agents Association (SEAA).

The survey found that 74 per cent of respondents expected property agents to close at least one deal every year.

Ms Sun said consumers also wanted agents to improve their understanding of client needs and offer relevant professional advice, as well as negotiate better prices and terms for their clients.

More than 1,500 respondents participated in the CEA survey from October to November 2024.

Of these, 1,004 respondents had engaged property agents in the year before the survey, and the remaining 505 respondents were considering doing so within two years. The CEA regulates property agents and agencies.

Consumer satisfaction hit a record high of 92 per cent, compared with 77 per cent in 2021 and 85 per cent in 2018. The survey is conducted every three years. Ms Sun said: “This is the highest since the survey was first conducted in 2012, and is a testament to the industry’s sustained efforts in uplifting professional standards and strengthening consumer trust.”

Ms Claire Loh, an associate district director at real estate firm Huttons Asia, said it is reasonable for consumers to expect agents to close at least one deal every year.

“One deal a year is not difficult to achieve for experienced agents. However, in order to keep good-quality agents, the benchmark should not just be quantity but (also) quality,” said Ms Loh, who has been a property agent since 2011.

She noted that different types of transactions require different levels of expertise. “A residential or commercial sale would require a more in-depth understanding of the market and industry-specific requirements, compared with residential rental transactions, for example,” she added.

A property agent who wanted to be known only as Ms Chen said it may be difficult for part-time or less experienced agents to facilitate at least one transaction a year.

“Some agents are housewives who are focused on their families and children. Unless it is the authorities’ intention to weed out such agents, it may not be achievable for some,” she added.

At the conference, Ms Sun said Singapore must remain committed to combating money laundering and terrorism financing in order to remain a clean and trusted financial centre for business and property transactions.

Property agencies and agents are crucial gatekeepers in protecting the real estate sector from illicit activities, which is why the Ministry of National Development had Parliament pass a Bill in April

to strengthen penalty frameworks

, she added.

The Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill was passed to impose the maximum penalties on a per-breach basis rather than a per-case basis.

Property agencies and agents will also be required to conduct due diligence measures on unrepresented counterparts.

Ms Sun also lauded efforts by property agents to use artificial intelligence apps and tools developed by their agencies to generate information for their clients, such as property trends and financial calculations.

Agencies should also continue to digitalise and streamline the property transaction process to provide better and faster customer service, she said.

SEAA president Adam Wang announced that SEAA and the Institute of Estate Agents have merged to form a new industry body – the Singapore Institute of Estate Agents.

With over 15,000 property agents and agency leaders as members, the body will represent their interests as well as work with the Government to advance professionalism and long-term industry sustainability, he added.

SEAA said in a statement that the proposed name is pending approval from the Registry of Societies.

On June 18, a new platform to facilitate co-broking among the members of SEAA was launched.

Co-broking refers to a situation where two or more salespersons representing different parties in a transaction work together to complete the deal.

Mr Wang said the platform, which was developed by property portal EdgeProp, allows its members to post and collaborate on property listings in a secure space.

“It helps address rising operational costs for agents and reinforces SEAA’s commitment to equipping our members with innovative, effective tools,” he said.

The launch comes amid rising subscription fees for property platforms over the years, with

PropertyGuru’s packages costing

$1,400 to more than $20,000 in 2025.

The platform by SEAA and EdgeProp will be free for members until the end of 2025. Thereafter, they will have to pay a subscription fee of $128 per year, said SEAA