All property transactions completed by Singapore’s estate agencies in the last 24 months have been included in an official government record, the Council for Estate Agencies (CEA) reports.
You may see details on Housing Board flat resale and rental transactions, as well as new sales, resales, and rents of private houses, as well as this publicly available information.
With this, Singaporean real estate salespeople may be greater visible to the general public, claimed the CEA. This proposal to enhance openness in the Property Agents transaction records has been put forth by the Property Agents Transaction Records Initiative (TRI).
This sale has been publicly published on the CEA Public Register. It contains, among other things, the date the transaction was completed, the geographical location of the property, and whether the agent represented the buyer, seller, renter, or landlord.
In the context of private housing, it will indicate whether it was a new sale or resale transaction, as well as the kind of property (i.e. condo, executive condo, landed, or strata-landed). Each transaction made in connection with a lease transaction will show whether the whole unit or a specific room was rented out.
Transaction information for each month will be updated on the 15th of the month following the month it was originally entered. If the record you are looking for is created on or after 24 months from the date of access, you may find it at data.gov.sg.
For previous website users, only the most recent HDB resale transactions that were mediated by salespeople and completed within the last 24 months were available.
Mr Soh Cheng Hwee, director of licensing at the National Council for Education Technology (which is also the Licensing Council), said that the council has achieved a delicate balance between privacy and openness when it comes to information. It is missing important details on individual properties and their transacted values.
The project is to enable customers to choose a trusted representative in an educated manner. Potential customers may learn the transaction kinds and places where an agent has worked, as well as the period of time during which this work was conducted.
He also said that property brokers may demonstrate their professionalism and specialization in residential transactions by making use of these validated data.
The real estate industry organizations, the agencies’ top executives, property salespeople, and customers all provided input for the CEA to help improve the TRI.
Lee Nai Jia, the Institute of Real Estate and Urban Studies at the National University of Singapore’s deputy director, anticipates that the enhanced initiative will benefit property agencies and their customers in the long term because of higher industry professionalism and the standard of the agencies.
According to Dr. Lee, when customers have access to the data, they are more inclined to contact agents who have brokered more transactions in their region.
“In order to grow their teams, agencies will have to bring in experienced agents to train the younger ones. In order to succeed in the future, personal branding and quality of service will be even more essential for agents “And he added, he said.