Free Gifts, Cash Vouchers From Agents and Sales Persons Not A Desirable Practice In Singapore.
The Council For Estate Agencies (CEA) has called the practice of free gifts, vouchers from property agents in Singapore “undesirable” and “not in line with CEA’s goal”.
Indonesia (I-Newswire) September 19, 2012 - In Singapore, The Council For Estate Agencies (CEA) was formed on 22nd October 2010 as a statutory board under the Ministry of National Development. It is empowered to administer the new regulatory framework for the real estate agency industry in Singapore.
The Council For Estate Agencies (CEA) has called the practice of free gifts, vouchers from property agents in Singapore “undesirable” and “not in line with CEA’s goal”. CEA has reiterated that free gifts, cash vouchers from agents is a form of cash back. It issued a circular on 23 August 2012 to all estate agencies to inform all estate agents and sales persons, not to advertise or offer any free gifts, cash or otherwise to consumers with immediate effect.
In the past, property agents and salespersons had resorted to offering gifts and cash vouchers to potential clients to lure consumers into using their services. Or consumers demand such kick backs from agents. However, the trend caught the attention of the Council for Estate Agencies (CEA), prompting it to release a circular last week calling the practice “undesirable” and a form of cash-back. Salespersons and estate agents who fail to comply could be subjected to disciplinary actions, including warnings, fines, and eventually, revocation or suspension of their licence or registration. Agents and sales persons generally welcomed the new ruling as act of giving gifts to attract clients is “somewhat similar to bribery”.
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Published On:September 19, 2012
Print Release:Print Release
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