Reward ethical estate agents

Source : Straits Times - 17 Feb 2009

I EMPATHISE with the plight of victimised clients of rogue estate agents, in the article, ‘License all agents, say experts’ (Feb 8).

In the middle of last year, I bought a private apartment and appointed the same estate agent, who marketed it for the previous owner and sold it to me, to search for a suitable tenant to rent our property. However, after more than two months of his lack of follow-up, transparency, accountability and results, we discharged him when he said the property was not marketable.

I then appointed Mr Sean Sebastian Fong of PropNex in November. He was outstanding from the moment we started discussions. He appraised the property comprehensively and outlined a marketing plan. He called me regularly to inform me of all marketing and viewing activities and their results, and tirelessly showed the property over two weeks and secured a tenant at a good price.

In a seemingly declining private property market, he overcame perceived negative market sentiment with his industrious attitude.

Mr Fong was pro-active, transparent, forthcoming with information, and did his best to serve me, without prejudice. He deserved the full premium of the agency fee he commanded for his services, which I paid unreservedly.

I also engaged him because he was trained to meet his industry’s Common Examination for House Agents qualification. He also told me recently that, of his own accord, he had joined the Institute of Estate Agents because his membership would require him to abide by a high standard of conduct for the benefit of his clients. What commanded my respect was the fact that he took the initiative to regulate himself before legislation required it.

Greed is likely the common reason why any agent goes rogue. Truth be told, the property brokerage industry is like any sales-driven business pursuing profits, which rewards its top producers. Success is almost always benchmarked by the number of commissions earned. But what about agents who excel in the largely underrated area of ethical practice? It is demanded of them, but for those who practise it well, are there systems or benchmarks in place to recognise and reward them?

Dr Sim Tiong Peng