Monday, July 30, 2012

Agent's dishonesty costs him S$15,000

The Council for Estate Agencies (CEA) has punished another property agent for acting against the interests of his clients with a seven-month suspension and a fine of S$15,000, the highest penalty so far.

34-year old Anthony Su was penalised for a transaction that took place last year.

According to complaints, Su lied to his clients that he was co-broking their property with a fictitious agent called Adeline. Based on this, his clients increased his commission.

Su also kept information from his clients about the existence of another potential buyer.

In addition, he took a cut from another agent who sold the property that was owned by the eventual buyers.



“His clients were therefore not aware that Su had such an interest in the particular buyers successfully concluding the transaction, nor aware of the true amount that Su was going to earn by acting for them in the sale of their property,” said the CEA.

Property agency ERA Realty has since terminated Su’s services.

Meanwhile, the CEA which was established in October 2010 has been receiving around four cases a day pertaining to “unprofessional services, misleading/unauthorised advertisements/flyers, general misconduct, and misrepresentation”, said Yeap Soon Teck, Deputy Director (Licensing) at CEA.

Once complaints are filed, CEA will assess each case and if sufficient evidence is gathered, the agency will “take appropriate disciplinary or prosecution action”.

“To date, CEA has prosecuted three unregistered salespersons in court,” added Yeap.

“It takes time and the collective effort of industry associations, consumers and stakeholders to raise the level of professionalism of the industry.”

View the original article here

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