PropNex supports the Competition Commission of Singapore’s (CCS) requirement for the removal of commissions by association like the Institute of Estate Agents (IEA). And in answer to CCS’ announcement, PropNex has actually developed its own set of guidelines to ensure that the service provided by PropNex agents maintains a high standard.
“The move by CCS is not unexpected,” says PropNex chief executive officer Mohamed Ismail. “The Singapore Medical Association and Law Society were also subject to a similar removal of guidelines. Besides, IEA’s guidelines were, in essence, just that: only guidelines. Many agents on the ground often negotiated their own commissions anyway.”
He continues to elaborate that a removal of association guidelines meant that professionals were able to be duly paid for the level of service and expertise that they provided. Moving forward, he maintains that agents will now be expected to increase their levels of service and professionalism. However, he also cautions that consumers will have to exercise due diligence when conducting property transactions, to determine that the levels of service and support they are getting from the agent and the company.
Thus, with its own formal set of guidelines, a necessary step in a now totally unregulated industry, PropNex aims to provide an industry benchmark. “This will help clients, both locals and foreigners, better understand how much they can expect to pay for the high levels of customer service and support provided by PropNex,” stated Mohd Ismail. “This includes the professionalism that they can expect from PropNex agents.”
Even before CCS’ decision to remove the association guidelines for the real estate industry, PropNex was an advocate of professionalism and self-regulation. For example, they implemented the Professional Indemnity insurance for agents three years ago.
Now, in addition to its own guidelines, PropNex is introducing a whole range of service-oriented initiatives to ensure that clients enjoy the professionalism and support they deserve.
“These initiatives”, elaborates Adam Tan, PropNex’s Corporate Communications and Marketing Manager, “include our Continual Professional Development programme, our PropNex Professional Practitioner’s Certification and a PropNex Proficiency Certificate.
“We also provide a Home Warranty Plan, Certificate of Deposit Guarantee, and in-house Mediation and Disciplinary Boards to safeguard and address customer concerns. After each transaction, we call every customer to determine customer satisfaction and identify areas for improvement. Our clients can also initiate feedback by calling PropNex’s customer support at 6820 8000.
“All these measures,” sums up Mr Tan, “really have one aim: to provide our customers with greater peace of mind. Our customers should know that their property transaction, quite possibly the largest financial transaction they’ll ever perform in their life, is in reliable hands, hands that they can trust.”