Singapore is introducing customer ratings of real estate agents to improve transparency and enhance professionalism.
We think that such a move, if introduced in Thailand, would be a good thing at a time when real estate agents are facing growing competition from many directions.
Singapore’s Council of Estate Agencies (CEA) is already working with real estate firms to produce TripAdvisor-like ratings for the 28,000 agents in the city-state.
It said these ratings will allow consumers to find a real estate agent who best fits their individual needs.
There is really no comparison between Singapore and Thailand in terms of transparency within the property and real estate sector.
In Singapore, a property sale that happens today will appear online tomorrow thus allowing real-time monitoring of pricing, trends, etc.
In Thailand there is no public online record of sales, and any ratings system similar to the one starting in Singapore would involve a significant amount of resources to avoid abuse.
But that said, we feel that anything that contributes to improving professionalism and accountability within the real estate sector can only be a good thing.
We know, from talking to real estate agents, that any form of regulation within Thailand would not be welcomed by the majority within the sector.
But with competition coming from many directions it may only be a matter of time before a rating system, like to the starting in Singapore, becomes part of the real estate industry in Thailand.