Propnex Ltd. · SGX:OYY
Propnex — Investor Presentation (November 2010)
130 slides from Propnex's investor presentation, Nov 2, 2010
Slide 1: Industry Changes, Company Initiatives, Awards & More
Industry Changes E Company Initiatives = Awards & More! 8am to ipm 2 November 20\0 The Rock Auditornun Suntec Cit (Above Carrevour\
Slide 2: CEO's Address
CEO’s Address ee | 89
Slide 3: PropNex Results: 1Q-3Q 2009 vs 1Q-3Q 2010
PropNex Results: 1Q-3Q 2009 VS 1Q-3Q 2010 1Q-3Q 2009 1Q-3Q 2010 HDB Resale 9,717 7,345 Private Resale 3,754 4,386 Rentals 10,951 11,309
Slide 4: Congratulations! Gross Commission Transacted
PropNex Results: 1Q-3Q 2009 VS 1Q-3Q 2010 1Q-3Q 2009 1Q-3Q 2010 Gross Commission $105,745,973 $124,877,375 Transacted An 18.1% Increase! Congratulations!
Slide 5: PropNex Recruitment in 2010
PropNex Recruitment in 2010 *From 1 January till 21 October 2010 New, Inexperienced Agents 1,410 Experienced Agents 603 Rejoined Agents 193 TOTAL NUMBER OF NEW AGENTS 2,206 Congratulations and Welcome!
Slide 6: Experienced Agents Recruitment
PropNex Recruitment in 2010 Experienced Agents Recruitment ERA 153 HSR 98 Dennis Wee 41 DTZ 35 Global 29 Orange Tee 27 Huttons 25 Knight Frank 22 Roof Property 20 REMAX 12 Others 141 TOTAL 603
Slide 7: …30,000-strong…
The Straits Times 21 October 2010 …30,000-strong…
Slide 8: CEA Registrations as of October 2010
CEA Registrations as of 22 October 2010 ERA 4,712 PropNex 4,517 Orange Tee 3,017 HSR 2,818 25,458 salespersons or Huttons 2,523 Dennis Wee DTZ ECG 2,512 2,336 1,120 77.6%! CH 651 Knight Frank 641 CBRE 611 Others 7,342 TOTAL 32,800
Slide 9: Numbers of Salesperson in Major Agencies
Numbers of salesperson in Major Agencies Agency Current No. New No. % Cut HSR 7,000 3,500 50% ERA 8,000 4,200 47.5% Dennis Wee 5,000 3,000 40% Orange Tee 3,600 2,500 30.5% PropNex 6,117 4,517 26% ST Report on 21 October 2010
Slide 10: MND & HDB Rulings
MND & HDB Rulings MND’s New Measures & Policies to Cool the Market
Slide 11: MND & HDB Rulings
NS MND & HDB Rulings ® LTC (NS) Mohamed Ismail Service You Trust CEO PropNex Realty 29 September 2010 Mr Mah Bow Tan Minister for National Development 5 Maxwell Road #21-00 Tower Block MND Complex Singapore 069110 Dear Mr Mah, Potential problems facing property consumers As the CEO of one of Singapo
Slide 12: Market Outlook: Land Bids in 2010 (Before 30 August)
Market Outlook Land Bids in 2010 (Before 30 August) S/N Close Date Location Winner Bid $PSF Type 01 4 February Sengkang West Ave/ Fernvale Sunmaster Holdings $365.26 CO Link (HDB) 02 4 March Compassvale Bow Opal Star and Lum Chang $315.02 EC Building (HDB) 03 4 May Boon Lay Way/ Lakeside Keppel Land
Slide 13: Market Outlook: Land Bids in 2010 (After 30 August)
Market Outlook Land Bids in 2010 (After 30 August) S/N Close Date Location Winner Bid $PSF Type 01 17 September Hougang Ave 7 Sim Lian Land $339.64 CO (HDB) 02 23 September Punggol Drive/ Punggol East Qingdao Construction $236.99 EC (HDB) 03 30 September Pasir Ris Drive 3/ Drive 4 FCL Topaz and F. E
Slide 14: PropNex in the Public Eye
PropNex in the Public Eye NUS Brown Bag Seminar 1 September 2010 PropNex CEO Mohamed Ismail addresses a group of NUS lecturers.
Slide 15: PropNex in the Public Eye
PropNex in the Public Eye The Business Times 5 October 2010 PropNex received coverage as part of an Enterprise 50 initiative involving a study conducted by NUS students.
Slide 16: PropNex in the Public Eye
PropNex in the Public Eye SAEA-SISV Inaugural Real Estate Congress 5 October 2010 Marina Bay Sands PropNex CEO Mohamed Ismail was a panel speaker on “How To Be A World Class Realtor”.
Slide 17: PropNex in the Public Eye
PropNex in the Public Eye SIM University Convocation Speech 7 October 2010 CEO Mohamed Ismail is invited to give the convocation speech at UniSim.
Slide 18: PropNex in the Public Eye
PropNex in the Public Eye SMART Expo 10 October 2010 PropNex CEO Mohamed Ismail draws a huge crowd at the SMART Expo at Suntec City.
Slide 19: PropNex in the Public Eye
PropNex in the Public Eye iProperty Expo 23 October 2010 Marina Bay Sands CEO Mohamed Ismail again draws huge crowds with a talk on property investment.
Slide 20: PropNex Commendations
PropNex Commendations Commendation from a Satisfied Customer
Slide 21: PropNex Commendations
PropNex Commendations Commendation from a Satisfied Customer
Slide 22: PropNex Commendations
PropNex Commendations Commendation from a Satisfied Customer
Slide 23: PropNex Commendations
PropNex Commendations Commendation from a Satisfied Customer
Slide 24: The Council for Estate Agencies: Mediation
The Council for Estate Agencies Mediation From Section 66 of the Estate Agents Act
Slide 25: The Council for Estate Agencies: CEA Inspection
The Council for Estate Agencies CEA Inspection From Section 47 of the Estate Agents Act
Slide 26: The Council for Estate Agencies: Penalties
The Council for Estate Agencies Penalties From Section 52 of the Estate Agents Act
Slide 27: Estate Agency Work Regulations
The Council for Estate Agencies Estate Agency Work Regulations • Code of Ethics and Professional Client Care • Code of Practice for Estate Agents • On CEA website (www.CEA.gov.sg) by 1 November 2010 • Effective from 15 November 2010
Slide 28: No Dual Representation
No Dual Representation 5.—(1) No salesperson or estate agent who is a natural person shall, in respect of the same property, have as clients both vendor and purchaser or both landlord and tenant. (2) Paragraph (1) applies regardless of the consent or agreement of the client or of any or all the part
Slide 29: No Referrals to Moneylenders
No Referrals to Moneylenders 6.—(1) No estate agent or salesperson shall — (a) introduce, refer or recommend a client to any moneylender or otherwise suggest the use of the services of any moneylender; or (b) receive any commission, reward, fee, payment or other benefit whatsoever from any moneylend
Slide 30: No Holding of Transaction Monies
No Holding of Transaction Monies 7.—(1) No estate agent or salesperson shall hold or handle any money for or on behalf of any party in relation to any of the following property transactions: (a) the sale or purchase of any property situated in Singapore; and (b) the lease of HDB property. (2) Paragr
Slide 31: No Holding of Transaction Monies
No Holding of Transaction Monies (3) Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both and, in the case of a continuing offence, to a further fine no
Slide 32: Use of Council Symbols and Representations
Use of Council Symbols and Representations 8.—(1) No estate agent, salesperson or any other person shall, except with the express written permission of the Council — (a) use any name, symbol, mark or representation that is identical to or which incorporates or resembles that of the Council; or (b) u
Slide 33: Display of Estate Agent Card
Display of Estate Agent Card 9.—(1) Salespersons and estate agents who are natural persons must display upon themselves the estate agent card issued by the estate agent that they represent at all times when carrying out estate agency work. (2) The person displaying the estate agent card under paragr
Slide 34: 12 Golden Rules
12 Golden Rules The Code covers: 1. Knowledge of and compliance with relevant laws, practice circulars and guidelines, and essential facts 2. Due diligence and compliance with law and statutory requirements 3. General duty to clients and public 4. Prohibition against bringing discredit or disrepute
Slide 35: Salespersons' Advertisements
The Council for Estate Agencies Salespersons’ Advertisements • The Company has to approve ALL advertisements, commercials, flyers, marketing collaterals BEFORE production and distribution/insertion • As required under the Second Schedule of the Estate Agents Act • With effect from 15 November 2010
Slide 36: False Declaration
The Council for Estate Agencies False Declaration • Declarations in forms must be honest • Failure to declare honestly is a serious offence From Section 34 of Estate Agents Act
Slide 37: Gravity of Regulation
The Council for Estate Agencies Gravity of Regulation • CEA is taking these regulations seriously • HDB regulations must also be observed, e.g. no unauthorised sub-letting • Do NOT flout any regulations!
Slide 38: Change your mindset: Embrace Change
The Council for Estate Agencies Change your mindset Embrace Change
Slide 39: Lose your head = Lose your rice bowl
The Council for Estate Agencies Lose your head = Lose your rice bowl
Slide 40: PropNex: Consumers' Champion
PropNex: Consumers’ Champion Open to the public • FREE Learn about property investment fundamentals Date: Every Friday from 12 November 2010 (except PH and Eve of PH) Time: 7 to 9:30pm Venue: Achiever’s Lounge, HDB Hub Level 10 Registration at www.LifeMasteryAcademy.com
Slide 41: PropNex Checklist
PropNex: Consumers’ Champion PropNex Checklist • To ensure greater professionalism • To protect the consumer • For ALL Clients, whether buyer, seller, landlord or tenant • From 1 January 2011
Slide 42: Strengthening Consumers' Trust
PropNex: Consumers’ Champion Strengthening Consumers‟ Trust
Slide 43: Congratulations to all PropNexians
Congratulations to all PropNexians for having met the Council of Estate Agencies’ Entry Requirements
Slide 44: Industry Changes, Company Initiatives, Awards & More
Industry Changes E Company Initiatives = Awards & More! 8am to ipm 2 November 20\0 The Rock Auditornun Suntec Cit (Above Carrevour\
Slide 45: Address by Mr Seah Seng Choon, CASE
Address by Mr Seah Seng Choon, CASE Executive Director
Slide 46: Estate Agents and Consumers: A CASE Perspective
Estate Agents and Consumers: A CASE Perspective PropNex 3rd Quarterly Convention 2010 Mr Seah Seng Choon Executive Director Consumers Association of Singapore 46
Slide 47: Outline
Outline Statistics of complaints Nature of complaints Other common problems Case studies 3 key messages 47
Slide 48: Statistics of Complaints
Statistics of Complaints CASE received the following number of complaints against real estate agents and/or agencies*: 2008 – 1,100 cases 2009 – 1,079 cases 2010 (to September) – 896 cases * These refer to both filed and non-filed cases. Filed cases: Consumers authorise CASE to handle on thei
Slide 49: Nature of Complaints: Unsatisfactory services
Nature of Complaints 1. Unsatisfactory services Examples: - Agent failed to give proper advice to consumer, OR - Agent did not carry out his/her duties and consumer had to submit the relevant documents to the authorities 49
Slide 50: Nature of Complaints: Misrepresentation
Nature of Complaints 2. Misrepresentation/misleading claims Examples: - Agent left out important information such as an accurate valuation report, OR - Agent made the consumer sign both the option to purchase and acceptance on the same day - Agent removed the information page of the HDB documentatio
Slide 51: Nature of Complaints: Failure to honour promises
Nature of Complaints 3. Failure to honour promises (verbal or written) Examples: - Consumer was promised a refund if the unit was unable to be rented out, but did not get the refund 51
Slide 52: Nature of Complaints: Dual Representation
Nature of Complaints 4. Dual Representation- Conflict of interest Examples: - Agent was representing both buyer and seller, leading to conflict of interest - Buyer denied viewing opportunity when he disagreed to pay seller commission - Seller‟s opportunity to sell restricted because his agent only b
Slide 53: Nature of Complaints: Auto-renewal of contracts
Nature of complaints 5. Auto-renewal/ exclusivity period of contracts - Including unfair contract terms to auto renew exclusivity contracts - Demanding payment when property is sold after exclusivity contract 53
Slide 54: Case Study 1
Case Study 1 Consumer sold his home through the agent for $660,000. Agent fails to fullfill his promise. He had promised to help consumer to find a new place to stay but did not do so. Consumer refused to pay full commission as a result 54
Slide 55: Case Study 2
Case Study 2 Consumer engaged an agent to rent an apartment. He signed a rental agreement on 22-11-2007 with monthly rental of $1800, and placed $1800 deposit through the agent. Agent later informed him that the owner changed her mind and had found a new unit for consumer. Consumer signed a
Slide 56: Case Study 2
Case Study 2 The monthly rental was $2000 and he paid a further $200 to the agent. He also paid him $1000 commission, $1000 prorated rental and $198 transfer fees. Later on, consumer found out that the agent did not pass his rental deposit to the landlord The rental agreement did not work out
Slide 57: Case Study 3
Case Study 3 Consumer engaged an agent in Oct 2008 to sell his 4 room flat in Seng Kang. The consumer engaged the agent only when the latter guaranteed that he could subsequently purchase a 5 room flat in Pasir Ris. This turned out to be untrue- The consumer was denied the loan because of his
Slide 58: Case Study 4
Case Study 4 On Jun 2009, the consumer engaged an agent to sell his house. There was an exclusive-to-sell signed for 1.5 months on Nov „09. The agent found a 1st buyer on Dec 2009. The consumer negotiated with the buyer for an extension to move out, but eventually the purchase was called off
Slide 59: Case Study 4
Case Study 4 The agent then claimed that he had found another buyer, at a lower amount than what was requested, outside the exclusivity period. The transaction eventually did not go through. However, the agency charged the consumer $13,310.80 for commission fees 59
Slide 60: Protect consumers' interest
Three key messages to take back 1. Protect consumers‟ interest Bear in mind that you work for the consumers and not the other way round Consumer interest comes first above all else Be transparent in your dealings – disclose your interest if there is any Do not say things you cannot fulfill
Slide 61: Enhance your professionalism
Three key messages to take back 2. Enhance your professionalism Know you stuff when you are on the job. Ensure that you have the rules on property deals at the back of your hand Consumers depend on your knowledge to prevent any foul up in the transaction Upgrade yourselves all the time Do yo
Slide 62: Build up your industry's reputation
Three key messages to take back 3. Build up your industry‟s reputation Salvage the poor reputation Stop shooting at your own shoes Discard all the excesses in the past Move on and adopt the new code of ethics Agencies should come down hard internally on recalcitrant agents Agencies shoul
Slide 63: Conclusion
Conclusion There is hope in creating a positive image if all of you put your hearts and mind to it Start today and don‟t procrastinate Put all agents who have had problems before to be reoriented to the new framework as a priority Training is good, but not necessarily the answer to getting probl
Slide 64: Launch of The Ultimate Guide to Real Estate
Prophox Launch of The ULTIMATE GUIDE 10) TREAL ESTATE N y | 1 UJ ‘8 m@ ISMAIE GAFOOR é 7 iat ee ’ had | Incorporates New MND Measures And Estate Agents Act
Slide 65: Industry Changes, Company Initiatives, Awards & More
Industry Changes E Company Initiatives = Awards & More! 8am to ipm 2 November 20\0 The Rock Auditornun Suntec Cit (Above Carrevour\
Slide 66: The Council for Estate Agencies: SVP Lim Yong Hock
The Council for Estate Agencies SVP Lim Yong Hock
Slide 67: Full Color Centre Spread Advertisement
Full Color Centre Spread Advertisement • To inform the public that PropNex is leading the crusade for self-regulation, we will be having a full-colour CENTRE SPREAD in The Sunday Times on 28 November 2010 to showcase our professional and qualified real estate salespersons. We invite you to be a part
Slide 68: Full Color Centre Spread Advertisement
Full Color Centre Spread Advertisement • Your Investment is ONLY $149 (INCLUSIVE OF GST). • Make your payment AT THE CUSTOMER SERVICE COUNTER. HURRY, LIMITED SLOTS • Only 430 slots for HDB, Private and Landed Property.
Slide 69: The Ultimate Seminar on Property Investment
PropNex New Initiatives – Investment Seminar “The Ultimate Seminar on Property Investment” • There will be a special preview seminar for PropNex agents on 10 November 2010 at 3pm & 7pm at GM Building Training Room. • Speaker: Ismail Gafoor & Nizam Gafoor Please register by submitting the registratio
Slide 70: Enhance Seller's Resale Checklist
Enhance Seller’s Resale Checklist • Take effect for submission from 1 November 2010. • Agent MUST submit the checklist, cash proceed calculation and financial plan through the checklist repository and option can only be granted 7 days after checklist has been sign! • Full explanation included in you
Slide 71: StreetSine Promotion
StreetSine Promotion • Please note that due to overwhelming response of the subscription to StreetSine Market Report, the company will extend the 10% subsidies until 3 November 2010. Any Associates who sign up by 3 November 2010 will still enjoys the 10% subsidies! • Please check it out at their cou
Slide 72: Estate Agent Act
Estate Agent Act Refer to main handouts Pg 3 to 8
Slide 73: Public Registry
Public Registry • The purpose of the register is to enable the public to make an informed decision when choosing a salesperson or estate agent by enabling consumers to: • Check whether a real estate agent is a licensed estate agent; • Check whether a person is a registered salesperson; • Know whethe
Slide 74: Estate Agent Card & Business Card
Estate Agent Card & Business Card • From 1 Mar 2011, all sole-proprietors, practising partners, practising directors and salespersons are required to wear their Estate Agent Card at all times during the course of their work. • From 1 Jan 2011, all sole-proprietors, practising partners, practising di
Slide 75: New Examination - RES
New Examination - RES • The new examination is call Real Estate Salesperson Examination (RES) • The new examination for Estate Agents is call Real Estate Agency Examination (REA) Refer to main handouts Pg 19
Slide 76: Real Estate Salesperson Exam - RES
Real Estate Salesperson Exam - RES • PAPER 1 Basic Real Estate Concept and Law – Unit 1 Real Estate Agency Industry Overview – Unit 2 Basic Concepts of Real Estate – Unit 3 Laws Governing Estate Agency Practice and Real Estate Transactions • PAPER 2 Real Estate Salespersons Practice and Regulations
Slide 77: Examination Format for RES
Examination Format for RES • 2 papers each • Paper 1: 70 MCQs and 15 short answer questions (100 marks) • Paper 2: – Part I: 60 MCQs (carries 60 marks) – Part II: 60 MCQs (max 40 marks) • Candidates must pass both papers in a single sitting. Refer to main handouts Pg 19
Slide 78: List of Recognized Examination
List of Recognized Examination • Common Examination for House Agents (CEHA)* • Real Estate Agency Course (up to Batch 12/95)* • Association of Singapore Realtors' Course (up to Batch 38/1995)* • Common Examination for Salespersons • Certified Estate Agent Examination • Real Estate Agency Course (fro
Slide 79: Who can conduct RES?
Who can conduct RES? • The agency itself are not allowed to apply as a Approved Course Provider (ACP) • The core business or key objectives of the ACP shall be in education and training. (Examples include: Industry Associations, Tertiary Education Institutions, Private Education Institutions, Separa
Slide 80: For Those without 4 O'level
For Those without 4 O’level • The minimum educational requirement of 4 GCE "O" level passes is set to ensure that the applicant has the basic competency level. • Individuals who are unable to meet these criteria will be required to take the Workplace Literacy and Numeracy (WPLN) assessment administe
Slide 81: Council For Estate Agencies: Code of Ethics
Council For Estate Agencies (CEA) Code of Ethics and Professional Client Care
Slide 82: Prescribed Estate Agency Agreements
Prescribed Estate Agency Agreements 10.—(1) The following agreements are prescribed for the purposes of section 44 of the Act in respect of estate agency work for the sale, purchase or lease of residential property in Singapore on a nonexclusive basis: (a) Estate agency agreement for the sale of res
Slide 83: Prescribed Estate Agency Agreements
Prescribed Estate Agency Agreements (2) The following agreements are prescribed for the purposes of section 44 of the Act in respect of estate agency work for the sale, purchase or lease of residential property in Singapore on an exclusive basis: (a) Exclusive estate agency agreement for the sale of
Slide 84: Prescribed Estate Agency Agreements
Prescribed Estate Agency Agreements Client to be informed of inability to perform agreement 12. An estate agent or a salesperson who is unable for any reason to perform the estate agency agreement shall inform the client immediately. The forms for the prescribed agreements are set out in the Third S
Slide 85: Continuing Professional Development
Continuing Professional Development 16.—(1) Every individual who undertakes estate agency work shall participate in the activities, courses and programmes listed under S 644/2010 8 regulation 15 and shall complete such activities, courses or programmes so as to earn a minimum of 6 hours of credits e
Slide 86: Knowledge of and compliance with applicable laws
Knowledge of and compliance with applicable laws, practice circulars and guidelines • 4.—(1) Estate agents and salespersons must perform their work in accordance with applicable laws and must not perform estate agency work unless they have the relevant knowledge to perform the work that they are eng
Slide 87: Knowledge of and compliance with applicable laws
Knowledge of and compliance with applicable laws, practice circulars and guidelines • (2) Sub-paragraph (1) means, among other things, that estate agents and salespersons — – (a) must be fully conversant and comply with the Act, the regulations made under the Act (including this Code and in the case
Slide 88: Due diligence and compliance with law
Due diligence and compliance with law and statutory requirements • 5.—(1) Estate agents and salespersons shall conduct their business and work with due diligence, despatch and care, and in compliance with all laws including statutory and regulatory requirements, and practice circulars and guidelines
Slide 89: General duty to clients and public
General duty to clients and public • 6.—(1) Estate agents and salespersons shall render professional and conscientious service to their clients and shall act with honesty, fidelity and integrity. Refer to additional handouts Pg 9
Slide 90: General duty to clients and public
General duty to clients and public • (2) Sub-paragraph (1) means, among other things, that estate agents and salespersons — – (a) must act according to the instructions of the client and protect and promote the interests of the client, unaffected by the interests of the estate agent, salesperson or
Slide 91: General duty to clients and public
General duty to clients and public • (3) In the conduct of estate agency work on behalf of the client, the estate agent or salesperson must act ethically, honestly, fairly and in a reasonable manner towards all other persons. • (4) Sub-paragraph (3) means, among other things, that estate agents and
Slide 92: Not to bring discredit to real estate industry
Not to bring discredit or disrepute to real estate industry • 7.—(1) Estate agents and salespersons shall not do anything that may bring discredit or disrepute to the estate agency trade or industry. • (2) Sub-paragraph (1) means, among other things, that estate agents and salespersons — – (a) must
Slide 93: Not to bring discredit to real estate industry
Not to bring discredit or disrepute to real estate industry • (3) Any opinion that is rendered by an estate agent or a salesperson to the client or any other person shall be justifiable by reference to verifiable facts and shall be given with strict professional integrity, objectivity and courtesy.
Slide 94: Duty to clients in relation to signing of documents
Duty to clients in relation to signing of documents • 8.—(1) Estate agents and salespersons must give the client sufficient time to read any form or document before asking or allowing the client to sign the form or document. • (2) Before asking or allowing a client to sign any form or document, esta
Slide 95: Obligations in respect of agreements
Obligations in respect of agreements • 9.—(1) Estate agents and salespersons must ensure that all agreements concerning financial obligations and commitments in respect of any transaction are in writing, and record the exact agreement between the parties concerned. Refer to additional handouts Pg 10
Slide 96: Obligations in respect of agreements
Obligations in respect of agreements • (2) Estate agents and salespersons shall also comply with the following requirements: – (a) they must procure signatures of all joint vendors or landlords for the sale or lease of property, and those of all joint buyers or tenants for the purchase or rental of
Slide 97: Conveying offers, counter offers, etc.
Conveying offers, counter offers, etc. • 10. An estate agent or salesperson shall submit every offer, counter-offer, proposal or expression of interest received to his client accurately, objectively and as soon as possible after receiving it. Refer to additional handouts Pg 11
Slide 98: Interpretation or translation if necessary
Interpretation or translation if necessary • 11. An estate agent or salesperson shall ensure that any information or explanation is conveyed to the client in the language or dialect that the client understands. Refer to additional handouts Pg 11
Slide 99: Duties in respect of advertisements
Duties in respect of advertisements • 12.—(1) Estate agents and salespersons must ensure that they are correctly and clearly identified in — – (a) all their advertisements and promotional materials; and – (b) their correspondence, email signatures, letterheads, notepapers and name, calling or any ot
Slide 100: Duties in respect of advertisements
Duties in respect of advertisements • (4) Estate agents and salespersons must also comply with the following requirements in respect of any form of advertising including name, calling or any other cards: – (a) they must not cause or allow to be made any advertisement that contains any offer, proposa
Slide 101: Duties in respect of advertisements
Duties in respect of advertisements – (f) the advertisement shall not include any transaction information about any specific property (including the name of the parties, the sale and purchase price, rent payable and any other terms of the transaction), without the consent in writing of all the parti
Slide 102: News Update
News Update Az i1a! Hougang St 51 jas5 Your House Can Sell Up An —— oe Mabe EenasS > AN DYE (A'E!) woSBGut 8 2 ww mernorons O epg el FY) ww$470,01 i) ee ro ni Lae ’) 3 ROOM 512 Hougang Ave 10 011005 $405K | 312 HougangAveS 011005 $465K 2) ww 90000 523 HougangAve6 11 to1S $332K | 515 Hougang Ave 10 t
Slide 103: HDB & Private Properties advertisement
yee. HOB & PRIVATE PROPERTIES» BUYISELURENT» HUROB/ALA BEB 2 ALL SOLD @ HIGH PRICE! & FB OG Hr BE HI! 3rm 116 High $320k ‘5rm 111 Low $580k 3rm 309 Mid $330k 51m 238 Mid $570k 3rm 401 Mid $301k 51m 312 Low $525k 3rm 523 High $332k 51m 546 High $520k 3rm 529 High $311k 5rm 832 High $530k 3rm 620 Mid
Slide 104: Procedure for Advertisement and printing of flyers
Procedure for Advertisement and printing of flyers and brochures after 15 Nov 2010 • All associates who wish to advertise display advertisements or promotional materials such as flyers, brochures, banners, etc. MUST APPLY for approval through the company before you are allow to distribute the materi
Slide 105: Duty to avoid conflict of interests
Duty to avoid conflict of interests • 13.—(1) Estate agents and salespersons must not accept an appointment by or continue to act on behalf of a client where to do so would place the agent’s or salesperson’s interests in conflict or potential conflict with those of the client. • (2) Sub-paragraph (1
Slide 106: Duty to avoid conflict of interests
Duty to avoid conflict of interests – (d) estate agents and salespersons must not acquire directly or indirectly, the property of the client or any right or interest in the property of the client, without the express knowledge and consent of the client; and – (e) subject to any written law, estate a
Slide 107: Duty to avoid conflict of interests
Duty to avoid conflict of interests • (3) Sub-paragraph (2)(e) means, among other things, that the estate agent or salesperson, as the case may be, must disclose in advance, and in writing, both the fact and quantum of such fee, reward, commission, rebate or other payment. • • (4) Estate agents and
Slide 108: Recommending professional advice where appropriate
Recommending professional advice where appropriate • 14. Estate agents and salespersons shall advise and encourage the parties to a transaction or proposed transaction to seek the advice of appropriate professionals, including but not limited to solicitors, tax advisers, appraisers and valuers, wher
Slide 109: Safeguarding confidential information
Safeguarding confidential information • 15.—(1) Estate agents and salespersons shall not disclose or otherwise use any confidential information of or relating to the client that is obtained from the client or obtained in the course of acting for the client unless the disclosure or use is made with t
Slide 110: Retention of documents and records
Retention of documents and records • 7.—(1) For the purposes of the Act, an estate agent shall retain the originals or keep copies of the following documents for at least 3 years: Refer to additional handouts Pg 13
Slide 111: Retention of documents and records
Retention of documents and records • (i) sale and purchase agreements, and options to purchase; • (ii) lease and lease agreements, and letters of intent to lease; • (iii) Housing and Development Board documents and forms, including Resale Checklists and approvals for the sub-letting of Housing and D
Slide 112: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Estate agent operating without license Fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part thereof during wh
Slide 113: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Submitting false documents or makes a Fine not exceeding $50,000 or to statement which is false or misleading in imprisonment for a term not exceeding 3 any material particular in any application years or to both for registration or renewal of regi
Slide 114: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Estate agent appointing, associating with, Fine not exceeding $25,000 or to employing or continuing to employ as a imprisonment for a term not exceeding salesperson any person who for the time 12 months or to both and in the case of a being is not
Slide 115: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Salesperson operating without written Fine not exceeding $25,000 or to agreement with estate agent imprisonment for a term not exceeding 12 months or to both and in the case of a continuing offence, to a further fine not exceeding $2,500 for every
Slide 116: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Making false statements or intentionally Fine not exceeding $50,000 or to suppresses any material fact in relation imprisonment for a term not exceeding to any application under this Act 24 months or to both Neglecting or refusing to produce any Fi
Slide 117: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Obstructing or impeding the Council, any Fine not exceeding $50,000 or to officer of the Council or any inspector imprisonment for a term not exceeding lawfully carrying out any function or duty 24 months or to both in the exercise of any power con
Slide 118: Offences and Non-Compliance
Offences and Non-Compliance Offence Maximum Penalty Failing to comply with any requisition Fine not exceeding $10,000 or to issued by the Council imprisonment for a term not exceeding 12 months or to both and in the case of a continuing offence, to a further fine not exceeding $1,000 for every day o
Slide 119: Timelines for Commencement of Various Regulations
TIMELINES FOR COMMENCEMENT OF VARIOUS REGULATIONS AND REGULATORY REQUIRMENTS Date Event Commencement of the following Regulations (i) Estate Agents (Licensing and Registration) Regulations 2010 1 November (ii) Estate Agents (Fees) Regulations 2010 2010 (iii) Estate Agents (Composition of Offences) R
Slide 120: FAQs
FAQs Refer to Pg 25 to 39 of your main handouts for the 40 FAQs by CEA
Slide 121: Registration to CEA
Registration to CEA ee | 89
Slide 122: Registration Form
li, *- PropNex . . Ss. Registration Form Council for Estate Agencies APPLICATION FORM FOR REGISTRATION OF SALESPERSON (EXISTING SALESPERSON) SECTION 34, ESTATE AGENTS ACT 2010 Note: “Estate Agent” refers to the agency and “Salesperson” refers to the property agent. House Agent's Licence Number issue
Slide 123: Registration Form
li, *- PropNex . . Ss. Registration Form Council for Estate Agencies APPLICATION FORM FOR REGISTRATION OF SALESPERSON (EXISTING SALESPERSON) SECTION 34, ESTATE AGENTS ACT 2010 Note: “Estate Agent” refers to the agency and “Salesperson” refers to the property agent. House Agent's Licence Number issue
Slide 124: Registration Form
oot Yoa,, J & s PropNex wr. Service You Trust Registration Form Highest Educational Qualification: (Please tick one) UC Postgraduate LC Degree CDiploma CIGCE 'A' levels OONITEC or Higher NITEC CIGCE 'O' levels - at least 4 passes CIGCE '0' levels - less than 4 passes LIGCE'N' levels COPSLE CINo form
Slide 125: Registration Form
Renee Registration Form (d) | Do you have any judgement entered against you in civil proceedings that involve a finding of fraud, | YES / NO dishonesty or breach of fiduciary duties on your part? If YES, please state the entry date and details of judgement, and country of judgement: (e) | Have you a
Slide 126: Registration Form
Registration Form Fill in the form and submit to us together with the $246.10 For those who have not pay for the PI Fee, please attached payment of PI together with the appilication form and registration fee! By 15 November 2010
Slide 127: Registration Form & Fees
Registration Form & Fees • PropNex will need to collect all application form by latest 15 November 2010 in order to prepare the submission to CEA. • You do not need to fill in the 3 transaction details. We will fill it in for you! • Please make payment of the registration fee & PI fee together with
Slide 128: Things to Ensure
Things to Ensure • Fill up the registration form • Pay the registration fee • Pay your PI • Photo is current and updated • Photo must be white background • Drop off by 15 November 2010 • Special Photo Taking at $20 is available with PictureMe!
Slide 129: Thank You & Good Luck!
Thank You & Good Luck! ee | 89
Slide 130: Industry Changes, Company Initiatives, Awards & More
Industry Changes E Company Initiatives = Awards & More! 8am to ipm 2 November 20\0 The Rock Auditornun Suntec Cit (Above Carrevour\