# Commentary: New minimum transaction rule a move to protect consumers and property agents

- **Source:** Channel NewsAsia
- **Published:** 2026-08-12T22:00:00.000Z
- **Author:** Lee Nai Jia
- **Original:** https://www.channelnewsasia.com/commentary/property-agents-minimum-transaction-requirement-cea-6314401
- **Topics:** Government & Policy, Transactions & Deals

## Featured rationale

The requirement may reduce inactive registrations while maintaining ample agent capacity, potentially improving professional standards and consumer confidence without materially increasing commission pressure.

## AI summary

From 2027, Singapore property agents must complete at least three qualifying transactions within three years or pass a refresher examination to renew their registration.

## Original article

SINGAPORE: For most people, a home is likely to be one of the largest purchases they will make in their lifetime. Mistakes over price or financing can burden a household for years, so current and trustworthy advice are especially important. Now, with easier access to property market information and tools allowing consumers to transact without a middleman , expectations of what a property agent can offer have naturally risen. A new minimum transaction requirement for agents announced last month seeks to raise the bar amid lingering skepticism about the profession's relevance in the age of technology. PROTECTING CONSUMERS Generally, most consumers have a positive experience with their property agents.

A survey by the Council for Estate Agencies (CEA) found that 92 per cent of clients were satisfied with their agents in 2024, up from 77 per cent in 2021. That said, the same year also saw a rise in complaints, which is a warning that minimum standards must continue to be raised. In 2024, CEA received 1,271 complaints, up from 1,126 in 2023. Service-related issues remained the largest source of complaints – accounting for about 41 per cent – but other areas saw an uptick. Advertisement-related complaints rose by nearly 35 per cent to 505, and complaints involving non-compliance with transaction rules increased by close to 21 per cent to 151. While these rising numbers partly reflect market activity and consumer awareness, issues like stale listings, inaccurate descriptions and misleading prices actively waste home seekers’ time and distort their understanding of market value. A MODEST THRESHOLD The newly announced rule will require property agents to complete at least three qualifying transactions over three years, or pass a refresher examination, to be eligible for registration renewal from 2027. This supplements an existing 16 hours of training obligations each year. This came about following concerns raised during industry engagement sessions, CEA said in 2024 . About three in four consumers polled separately by the regulator expect property agents to facilitate at least one transaction a year to be familiar with current rules and procedures.

Under the previous regime, property agents could retain their licence even if they were largely inactive. The new rule is not a judgement on part-time agents; rather, it highlights the importance of recent experience. In a fast changing world, property agents must keep pace with increasingly complex financing conditions, eligibility rules, transaction procedures, marketing standards and anti-money-laundering obligations. Completing three transactions over three years would likely be a modest threshold for those who are active in the industry, given how eligible transactions extend beyond residential transactions and include commercial and industrial deals, foreign property and en bloc sales. For more complex commercial, industrial or en bloc transactions, CEA may also recognise more than one agent on each side of the transaction. Still, concerns have risen that some inactive property agents may “borrow” transactions from others to fulfil the new requirement. This is a possibility that cannot be ruled out, but the number of such cases is likely to be low. Under the Estate Agents Act, it is an offence to submit false or misleading information, including recording a transaction under an agent’s name when it was handled by another salesperson. This could also be mitigated by measures already being considered. One of CEA’s proposals in the pipeline is to require property agents and their clients to sign an agreement before any work begins, with agents disclosing the parties from whom they will receive commission.

AGENT NUMBERS TO FALL? The new rule should reasonably lead to a rationalisation in the number of agents but consumers are unlikely to face a shortage and corresponding fee increases. As of Jul 1, there were 38,162 property agents and 1,018 property agencies in Singapore. This is an all-time high for the number of agents, which has been growing every year since 2017 . CEA statistics show that the number of registered property agents rose significantly from 30,399 in early 2021 to 36,058 in early 2025. On the other hand, residential rental and sale transaction volumes went the other way – from about 206,000 to 185,996 over the same period, based on data gathered from HDB and the Urban Redevelopment Authority’s REALIS platform. Viewed together, these figures suggest that the market should still have more than enough agents to facilitate transactions, even if some agents were to leave the industry under the new requirement. A reduction in nominal headcount may even be healthy. Excessive fragmentation intensifies competition for a limited pool of leads. Crucially, fewer registrations should not automatically translate to higher commissions. The new rule does not cap agent numbers, new entrants can still join the industry, and commissions remain entirely negotiable.

REMAINING RELEVANT At the same time, additional measures are being explored to ensure more clarity on commissions and reduce prevalence of inaccurate, fake or unauthorised property listings so that consumers can make an informed decision. Higher standards improve the quality of advice consumers receive, but they do not guarantee that every listing is accurate. This is where the Housing and Development Board’s (HDB) resale flat listing service can play a larger role. Because HDB is well placed to simultaneously validate sale intent and streamline the transaction process, its listing portal could become a highly reliable, verified backbone for the market. Authorities are considering enhancing the portal and potentially making it the default listing platform for HDB resale flats. They are also studying whether consumers should be able to list their own properties directly on property portals. While better information and accessible tools may encourage more owners to transact without an agent, they do not eliminate the value of professional representation. Property agents act as intermediaries during difficult negotiations. They also have to reject offers, communicate unwelcome information and shield their clients from confrontational exchanges or complaints. This human and emotional component remains difficult to replace with technology alone. The latest rule changes aim to create a more professional, transparent and trusted property market - one in which consumers receive current advice and are better protected when making one of the most consequential financial decisions of their lives. It also protects property agents. Technology advancements will not make agents irrelevant but those who fail to keep their knowledge current may make themselves so. Lee Nai Jia is director of Singapore-based property media company PropertyDoctors.

## Chinese translation

> Translation model: grok_cli

### 评论：新的最低成交量规定旨在保护消费者与房产经纪

业内观察人士Lee Nai Jia表示，针对房产经纪的新最低成交量规定将有助于提升行业专业水平，同时保护消费者。

新加坡：对大多数人而言，住房很可能是其一生中最大的一笔购置。价格或融资方面的失误可能让一个家庭背负多年负担，因此及时且可信的建议尤为重要。如今，随着房产市场信息更易获取，以及让消费者可不经中介自行交易的工具出现，公众对房产经纪所能提供服务的期望自然随之提高。上月公布的针对经纪的新最低成交量要求，正试图在科技时代对这一职业是否仍具相关性仍存疑虑的背景下，进一步抬高门槛。

保护消费者

总体而言，大多数消费者与房产经纪的合作体验是正面的。

房地产代理理事会（CEA）的一项调查显示，2024年有92%的客户对其经纪感到满意，高于2021年的77%。话虽如此，同年投诉量也有所上升，这警示最低标准仍须持续提高。2024年，CEA共接获1,271宗投诉，高于2023年的1,126宗。与服务相关的问题仍是投诉最大来源——约占41%——但其他领域也出现上升。与广告相关的投诉增加近35%至505宗，涉及未遵守交易规则的投诉则上升近21%至151宗。尽管这些上升数字部分反映了市场活动与消费者意识，但过时挂牌、不准确描述以及误导性价格等问题，确实浪费了寻屋者的时间，并扭曲其对市场价值的认知。

一个温和的门槛

新公布的规定要求，房产经纪须在三年内完成至少三宗符合条件的交易，或通过进修考试，方可从2027年起有资格办理注册续期。这是在每年既有16小时培训义务之上的补充要求。CEA在2024年表示，此举源于行业沟通会中提出的关切。约四分之三的消费者在监管机构另行进行的民调中表示，期望房产经纪至少每年促成一宗交易，以熟悉现行规则与流程。

在先前制度下，即便经纪基本不活跃，也可保留执照。新规定并非对兼职经纪的否定；相反，它凸显近期实务经验的重要性。在快速变化的环境中，房产经纪必须跟上日益复杂的融资条件、资格规则、交易程序、营销标准以及反洗钱义务。鉴于符合条件的交易不仅限于住宅交易，还包括商业与工业交易、海外房产以及集体出售（en bloc），对业内活跃者而言，三年完成三宗交易很可能只是温和门槛。对于更复杂的商业、工业或集体出售交易，CEA也可能在交易各方认可超过一名经纪。尽管如此，外界已出现担忧：部分不活跃的房产经纪可能向他人“借用”交易以满足新要求。这种可能性无法排除，但此类个案数量预计较低。根据《房地产代理法令》，提交虚假或误导性资料属违法，包括将本由另一销售人员处理的交易记在某经纪名下。已在考虑中的措施也可缓解这一问题。CEA拟议措施之一，是要求房产经纪与客户在任何工作开始前签署协议，并由经纪披露其将从哪些方收取佣金。

经纪人数会下降吗？

新规定理应促使经纪人数趋于合理化，但消费者不太可能面临人手短缺及随之而来的费用上涨。截至7月1日，新加坡共有38,162名房产经纪及1,018家房地产代理机构。这是经纪人数的历史高位，自2017年以来每年都在增长。CEA统计显示，注册房产经纪人数从2021年初的30,399人显著上升至2025年初的36,058人。另一方面，住宅租赁与买卖成交量却呈反向走势——同期从约206,000宗降至185,996宗，数据来自组屋（HDB）及市区重建局REALIS平台。综合来看，这些数字表明，即便部分经纪因新要求离开行业，市场仍应有足够经纪促成交易。名义人数减少甚至可能是健康的。过度分散会加剧对有限客源的争夺。关键是，注册人数减少不应自动转化为更高佣金。新规定并未设定经纪人数上限，新进者仍可入行，且佣金仍完全可协商。

保持相关性

与此同时，当局也在探索额外措施，以进一步厘清佣金安排，并降低不准确、虚假或未经授权挂牌的普遍程度，使消费者能作出知情决定。更高标准可提升消费者获得的建议质量，但并不能保证每一宗挂牌都准确。建屋发展局（HDB）的转售组屋挂牌服务可在此发挥更大作用。由于HDB既有条件验证出售意向，又能简化交易流程，其挂牌门户有望成为市场高度可靠、经核实的骨干。当局正考虑强化该门户，并可能将其设为转售组屋的默认挂牌平台。他们也在研究消费者是否应可直接在房产门户上挂牌自有物业。尽管更佳信息与便捷工具可能鼓励更多业主不经经纪自行交易，但这并不能消除专业代理的价值。房产经纪在艰难谈判中充当中介；他们也必须拒绝报价、传达不受欢迎的信息，并保护客户免受对抗性交流或投诉困扰。这一人性与情感层面，仍难以仅靠科技取代。最新规则调整旨在打造更专业、透明且可信的房产市场——在此市场中，消费者在作出人生最重大财务决定之一时，能获得及时建议并获得更好保护。它也保护房产经纪。科技进步不会让经纪变得无关紧要，但那些未能保持知识更新的人，可能会让自己变得无关紧要。

Lee Nai Jia是新加坡房产媒体公司PropertyDoctors的董事。