Press Release

November 28, 2022

PropNex takes the lead in uplifting industry practices to support RES business & the future of co-broking standards

 Singapore, 28 November 2022 – After the successful launch of the PropNex Real Estate Salespersons Chapter – Agents’ Voice Matters in 2021, PropNex is still going strong with its efforts in uplifting industry practices to support real estate salespersons. It announced the new Tripartite Standard on Grievance Handling and Co-broking today at the PropNex Headquarters, witnessed by Mr Desmond Tan, Deputy Secretary-General of National Trades Union Congress and Minister of State in the Prime Minister’s office; Chief Executive Office of PropNex Realty, Mr Ismail Gafoor; RES Chapter committee members and other PropNex leaders.

THE REAL ESTATE AGENCY WHERE AGENTS HAVE A VOICE
PropNex is the first-ever real estate agency to have a formalised framework, supported by Singapore Industrial and Services Employees’ Union (SISEU), that serves to look into the welfare, promote professionalism in enhancing the business and industry practices and allow a platform for raising issues and protecting real estate salespersons.

Launched in 2021, the PropNex Real Estate Salespersons Chapter allow salespersons to take the lead in playing a more active role in voicing their concerns and educating fellow PropNex salespersons on fair practices in the industry.

Since its inception, the PropNex RES Chapter raised various concerns from the ground including difficulties on co-broking and the need for the following two factors to be established, for the benefit of consumers and to raise the overall level of professionalism of the industry:
(a) A fair level playing ground amongst real estate salespersons
(b) Guidelines on good practice for co-broking
(c) Ensuring maximum exposure for clients’ listings

CHALLENGES FACED IN THE INDUSTRY
According to an internal online survey conducted from 20 June 2022 to 15 July 2022, the 1,000 PropNex salespersons who responded shared the challenges they are facing in the industry, primarily when dealing with co-broking with fellow salespersons.

Out of the 1,000 respondents, 93 per cent faced difficulties getting viewing slots when representing buyers or tenants. 95 per cent agrees that having internal rules for PropNex salespersons, containing penalties is necessary while 87 per cent of the respondents wants a Minimum Commission Sharing being enforced by the company.

“One of the key concerns that has been significantly raised by salespersons on the ground is the need for fair practice for co-broking in the market. Salespersons, especially those who serve in the rental market shared how challenging it is to co-broke with fellow salespersons to secure the listings for their clients. Hence, to protect our salespersons and consumers in the long run, it is important that we set the standards at a company level, to ensure co-broking standards are established,” commented Mr Ismail Gafoor, CEO of PropNex Realty. 

Mr Ismail also added that it also important for any disputes raised to be handled with fairly. PropNex is also establishing the Tripartite Standard on Grievance Handling, headed by the RES Chapter committee, who will ensure that disputes by salespersons are looked into impartially. All feedback must contain facts, information and evidence related to the transaction, and not mere bare assertion not supported by any evidence, before being looked into by the RES Chapter.

The symbolic endorsement of the Tripartite Standard on Grievance Handling was witnessed by Guest-of-Honour, Mr Desmond Tan; CEO, Mr Ismail Gafoor; and RES Chapter Committee Chairperson, Stella Thio. In his keynote address, Mr Desmond shared, “I am glad that the PropNex is adopting the Tripartite Standards on Grievance Handling, setting the guidelines on how disputes will be managed and resolved, as well as providing the guidelines on co-broking commission. These will help create a better working environment for PropNex agents.”

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