A mass disposal of property related print collaterals has begun after the Council for Estate Agencies (CEA) passed new laws to curb companies and agents from making false or exaggerated claims in their promotions. False advertising is very much a serious matter within many professional industries. In Singapore, rules have been introduced specifically to address the claims made by those working in the property industry of being ‘specialists’ or ‘experts’.
(The CEA have clamped down on property 'specialists' and 'experts')
The recent development has, however, been more restrictive to print advertising as opposed to digital promotions, with The Strait Times reporting how online advertisers are still flouting the new regulations. This emphasizes two issues – firstly the lack of diligence taken by the moderator in applying the rules as many online advertisements still portray the misleading elements that have been highlighted by the CEA. Secondly, what constitutes an ‘expert’ or ‘specialist’ in the property market? The latter presents a complex conundrum as the question itself is largely subjective in its nature. The CEA have instigated a set of regulations that have not, on the face of it, clearly defined what is classed as misleading information.
Furthermore, the websites with the property advertisements were PropertyGuru and GumTree. The latter specialises as a free classified advertisement website and this therefore poses another question: how liable is a person posting a classified on a site claiming to be a property specialist or expert?
However, many property agents are taking the rules seriously with an example being Mr James Lee, who, on the introduction of the new rules, threw out 50,000 fliers containing the word ‘specialist’. Mr Lee explained: “We printed those last year and did not have the chance to distribute all of them, so it's safer to throw them away than risk it.”
The new law dictates that along with the removal of certain buzzwords, all advertisements must have the agent's name, registration number and contact details, as well as those of his firm. These more tangible restrictions may go some way to reducing the levels on unlicensed property agents who charge a fee for services they are not certified to do. With the regulations applying across print, mobile and online platforms the CEA has implemented a system that is seemingly measureable over time.
One concern over the rule change was voiced by the flier printing firms who have expressed concerns over the ability of smaller firms to handle the changes brought about by these new rules due to their lack of resources. As Derrick Lim, owner of Realtors Printing Ideas explained, “The larger agencies can afford to have more stringent processes. However, smaller firms may have a harder time dealing with wastage or ordering their agents to comply as having them leave might mean a substantial loss of manpower.”
An interesting stance on the matter came from Winnie Khoo, chief marketing officer of Property Guru, who claimed that “as a platform, we do not have much authority on the matter so all we can do is notify, but the decision lies with them.” It could be argued that as a platform that propagates property industry services, with an estimated 10,000 property listings a day, this particular decision comes exactly under their jurisdiction in their responsibility to their customers. With property agencies seemingly paying for their listings to appear on sites such as Property Guru, it is up to the platform provider to instigate an environment that adheres to the rules and regulations of the market.
(The CEA have clamped down on property 'specialists' and 'experts')
The recent development has, however, been more restrictive to print advertising as opposed to digital promotions, with The Strait Times reporting how online advertisers are still flouting the new regulations. This emphasizes two issues – firstly the lack of diligence taken by the moderator in applying the rules as many online advertisements still portray the misleading elements that have been highlighted by the CEA. Secondly, what constitutes an ‘expert’ or ‘specialist’ in the property market? The latter presents a complex conundrum as the question itself is largely subjective in its nature. The CEA have instigated a set of regulations that have not, on the face of it, clearly defined what is classed as misleading information.
Furthermore, the websites with the property advertisements were PropertyGuru and GumTree. The latter specialises as a free classified advertisement website and this therefore poses another question: how liable is a person posting a classified on a site claiming to be a property specialist or expert?
However, many property agents are taking the rules seriously with an example being Mr James Lee, who, on the introduction of the new rules, threw out 50,000 fliers containing the word ‘specialist’. Mr Lee explained: “We printed those last year and did not have the chance to distribute all of them, so it's safer to throw them away than risk it.”
The new law dictates that along with the removal of certain buzzwords, all advertisements must have the agent's name, registration number and contact details, as well as those of his firm. These more tangible restrictions may go some way to reducing the levels on unlicensed property agents who charge a fee for services they are not certified to do. With the regulations applying across print, mobile and online platforms the CEA has implemented a system that is seemingly measureable over time.
One concern over the rule change was voiced by the flier printing firms who have expressed concerns over the ability of smaller firms to handle the changes brought about by these new rules due to their lack of resources. As Derrick Lim, owner of Realtors Printing Ideas explained, “The larger agencies can afford to have more stringent processes. However, smaller firms may have a harder time dealing with wastage or ordering their agents to comply as having them leave might mean a substantial loss of manpower.”
An interesting stance on the matter came from Winnie Khoo, chief marketing officer of Property Guru, who claimed that “as a platform, we do not have much authority on the matter so all we can do is notify, but the decision lies with them.” It could be argued that as a platform that propagates property industry services, with an estimated 10,000 property listings a day, this particular decision comes exactly under their jurisdiction in their responsibility to their customers. With property agencies seemingly paying for their listings to appear on sites such as Property Guru, it is up to the platform provider to instigate an environment that adheres to the rules and regulations of the market.