With growing complaints about the standard of the real estate industry, the Government is setting up an independent body to regulate the industry. A dispute resolution centre to mediate between agents and consumers is also in the pipeline.

The proposed legislation when ready in the next month or two,would require estate agents to sit for a compulsory exam. There is also a central database, a register which maintain the names and particulars of all agents in the industry, a move similar to insurance agents. Other suggestions include agents to have professional indemnity insurance protecting customers for losses resulting from negligent or unethical conduct.

Public consultation on the proposed reforms is ongoing now.