Agency Pays Up on Flipping Profit to Couple

Remember the case we mentioned a month ago with regards to two unethical agents? The agency pays up the differences to the original sellers of $257,000.00 and the agents have since quit the firm.

A COUPLE who successfully sued estate agency ERA Realty Network for flipping their apartment has got back the money that the agents made on it, with interest.

ERA yesterday said that it would not be appealing against the decision last month ordering it to pay $257,000 to Mr Yuen Chow Hin and his wife, Madam Wong Wai Fan.

The couple had sold their two-bedroom downtown apartment for $688,000 through ERA agent Jeremy Ang in 2007, thinking it was the best price he could get them.

… Source: Straits Times Online

As such, the two Singapore Realtors have tainted their names and would be remembered in the industry despite whichever firm that they join. Since the incident, ERA has made many measures to improve the transparency between individual new transactions between their independent agents and their customers. ERA agents are now required to disclose any possible conflict of interest and give an undertaking to customers that they are independent contractors of ERA.

Counter-measures are usually taken only when incidents happen. It might be a blessing in disguise with such cases leaking out in the open as such, with more awareness on how murky our industry can be. With measures that ERA is taking to prevent such future cases, other agencies will probably follow suit with disclosure forms for every property transactions in the near future.

ERA has since taken responsibility by not challenging the above case and paid up to the couple, bearing fair responsibility. I think it’s a good move. Bravo.

Written by Benson Koh
Benson Koh is a professional real estate realtor with over 11 years of experience specializing in all forms of real estate consultancy and brokeraging of different segments from regal homes to commercial spaces. Also a boutique developer, he manages bothSRI5000 Developments which concentrates on landed homes as part of his land bank segment and Singapore Realtors Inc (SRI), a real estate agency which has over 7 years of group experience. You can reach him here via various channels. [ Facebook | Linkedin | Twitter | RSS Feed ]