Representatives from the 3 Councils of the Association of Singapore Realtors (ASR), Association of Singapore Real Estate Agents (ASREA) and Society of Singapore Institute of Surveyors and Valuers Accredited Estate Agents (SOCREA) met in July 1997 to discuss the possibility of a federation.

It was agreed among Members of the 3 Councils that having 3 bodies representing Members and/ or Member Firms in the industry, had given rise to:

  1. a perception of a fragmented industry;
  2. a perception that Members in the same industry are divided;
  3. a perception that the industry was unable to do self-regulation and self-policing of its
  4. waste of resources, both human and financial, by the 3 bodies to cater to the needs
    of Members and/or Member Firms; and
  5. a financial burden on Members and/ or Member Firms who were Members of more
    than one body.

After due consideration, Members of the 3 Councils felt that to unite under a Federation would be impractical, as this would give rise to:

  1. another organisation with attendant costs and administrative problems;
  2. difficulty in enforcing a standard Code of Conduct and Ethics;
  3. difficulty in applying a standard set of self-regulation and self-policing measures;
  4. difficulty in addressing the question of perception of industry representation; and
  5. additional cost for the three bodies without additional revenue.

Consequently, in January 1998, the 3 Councils agreed to a merge to form a single body, the Institute of Estate Agents (IEA), to represent all estate agents and agencies.

The reasons for the merger are:

  1. To have a united strength for greater efficiency and effectiveness in conducting affairs;
  2. To address the perception of industry representation problem;
  3. To have a standard Code of Conduct and Ethics and a standard set of self-regulatory
    and self-policing measures;
  4. To have the ability to address and resolve the industry’s problems quickly and resolutely; and
  5. To have the ability to address and recommend solutions to meet the current
    economic situation and future challenges.