According to Professor Sing Tien Foo of the National University of Singapore ( NUS), more people are drawn to the sector because of rising property prices and “attractive” commissions.
Now, there are no established guidelines for commission rates, but house agents usually request between one and four percent of the transaction price, depending on the type of property being represented and the type of property.
The average annual income of a new broker under the age of 35 and who participated in at least one deal was S$ 30, 000 last year according to ERA. For those who made it to the top 5 per cent within the company, the figure was S$ 170, 000.
Although these figures are lower than those for 2021, according to ERA’s chief executive officer Eugene Lim, issues seem to be improving as interest rates are currently dropping and engineers are lining up for more new jobs.
According to Mr. Adam Wang, president of the Singapore Estate Agents Association ( SEAA ), how it has shed the image of a” cowboy” industry is also hurting the property agent’s appeal as a profession.
All new house agents may take a preliminary course and pass an exam as part of the regulation framework before they can be registered with CEA. Industry experts have rated the interview as difficult, with a passing percentage of around 60 %.
The estate agent is now a highly sought-after job because it is difficult to pass the examinations and maintain the high standards for the license renewal, according to Mark Yip, the CEO of Huttons Asia.
According to PropNex’s key agency officer Eddie Lim, their work has also “been a step further than just being a salesman.” It now requires a range of skills, including those requiring online marketing and financial analysis.
When all is said and done, salesperson work is no longer seen as a part income, according to ERA’s Mr. Lim.
Officials AND Customers: A LOVE-HATE RELATIONSHIP?
However, real estate brokers have also been accused of being unfair for what some people perceive as glamorous tastes being displayed online.
Taking a screenshot from last year’s TikTok video that was posted on ERA’s account. Titled” Asking millionaires how much is their outfit”, it features an adviser introducing his labelled clothing and accessories, which come up to an eye-watering full of , S$ 54, 700.
The picture has garnered almost 200, 000 sights to time and going by the feedback, not all bloggers are impressed. One person inquired about the video’s purpose and questioned,” Are we overpaying providers?” while another described it as “humble talking at its finest.”
After revealing in an online movie last year that he had purchased five qualities under his name and that he had given them as gifts for his kids and family, Mr. Oh, the 28-year-old agent, faced similar condemnation.
He claimed that the picture, which his group at JNA Real Estate produced, was meant to share his personal journey into home investing.
” I noticed some of the feedback in the online forums. That was tough”, said Mr Oh, with a laugh.  ,
” But my personal investments have enabled me to accomplish my objectives, which are to make my parents better off, and they are now able to semi-retire as a result of silent hire money.” I’m grateful for that, and I tried to show how real estate may help us better manage our wealth.
He claimed that his intention when he revealed his collection was to “build up private branding” rather than to show off. Mr. Oh continued, sharing his own trading knowledge and successes has helped to build confidence with his customers.
Additionally, Mr. Wang of SEAA made the point that brokers can use their accomplishments or habits to woo clients or recruit new employees.
” Some users prefer officials who are seen as successful”.