Jerry Tay Dated: 7 Jan
Great news! Many who took the recent RES exam have passed! Congratulations to all!
For those who need another shot, aim for the next exam while your memory is still fresh. Don’t give up!
Recently, I met with several aspiring real estate agents. Talking with them reminded me of why I joined my first property agency at the beginning of my career.
If you’re considering a career in the property industry, one of your first questions might be:
“Which property agency should I join? Who is the right person to guide me in my real estate agent career?”
I love sharing my experiences, whether with newcomers to the industry or seasoned veterans.
Sharing is a form of self-reflection, and I learn as much from sharing my experiences as I do from listening to others share theirs.
I’ve decided to put my thoughts into writing in the hope that it benefits you. I’m sure that by the end of this process, I’ll discover new inspiration and ideas for my real estate career too!
The Evolution of Property Agencies Over the Years
As of January 1, 2024, the Council of Estate Agencies (CEA) reports that Singapore has 1,090 property agencies and 35,251 property agents.
Here are the top 10 largest property agencies based on their number of agents:
Huttons is the third largest agency in Singapore.
The Estate Agent Act was passed in 2010, and CEA was established to regulate and develop the real estate agency industry in Singapore. Its mission is to raise the professionalism of the real estate agency industry and protect consumers’ interests.
Stricter measures have been implemented, requiring salespersons to pass the Real Estate Salesperson (RES) examination before conducting real estate work. Estate agencies must also meet stricter criteria to apply for or renew their licenses.
As a result, many smaller agencies have closed, with their agents moving to larger agencies. As of the beginning of this year, more than 80% of agents are now with the top 5 largest agencies.
This raises an important question: Is joining one of the larger property agencies better for someone new to the real estate industry?
As a new agent, you might be curious about the differences among agencies and whether the adage “bigger is better” holds true. It can be daunting to research each agency individually.
As you embark on your journey, you’re eager to distinguish the truly crucial platforms from those that are merely advantageous for each agency.
With over 15 years in this industry, I’ve learned what truly matters in choosing the right real estate agency and professional associations.
Initially, I believed that the prominence of a large local or multinational real estate consultancy brand was paramount due to its widespread recognition.
Initially, this holds true.
However, the agency’s brand is never more critical than your own identity and the value you bring.