How to become a property agent in Singapore
While being a property agent may seem like an appealing career choice due to its flexible schedule and high income potential, it's important to consider whether it's truly the right job for you. According to CEA (Council for Estate Agencies), there are 34,427 registered agents as at 1st January 2023.
So, before jumping in, think beyond the financial rewards and determine if this profession aligns with your goals and values. Is this what you want for your career?
The Pros and Cons of being a Property Agent
To determine if a career as a property agent is suitable for you, it's essential to consider the pros and cons of this career. If you possess these qualities, then a career as a property agent may be a good fit for you.
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Being a property agent can indeed offer a lot of flexibility and a potentially lucrative salary, but it also comes with its own set of challenges. Here are some points to consider before pursuing a career as a property agent:
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In summary, being a property agent can be a rewarding career, but it requires hard work, dedication, and excellent people skills. It is essential to weigh the pros and cons carefully before deciding if this is the right career path for you.
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High Competition:
The real estate industry is highly competitive, with many agents vying for the same clients. This means that you will need to work hard to build a reputation and stand out in the crowd.
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Sales-Driven:
A significant part of a property agent's job involves sales. You will need to be comfortable with selling and promoting properties, negotiating deals, and closing sales.
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Long Hours:
Property agents often work long and irregular hours, including weekends and evenings, to accommodate clients' schedules.
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Emotional Stress:
Buying or selling a property is a significant life event for most people, which can lead to high levels of stress and emotions. Property agents must be skilled at managing these situations and providing support to their clients.
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Commission-Based Income:
While the potential for high earnings is there, a property agent's income is based entirely on commission. This means that there is no guaranteed salary, and your earnings will depend on your sales performance.
Kickstarting your Property Career - Becoming a RES (Real Estate Salesperson)
Real Estate Salesperson (RES) Course (or commonly known as “Property Agent Course”) is a mandatory preparatory programme for aspiring Real Estate Salespersons to undergo before taking the industry RES Examinations.
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Singaporean / Permanent Resident for over 10 years
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At least 21 years old
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Possess any 1 of the following Local Academic Qualifications:
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GCE "O" Level, with min. 4 Credit passes. CEA accepts combined GCE “O” level results taken at not more than 2 sittings.
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Higher NITEC (ITC, CBS, Master NITEC, NTC1)
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GCE “A” Level
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Diploma attained from accepted local Polytechnics only (NYP/ NP/ RP/ SP/ TP).
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Degree or Higher, attained from accepted local Universities only (NTU/ NUS/ SIT/ SMU/ SUSS/ SUTD).
Foreigners who wish to apply
Prior to taking the RES Course, foreigners (Employment-pass, S-pass, Dependent-pass holders etc.) should consult an Estate Agent that is prepared to support their future registration application. Their estate agent will consult CEA Licensing for a preliminary assessment whether he/she is likely to meet the registration criteria before issuing a Letter of Support.
If CEA Licensing’s preliminary assessment outcome on the foreigner applicant is positive, he/she will then be able to proceed to submit their private/ non-local academic qualifications for CEA’s assessment.
During RES Course enrolment, this candidate MUST be able to produce a valid Letter of Support from an Estate Agent.
Costs of becoming a Real Estate Salesperson
RES course fees varies from about $650 to $800 depending on individual course providers.
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For Singaporeans age 25 years old and above, you can choose to tap on your SkillsFuture credit to claim up to $500 of the course fee. NTUC members can also apply for UTAP funding of up to $250 for the course fee.
CEA has required all individuals seeking to become property agents in Singapore since 2010 to undertake the RES Course, which is offered by CEA Approved Course Providers.
The primary goal of this course is to provide new agents with an understanding of the rules and regulations that govern property agency work in Singapore, as well as the country's laws and guidelines regarding the buying, selling, and renting of all types of properties.
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However, completion of the RES Course is only one step in the process.
To become a licensed agent, individuals must pass two exam papers within two years of receiving their RES course completion certificate.
You have the option to retake the exams if necessary, but keep in mind that both papers must be passed within the two-year timeframe. If this is not achieved, you will have to retake both the course and exams from the all over again.
Yes! I pass my RES exams! What's next?
If you have successfully passed your Real Estate Salesperson (RES) exam, it is time to focus on selecting the best real estate agency to help you launch your career.
However, it is essential to choose an agency that aligns with your objectives and provides the necessary support to help you achieve your goals.
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It is crucial to understand that real estate agencies are not just a means of obtaining a license and business cards. Joining the right company can have a significant impact on your career trajectory.
To ensure you make the best decision, here are four crucial factors to consider when selecting a real estate agency.
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Branding:
A strong brand name can distinguish one agency from another, instilling confidence in clients and implying a level of service quality and accountability. It also suggests that the agency has a solid and reliable business structure.
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Just as you might be more likely to trust an Apple iPhone over a generic smartphone with an unknown brand, aligning yourself with a reputable agency that has an established brand name can enhance your recognition and bargaining power when making deals.
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If you are exploring the real estate market, you may have encountered various agencies offering support but with distinct brand identities. Before committing to any agency, it is important to research and understand their brand philosophies, market perception, and client reviews.
This information can help you gauge their brand direction and determine if it aligns with your career objectives.
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Strong Business Foundation and Leadership:
Choosing to join an agency that boasts a strong foundation, a proven track record, and a large network can provide long-term stability and opportunities for career advancement.
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These types of agencies typically have strong leadership, led by a dedicated management team that is committed to growing the business. This often results in more support programs, product launches, and sales and marketing channels that agents can leverage to grow their own businesses.
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So, how can you determine if an agency has a strong foundation? One way is to consider how long the agency has been established, the size of its sales team, and the scope of its regional and global network. These factors can offer insights into how well the agency is faring in the market.
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Another approach is to research the agency director and other top executives. This can provide clues about the leadership style and how well it aligns with your own professional goals.
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Training Support:
As a new agent, comprehensive training is crucial to your success.
A reputable agency should provide dedicated guidance to help orient you to the industry and equip you with the essential tips and tricks to launch your real estate career.
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In addition to training for new agents, the agency you choose should also offer ongoing advanced training to keep its agents up-to-date on industry practices and develop relevant skill sets for further professional growth.
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Examples of such training may include digital marketing, sales closing techniques, financial analysis, and strategies for financial planning.
Regularly rolling out these types of programs can help agents navigate the market more effectively and achieve greater success.
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Staff Benefits and Welfare:
Although working as a real estate agent often requires a high level of autonomy, it can be reassuring to know that your agency values you as a team member and is committed to providing benefits and support that can help you succeed.
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Even if you pride yourself on your independence, having an agency that supports you can drive you to achieve more and increase your confidence.
While researching agencies' websites can provide some insights into their benefits and welfare programs, speaking with agents who are already affiliated with those agencies can provide more comprehensive and accurate information.
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Ultimately, having an agency that provides benefits and welfare support can help you thrive and build a successful career in real estate.
Join our Family of Champions
We are the largest listed Real Estate Agency in Singapore with over 11,000 professional Salespersons.
Why is Propnex the preferred agency?
PropNex is a leading real estate agency in Singapore, with a strong reputation for professionalism, integrity, and excellent customer service. Joining PropNex could offer several benefits to a real estate agent, such as:
Strong Brand Recognition:
PropNex is a well-established brand in the Singapore real estate market, which can help agents to build their own reputation and grow their business.
Training and Development:
PropNex offers comprehensive training and development programs to help agents improve their skills and knowledge. We provide ongoing support to their agents to help them achieve their professional goals.
Access to Resources:
As a large agency, PropNex has a wide range of resources available to its agents, such as marketing tools, technology, and administrative support. These resources can help agents to streamline their work and improve their productivity.
Network of Professionals:
PropNex has a large network of agents, which can provide opportunities for collaboration, networking, and knowledge sharing. This can be beneficial for agents who are looking to expand their business and learn from others in the industry.
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Choose Your Journey
Connect with us and find out more before you take the WINNING LEAP
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