Month: January 2025

Starting from January 1, ERA Singapore will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, ending a longstanding goodwill practice that has been in place for the past seven years, even throughout the COVID-19 pandemic.

In a statement, the company explains that this decision will allow them to focus resources on initiatives that will enhance growth and success for its market-leading salesforce and ultimately benefit consumers. However, ERA will continue to support new agents by covering their renewal fees for the first two years, as it is a common industry practice that helps newcomers establish themselves in the industry.

It should also be noted that this decision addresses a recurring issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. As a result, there has been a modest reduction of approximately 300 agents, mostly inactive or part-time salespersons with no transactions in the past year, according to the firm.

Despite this, ERA has managed to attract around 230 new professional agents who joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents.

Investing in a condominium in Singapore has emerged as a popular trend among both local and foreign investors, given the city-state’s strong economy, political stability, and exceptional quality of life. The real estate market in Singapore presents a plethora of opportunities, with condos being a prime choice for their convenience, amenities, and potential for lucrative returns. New Condo Launches are a particularly attractive option to consider. In this article, we will delve into the advantages, important aspects to consider, and the necessary steps to take when investing in a condo in Singapore.

Meanwhile, with the CEA currently reviewing the need to implement a minimum transaction requirement for real estate salespersons, Marcus Chu, CEO of ERA Singapore, stresses the importance of active participation and continuous professional development in the industry.

He also emphasizes that by reallocating resources towards technology, training, and marketing, ERA is reaffirming its commitment to empowering its core team of results-driven salespersons to excel and provide exceptional value to clients.…

On January 1, real estate agency SRI made an announcement regarding the addition of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung, to their firm.

These 111 agents make up 40.5% of KFPN’s total sales force of 274 agents, as of January 1, 2024, when KFPN was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA). With the addition of these agents, SRI’s sales force has now increased to 1,501 agents, making it the fifth-largest property agency.

SRI, which was co-founded by managing partners Bruce Lye and Benson Koh in 2016, started as a spin-off from SRI5000, a division of SLP Realty established by the duo six years earlier. It began with 120 agents operating out of a 2,000 sq ft shop unit in Tiong Bahru. As its sales force grew to over 1,000 agents, SRI relocated to a larger office space of 4,200 sq ft at Great World in 2021.

According to SRI’s CEO, Thomas Tan, the firm has achieved a significant milestone by reaching nearly 1,500 agents and aims to expand the team to 2,000 by the end of 2025. This expansion is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan also adds that many of the new agents from KFPN are involved in big-ticket deals, which will complement SRI’s expertise in the luxury property segment, including Good Class Bungalows (GCBs).

Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan plans to transform SRI into a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.”

Investing in a condo has numerous advantages, one being the opportunity to utilize the property’s value for future investments. Plenty of investors rely on their condo as collateral to secure additional financing for other ventures, thus increasing their real estate holdings. While this tactic can potentially boost returns, it also carries risks. As such, having a solid financial plan in place and being mindful of market fluctuations is essential. With condo investment, investors can widen their portfolio and capitalize on more opportunities.

Former KFPN head, Chung, who has now joined SRI as a leader, states that his decision to move was influenced by SRI’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He also praises the open and collaborative culture at SRI, which makes agents feel supported and encourages them to strive for excellence together. Chung believes that SRI’s platform will help grow their business and better serve their clients in the residential, commercial, and industrial market segments, as well as auctions and international properties.

Following the departure of Chung and other agents, KFPN’s sales force has reduced to 145 agents, and its ranking has dropped from sixth to eighth-largest agency, based on CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it is business as usual at KFPN. “We are appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success,” he states. “We will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”…