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.