Number of property agents falls 11 per cent

The number of property agents registered with the Council for Estate Agencies (CEA) has fallen by nearly 11 per cent since new rules kicked in a year ago.

As of Jan 1, there were about 30,600 real estate agents licensed to practice, down from 34,300 last January.

There are also fewer property agencies in business – down by 5 per cent to less than 1,500.

The estate agency watchdog said property agents who did not continue with their registration were part-timers who opted to focus on their full-time jobs, or had found a full-time job.

Giving an update on the 2,700 new agents who joined the industry last year, the council said eight in 10 have tertiary education.

Currently, only five in 10 existing agents have tertiary education.

Apart from passing a mandatory examination, registered property agents also have to undergo six hours of compulsory professional development course to keep abreast of policy changes.

Some industry players said new agents face a tough time juggling this and closing property deals.

PropNex director David Poh said: “In the real estate industry, the first year is a very tough and important year. For any new agent who joins the industry, you have to go for courses, you go for exams.

“Then you go for further training, prospect for clients, and buy and sell for clients. And many times, your first deal will come six or nine months down the road. For many agents, you probably won’t see any income until about a year later. So it is quite common for agents to leave within the first year.

Source : Channel NewsAsia – 31 Jan 2012

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