Property agent numbers in Singapore have soared to a new peak, with more than 36,000 agents registered as of Jan 1. The Council for Estate Agencies (CEA) reported that this figure marked a significant increase from the previous year, demonstrating a continued growth trend in the sector since 2017.
The statistics from the CEA show that there were 36,058 registered agents in Singapore as of the beginning of the year, representing a rise from 35,251 agents in the previous year. This growth trend highlights the industry’s expansion over the years and the increasing demand for real estate services in the city-state.
According to the CEA, the surge in property agent numbers is accompanied by a decline in the number of property agencies in Singapore. The regulatory board disclosed that the country had 1,046 licensed agencies at the start of the year, down from 1,090 in the previous year and 1,118 in 2023.
Leading the pack, PropNex stands as the largest agency in Singapore, boasting 12,636 agents. Following closely is ERA with 8,648 agents, Huttons Asia with 5,699, OrangeTee & Tie with 2,756, and SRI with 1,493 agents.
In response to concerns raised about inactive agents posing potential risks to the industry, the CEA is considering implementing a requirement that mandates property agents to facilitate a minimum number of transactions to maintain their registration. A CEA spokesperson highlighted the importance of ensuring that agents are well-versed in evolving regulations, transaction processes, and market trends to provide accurate advice to clients.
Property agents in Singapore are required to pass an exam and register with the CEA through a licensed agency before engaging in estate agency work. Agent registrations are renewed annually, with agents needing to meet criteria such as completing at least six hours of training.
Some property agencies have adjusted their policies in response to the CEA’s review. For instance, ERA has stopped covering renewal fees for its agents since Jan 1, redirecting resources to other initiatives. This change was made to address the issue of inactive agents switching agencies to benefit from fee coverage.
Reacting to this shift, PropNex clarified that renewal of an agent’s license is an individual responsibility, promoting accountability among its salesforce. Other agencies, like OrangeTee & Tie, continue to cover agents’ renewal fees to assist with business costs, maintaining their support to agents since 2022.
CEO of Huttons Asia, Mark Yip, explained that support for the annual fees is provided on a situational basis, citing examples like subsidies during the onset of the COVID-19 pandemic and rewards for realtors achieving specific gross commission levels.
As the real estate industry in Singapore continues to evolve, agencies and agents are adapting their strategies to align with market demands and ensure sustainable growth in the sector.
