When it comes to investing in condos in Singapore, another important factor to consider is the government’s property cooling measures. In an effort to promote a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a secure investment environment. In addition, keeping an eye on Singapore Projects can also help in making an informed decision about condo investments in the country.
Starting from January 1, ERA Singapore has announced that it will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, a practice that has been in place for the past seven years. This decision comes as the company looks to focus its resources on initiatives that will benefit its agents and clients.
The gesture of covering license renewal fees was a longstanding goodwill practice by ERA, even during the COVID-19 pandemic. However, the company believes that reallocating these resources towards initiatives such as technology, training, and marketing will enhance the growth and success of its market-leading salesforce.
While ERA will no longer cover the renewal fees for its agents, it will continue to support new agents by covering their renewal fees for the first two years. This is a common industry practice that helps newcomers establish themselves in the market. This decision also addresses the issue of inactive agents switching between agencies solely for the sake of taking advantage of the fee coverage.
As a result of this decision, there has been a slight reduction of around 300 agents, mostly inactive or part-time salespersons with no transactions in the past year. However, ERA has also attracted around 230 new professional agents who joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents.
According to ERA Singapore’s CEO, Marcus Chu, the CEA is currently reviewing the need to implement a minimum transaction requirement for real estate salespersons, highlighting the importance of active participation and continuous professional development in the industry. He adds that by reallocating resources towards technology, training, and marketing, ERA reaffirms its commitment to empowering its core team of dedicated salespersons to achieve excellence and provide exceptional value to clients.