ERA Singapore has announced that, effective Jan 1, it will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This change comes after seven years of ERA’s continuous support for its agents, including during the COVID-19 pandemic.
According to a statement released by ERA, this decision will allow the company to allocate resources towards initiatives that promote growth and success for its top-selling agents, as well as benefit consumers.
However, ERA will still offer support to new agents by covering their renewal fees for the first two years, a common industry practice aimed at helping newcomers establish themselves in the real estate market.
The decision to discontinue the renewal fee coverage also addresses the issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. This has resulted in a modest decrease of approximately 300 agents, mostly comprising of inactive or part-time salespersons with no transactions in the past year, according to the firm.
At the same time, ERA has attracted around 230 new professional agents who joined the agency on Jan 1, highlighting its continued attractiveness to active and aspiring real estate agents.
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“The CEA is currently reviewing the implementation of a minimum transaction requirement for real estate salespersons,” says ERA Singapore CEO Marcus Chu. “This highlights the importance of active participation and continuous professional development in the industry.”
Chu also adds, “By reallocating resources towards technology, training, and marketing, we reaffirm our commitment to empowering our core team of results-driven salespersons to excel and deliver exceptional value to clients.” This shows ERA’s dedication towards enhancing its agents’ capabilities and providing top-notch services to clients.