Joining a good Estate Agent
Since your first year in this business is a very critical year, your next decision will be extremely crucial. The followings are some important information and step-by-step guide for you:
Step 1: Size and Branding of the estate agency
- There are over a thousand estate agencies in Singapore, some bigger companies has a few hundred to a few thousand property agents. Whereas many are small agencies with less than 10 agents or even one-man-show.
- The advantage of bigger companies is that they are usually better known to the public.
- It will be useful to make use of your company’s branding especially when you are new.
- Most of these agencies are local companies, you may also want to check on some international companies that are well known globally.
- Bigger does not mean better for you. More important thing to consider is your requirements.
Step 2: Strength of the estate agency and their market segment focus
- Though most companies deal with all types of properties, some companies specialise in residential, some in commercial. Some focus on HDB and some in private properties.
- Some companies focus on new project launches. New agents may consider joining them if they want to start with selling new developments in the showrooms.
- Beware of some companies which do not allow their salespersons to market Commercial and Industrial properties because they have corporate commercial/industrial departments that deal with these sectors. In other words, agents joining these companies are only allowed to sell residential properties. During down times for residential properties, you may want to have the flexibility to switch to market Commercial and Industrial properties.
Step 3: Support provided by the agency
- Technology and IT
A good estate agency constantly improves its tools that can help agents to work better. Join an estate agency that provide updated technological tools online software and IT support.
A good estate agencies should always liaise with third parties to secure better discounts on real estate agent subscription packages especially on Telco business packages, online subscirptions like SRX, PropertyGuru, Powersearch, Homebiz, etc.
- Education & Training
Real estate training is the surest path to success. Join a company that stress on education and continual training and consistently update its agents regarding the ongoing market conditions.
A strong branding will help you to be more recognisable by your clients, and present a good profile.
Some agencies have a more family-liked culture with everyone feels at home when you are in the company, while others may have a more traditional and formal management style. Join an estate agency with the culture that suits you and able to nurture you to become a good agent?
- Awards & Recognition
A good agency should give awards and recognition to agents who have done well, in turn, this will help to motivate agents and boost their desire to excel.
Step 4: Commission Structure
- Understand how an agency works. Once you earn commissions after closing deals, the agency will take a cut from your commission.
- As a new agent, you start from the lowest payout scale ( usually 70% of your commission) and gradually move up the scale as you accumulate the commission amount, usually up to 90%.
- Learn how you are going to grow your business by growing your organisation.
- This is actually a more important step than choosing a good company.
- Read more in the next section.
Step 6: Register yourself as Real Estate Salesperson (RES)
- You have to register yourself with a licenced Estate Agency before you can start working as a property agent.
- Your manager will guide you through this step and orientate you around the company.
Although the success of a property agent depends very much on his own effort, Estate Agencies do play an important role in supporting their new agents by providing a good platform and support services.
Join an agency that can provide all-rounded support. Most companies, especially the bigger ones, are quite the same in terms of documentation and IT support. We highly recommend you to join a company that put special emphasis on education.
Some companies are authorised by CEA to organise in-house trainings and courses that contribute core or non-core CPD hours to attendees. A few agencies even go an extra mile to run training centres that are accredited by CEA to be Approved Course Provider.
Joining these agencies will provide opportunities and convenience for you to learn, sharpen your skills and receive consistent updates.
One good example will be Coldwell Banker Singapore.
Join AsianPrime Properties, a Franchise of Coldwell Banker Singapore, to enjoy all the benefits mentioned above.
Before you decide to join any company, you need to find a good manager or mentor to guide you. READ MORE
If you are seriously exploring to pursue real estate as your career, feel free to contact us to explore more opportunities.