In recent industry data that was published by the media, it appears that, during 2015’s first 3 months, the sluggish property market in Singapore has caused more than 2,000 property agents to leave some of the main real estate agencies.
Of note was April 1sts figures showing 23,947 agents registered, a figure that is down by 8% from the end of 2014’s figure of 26,014 agents. The Ministry of Manpower’s most recent market report has shown that there has been a drop in the amount of individuals employed in the real estate sector that occurred from between January and March in comparison to 2014’s 4th Quarter for Signature at Yishun.
Signature at Yishun
President of IEA (Institute of Estate Agents), Jeff Foo, has said that it is a logical expectation that, when we see a lull period in the market, some people will turn to jobs that generate income temporarily or other alternatives. Due to the poor income, many have chosen to leave the industry altogether for JBE Yishun EC.
Brian Chan, a 31 year old former agent, was amongst those who chose to leave the industry, opting to instead take a break and continue on with his studies. He shared that, up until this lull period, they could quickly close rentals. However, things started to stagnate and this was a process that could continue for months. He further shared that sales were even worse, where it had become extremely competitive due to agents needing to make ends meet and there being an over abundance of agents selling Signature at Yishun in the market.
JBE Holdings Yishun EC
Eugene Kim, the key executive officer for ERA Realty Network, the biggest agency in Singapore, shared that they saw a drop to 5,866 in their number of agents at the beginning of April, in comparison to the end of 2014 when the number was 6,132. However, the agency did manage to raise its figures in June to 6,000. Lim further noted that the agency could be placed in a better position by having a larger team of agents, which would help them when pitching for assignments in marketing with property developers for Signature at Yishun.
JBE Yishun EC
At the same time, Savills Residential withstood this trend by posting a rise in their agent numbers from 739 to 781 for 2015’s 1st Quarter. As of June this figure has risen to nearly 800. Savills Associates’ director and head, George Tan, has said that this rise in figures was mainly due to initiatives offered by the firm, such as providing training for their agents, an abundance of project marketing activities and providing exceptional administrative support.