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.