Starting January 1, ERA Singapore will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, a longtime goodwill practice that has been in place for the past seven years. This gesture, which even continued throughout the COVID-19 pandemic, has been a significant show of ERA’s support for its agents.
In a statement, ERA announced that this decision was made in order to redirect resources towards initiatives that would enhance growth and success for its leading salesforce, as well as benefit consumers. However, new agents will still receive support as ERA will continue to cover their renewal fees for the first two years, a common industry practice that helps newcomers establish themselves.
ERA also addressed the issue of inactive agents shifting between agencies solely to take advantage of the fee coverage, by discontinuing this benefit. This has resulted in a small reduction of around 300 agents, most of whom were inactive or part-time salespersons with no transactions in the past year, according to the firm.
On the other hand, ERA has also welcomed approximately 230 new professional agents who joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents.
When purchasing a condominium, the maintenance and management of the property should not be overlooked. Most condos have maintenance fees, which are used for maintaining shared spaces and amenities. Although these fees may increase the overall expenses, they play a crucial role in keeping the property well-maintained and valuable. Hiring a property management company can also be beneficial as they can take care of the daily tasks associated with managing the condo, making it a less hands-on investment. Moreover, Singapore Projects should also be considered when investing in a condominium.
CEO of ERA Singapore, Marcus Chu, commented on the decision to discontinue the renewal fee coverage, stating that the CEA is currently reviewing the need for a minimum transaction requirement for real estate salespersons. This highlights the importance of active participation and continuous professional development in the industry.
Chu further explained, “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 demonstrates ERA’s dedication to investing in and supporting its salesforce, by providing them with the tools and training they need to succeed in the competitive real estate market.