Effective from January 1, ERA Singapore will no longer be covering the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, a practice that has been in place for the past seven years. This decision marks the end of a longstanding goodwill gesture by the company, even during the challenging times of the COVID-19 pandemic, as a show of support for its agents.
According to a statement released by ERA, this move will allow the company to redirect its resources towards initiatives that will contribute to the growth and success of its market-leading salesforce, as well as benefit consumers. However, ERA will continue to assist new agents by covering their renewal fees for the first two years, a common industry practice aimed at helping newcomers establish themselves in the field.
In addition to addressing the issue of inactive agents switching between agencies solely for the sake of fee coverage, this decision has also resulted in a reduction of around 300 agents from the firm, mostly comprising of inactive or part-time salespersons with no transactions in the past year.
Despite this, ERA has managed to attract approximately 230 new professional agents who joined the agency on January 1, demonstrating its continued appeal to active and aspiring real estate agents.
In light of the current situation, with the CEA considering the implementation of a minimum transaction requirement for real estate salespersons, Marcus Chu, CEO of ERA Singapore, emphasizes the importance of active participation and continuous professional development in the industry. He states, “It underscores the importance of active participation and continuous professional development in the industry.”
Chu further 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.”