Beginning January 1, ERA Singapore will discontinue its longstanding practice of covering the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This gesture, which has been in place for the past seven years, will no longer be extended to agents, even during the challenging times of the COVID-19 pandemic. While this has been a hallmark of ERA’s support for its agents, the company has decided to reallocate resources towards initiatives that will enhance growth and success for its market-leading salesforce and benefit consumers.
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In an official statement, ERA explains that the decision was made to help the company direct resources towards technology, training, and marketing, instead of covering renewal fees. This will enable the agency to better support its core team of results-driven salespersons and deliver exceptional value to clients. However, ERA will continue to support new agents by covering their renewal fees for the first two years, a common industry practice aimed at assisting newcomers in establishing themselves in the real estate market.
Previously, ERA had faced recurring issues with inactive agents taking advantage of the fee coverage by switching between agencies. This has also led to a modest reduction of approximately 300 agents, primarily those who were inactive or part-time salespersons with no transactions in the past year, according to the firm. However, on the flip side, ERA has also attracted around 230 new professional agents who joined the agency on January 1, highlighting its continued appeal to active and aspiring real estate agents.
CEO of ERA Singapore, Marcus Chu, states, “The CEA is currently reviewing the need to implement a minimum transaction requirement for real estate salespersons. This underscores the importance of active participation and continuous professional development in the industry.” He 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.” In conclusion, this decision by ERA Singapore marks a strategic move towards supporting its agents in a more efficient and effective manner, positioning them for long-term success in the real estate market.