Build your career in real estate. You can build a career in real estate as an agent if you are a recent graduate or want to shift your career. But is working as a property agent a successful career? So, clear all your worries, it’s the best choice for your career!
You can have flexible scheduling, high income, and the option to work from anywhere. These are the main reasons that make a real estate agent career a better choice. So, how can you acquire a property agent license?
Read this blog and get all the information you require to become a licensed property agent in Singapore!
What are Property Agents?
Real estate agents help clients purchase, sell, or rent properties. They earn a commission, which is a part of the sale price of the property. You can say that it’s the fees of bringing buyers and sellers together. These agents are also known as salespeople and real estate associates.
4 Benefits Choosing a Real Estate Agent Career
There are many advantages of acquiring a property agent license. Below, we have curated the list of some benefits:
Flexible scheduling
Have a high earning potential
Help clients find their dream properties
Career mobility
Different Types of Property Agents in Singapore
Buyers Agents
Buyers agents help individuals or families to buy a property. They find the perfect property according to the client's requirements, preferences and budget. These agents set up viewings, and negotiate bids for the property on the behalf of clients.
Sellers or Listing Agents
Sellers agents help people to sell their properties. Their experience markets the property and negotiates with possible purchasers so that the seller will get the best value.
Dual Agent
A dual agent may represent the buyer and seller in real estate transactions. They have to balance the interests of both sides carefully.
Transaction Coordinator
Transaction coordinators are essential in managing a real estate transaction’s administrative and practical facet. They handle the parties' communication, documentation, and deadlines.
Rental Agent
Rental agents assist customers in locating appropriate residential and commercial rental properties. They help tenants and property owners negotiate terms of leases, schedule property showings, and hold negotiations.
Minimum Requirements are Necessary to Become a Real Estate Agent
Singaporean or Singaporean Permanent Resident (SPR) for More than 10 Years
You already meet the first requirement for Singaporeans. But if you are not a SPR for more than ten years, you can still pursue a career in real estate.
You have to provide documentation that prove you lived in Singapore. These documentations include a certificate of no criminal conviction, etc.
Must Be 21 Years Old and Above
If you are 21 years old and above, you are eligible to become a real estate agent in Singapore. You can apply for the course.
Must Have a Minimum Of 4 'O' Level Passes or Equivalent
You may also submit a Level 5 and higher Workplace Literacy and Numeracy (WPLN) assessment in these 5 components: reading, listening, speaking, writing, and numeracy if you do not have a minimum of 4 "O" level passes.
Other qualifications, such as private diplomas and degrees from other countries, may also be submitted for evaluation through the Approved Course Providers (ACP) with whom you plan to enrol in the Real Estate Salesperson (RES) programme.
Fulfil CEA Fit and Proper Criteria
You have to meet the requirements outlined by CEA to qualify as a suitable and proper real estate agent. Proceed to the next step if you meet all the requirements!
4 Essential Steps to Follow for Becoming a Real Estate Agent
Step 1: Check if You Fulfil the Criteria of the Property Agent
First, you must check if you are eligible to become a Singapore property agent. You must fulfil all the criteria of a real estate agent. Check all the requirements and ensure you are eligible for the real estate course or exam to acquire a property agent license.
Step 2: Register and Attend the RES Course
A number of different providers offer the Real Estate Salesperson course. You can treat it as a series of classes you must complete to master all the content required for the test. Before you take the test, be sure the course has CEA approval—these are the only ones acknowledged. The course cost is between $700 and $800 which can be vary.
The course will provide you an overview of the rules and regulations related to real estate. Also, you will learn the rules of Singapore related to the purchase, sale, and rental of real estate.
Step 3: Apply and Sit for the RES Exam
After collecting all the information, what comes next? Exams and assessments after the teaching weeks are just like a semester in school. The exams usually happen in March, July, and November, but depending on the COVID-19 measures in place, these dates can change. In order to make sure that students are properly taught the essentials before measuring their knowledge, you also need a minimum of 75% of the course to be completed before taking the exam.
We know your stress and anxiety when preparing for the RES exam. Here, we have designed the framework that helps exam takers with the best preparation methods and revision materials to get them ready for the exam!
The exam is divided into two papers, and each paper includes:
Section A: 50 Multiple Choice Questions (MCQs) – 1 mark each
Section B: 15 MCQ with reference to 1 or 2 Case Studies – 2 marks each
Section C: 10 Fill in the Blank Short Answer Questions (SAQs) – 2 marks each
Step 4: Register with an Agency
After taking the exam, you should get your results in four to six weeks. If you passed, congrats! You can now select the agency you wish to sign with, as that was no simple task.
The property agency you choose to work with will typically support the application process using CEA's e-services, and CEA will take four to six weeks to accept an application.
$53.50 for real estate agent registration plus $230 for CEA fees per year equals $283.50.
$120 for Professional Indemnity Insurance.
The agency charged between $300 and $500 administrative costs for name cards, ID tags, and startup courses.
Ensure the agency will give you the upskill and training opportunities you need, along with the mentorship and support networks crucial for new agents. Since various persons and mentors have different working methods, the agency culture is just as vital. Ask around to find the mentor or people that most suit you!
Conclusion
After reading this blog, you are ready to start your real estate agent journey. Remember all the important information mentioned in the blog, as it will help you to ease your journey. You can become a successful real estate agent with the proper guidance and support. Jackie Mang Division is here to assist real estate agents like you realise their full potential and transform the real estate market. We constantly search for fresh agents to mentor and show our methods to.