The number of licensed real estate agents in Singapore declined last year, likely as a direct result of the property slowdown in the city-state.
As of the start of 2016, the Council for Estate Agencies (CEA) has licensed 1,369 estate agents and registered 29,262 salespersons.
It said that a total of 104 estate agents and 3,573 salespersons left the industry during 2015.
In the past year, there were 1,299 new salespersons who joined the industry, down from the 3,006 new salespersons in 2014.
Commenting on the overall decrease in the number of registered salespersons, Heng Whoo Kiat, Director, Policy and Licensing, CEA, said: “This could be a reflection of the property market sentiments.”
He added that salespersons are also probably mindful of the cost of being in the industry. Under CEA’s regulatory framework, salespersons are obliged to commit time and resources to meet the continuing professional development requirements for annual renewal of their registration.
New entrants to the industry, they have to complete a course and pass a qualification examination.
The Council for Estate Agencies (CEA) is a statutory board established in 2010 in Singapore under the Estate Agents Act to regulate and promote the development of a professional and trusted real estate agency industry. The key responsibilities of the CEA are to license estate agents and register salespersons, promote the integrity and competence of estate agents and salespersons, and equip consumers with the necessary knowledge to make informed decisions in property transactions.
