Starting Jan 1, ERA Singapore will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, a practice that has been in place for seven years. Despite the challenges brought by the COVID-19 pandemic, ERA has continued to provide this gesture as a sign of support for its agents.
In a statement, ERA explained that this decision will allow the company to allocate resources towards initiatives that will further improve the growth and success of its market-leading salesforce, benefiting both its agents and consumers. However, the company will still support new agents by covering their renewal fees for the first two years, which is a common industry practice to help newcomers establish themselves.
ERA also addressed the issue of inactive agents taking advantage of the renewal fee coverage by frequently switching agencies. This decision has resulted in a modest decrease of about 300 agents, mainly comprising of part-time salespersons with no transactions in the past year.
On the other hand, about 230 new professional agents have joined ERA on Jan 1, highlighting the agency’s continued appeal to active and aspiring real estate agents.
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ERA CEO Marcus Chu reiterated the importance of active participation and continuous professional development in the industry, as the CEA is reviewing the implementation of a minimum transaction requirement for real estate salespersons. He emphasized that by reallocating resources towards technology, training, and marketing, the agency is reaffirming its commitment to empower its team of results-driven salespersons to excel and provide exceptional value to clients.