Starting January 1st, ERA Singapore has announced that it will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This practice, which has been in place for the past seven years and continued even during the COVID-19 pandemic, has been a significant way that ERA has supported its agents.
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In a statement, ERA stated that this decision will allow the company to allocate their resources towards initiatives that will enhance growth and success for their market-leading salesforce, as well as benefit their clients. However, ERA will still support new agents by covering their renewal fees for the first two years, which is a common industry practice that is designed to help newcomers establish themselves.
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ERA’s decision to discontinue the coverage for renewal fees also addresses the issue of inactive agents shifting between agencies solely for the fee coverage. This move has resulted in a slight decrease of approximately 300 agents, mostly inactive or part-time salespersons with no transactions in the past year.
On the other hand, ERA has managed to attract around 230 new professional agents who have joined the agency on January 1st, showcasing its continued appeal to active and aspiring real estate agents.
CEO of ERA Singapore, Marcus Chu, acknowledges that the CEA is currently reviewing the need to implement a minimum transaction requirement for real estate salespersons. This emphasizes the importance of active participation and continuous professional development in the industry.
Chu also 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.”