Effective January 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 the past seven years. This decision, which comes despite the ongoing COVID-19 pandemic, marks a change in the company’s longstanding gesture of support for its agents.
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According to a statement from ERA, this decision will allow the company to redirect resources towards initiatives that promote growth and success for its leading salesforce, while also benefiting consumers. However, ERA will continue to support new agents by covering their renewal fees for the first two years, a common industry practice that helps newcomers establish themselves in the real estate market.
ERA’s decision to discontinue the renewal fee coverage also addresses the issue of inactive agents moving between agencies in order to take advantage of the fee coverage. This has led to a modest reduction in the agency’s agent count, with around 300 inactive or part-time salespersons who have not had any transactions in the past year being affected.
On the other hand, ERA has attracted approximately 230 new professional agents who joined the agency on January 1, highlighting its continued appeal to active and aspiring real estate agents.
Marcus Chu, CEO of ERA Singapore, stated that the CEA is currently reviewing the implementation of a minimum transaction requirement for real estate salespersons. This emphasizes the importance of active participation and continuous professional development in the industry.
Chu added that by reallocating resources towards technology, training, and marketing, ERA is reaffirming its commitment to empowering its core team of results-driven salespersons to excel and deliver exceptional value to clients.