Effective January 1, ERA Singapore will no longer cover the Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This longstanding practice, which has been in place for the past seven years, will be discontinued as the company looks to redirect its resources towards initiatives that promote growth and success for its market-leading salesforce and benefit consumers.
In a statement, ERA explained that the decision to withdraw its support for the annual CEA license renewal fees is in line with its commitment to empowering its agents and enhancing their abilities to deliver exceptional value to clients. The company believes that by reallocating resources towards technology, training, and marketing, it can better equip its sales team to excel in the industry.
However, ERA will continue to assist new agents by covering their renewal fees for the first two years, a common industry practice aimed at helping newcomers establish themselves in the market. This gesture demonstrates ERA’s dedication to supporting and nurturing aspiring real estate agents.
Marcus Chu, the CEO of ERA Singapore, also highlighted the importance of active participation and continuous professional development in the industry. He further mentioned that the CEA is currently reviewing the implementation of a minimum transaction requirement for real estate salespersons, emphasizing the significance of being an active and committed agent.
Moreover, the decision to discontinue the renewal fee coverage also addresses a recurring issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. It has also resulted in a modest reduction of approximately 300 agents, primarily consisting of inactive or part-time salespersons with no transactions in the past year.
On a positive note, ERA has attracted around 230 new professional agents who joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents. With these changes, ERA Singapore remains committed to maintaining its position as a leading agency in the industry and providing excellent services to its clients.