From January 1st, ERA Singapore will no longer cover the annual license renewal fees for its real estate agents, a practice that has been in place for the past seven years. Despite the challenges posed by the COVID-19 pandemic, the company has continued to support its agents through this gesture, showcasing its unwavering commitment to their success.
According to a statement released by ERA, this decision will enable the company to allocate resources towards initiatives that will enhance growth and success for its leading sales team, as well as benefit consumers. However, new agents will still receive support as ERA will cover their renewal fees for the first two years, a common industry practice that aims to assist newcomers in establishing themselves.
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ERA’s decision also addresses the issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. This has led to a modest reduction of approximately 300 agents, primarily those who are inactive or part-time with no transactions in the past year.
On the other hand, ERA has welcomed 230 new professional agents who joined the agency on January 1st, further demonstrating its appeal to active and aspiring real estate agents.
Marcus Chu, CEO of ERA Singapore, acknowledges that the Council for Estate Agencies (CEA) is reviewing the need to implement a minimum transaction requirement for real estate salespersons. This highlights the significance of active participation and continuous professional development in the industry.
Chu emphasizes, “By reallocating resources towards technology, training, and marketing, we recommit to empowering our core team of results-driven salespersons to excel and provide exceptional value to clients.” This move reflects ERA’s dedication to constantly improving and adapting to better serve the needs of its clients and agents.