Statistics: Real Estate Agents Still Command Some of the Highest-income Jobs in Singapore despite Challenging Market Conditions

Singapore, 16 March 2016 – The median gross monthly commission earned by top 300 real estate agents [1] hit $11,686.49 in 2015, according to the latest statistic released by ERA Realty Network, the largest real estate agency in Singapore.This statistic reinforces that real estate agents are still commanding some of the highest salaries in Singapore despite challenging property market conditions. On average, the median gross monthly income of full-time employees in Singapore in 2015 was S$3,949 [2], which is 66% lower than the median gross commission earned by real estate agents.

These 300 agents aged from 23 to 65 years old, with 4 of them aged above 60 years old, earning more than $133,876 annually despite being at their retirement age.

“Media channels are reporting that many property agents have quitted the industry in 2015. However, the statistic proves that the performance of property sector is positive,” said Jack Chua, CEO of ERA Realty Network. “There are always opportunities in the market. Be it a fresh graduate or a senior citizen, everyone has an equal chance to succeed in the venture.”

“The market is tough, but everyone in the company remains committed to our tradition of innovation and service excellence, putting in their best efforts to elevate their service to clients – all these have allowed the company to be resilient even in the face of financial crises, market downturns, and changes in real estate regulations.”
In 2015, ERA Realty Network has rolled out a series of initiatives and policies to help agents to grow their income by creating more sales and cost-saving opportunities.

• Knowledge and skill training remain at the apex of ERA’s priorities. Training is necessary to groom and grow the agents. ERA has organised more professional development programmes, market-focus programmes and other refresher courses to keep its agents abreast of the latest market developments and standards, helping them to close deals.
• With the help of tools like ERA SG Project mobile app, salespersons are able to be competitive through the access to real time information about new launches and property transactions conveniently. Agents can show to potential buyers what are the available units and prices anywhere, anytime.
• High compliance cost has always been one of the key concerns for salesperson. In 2015, ERA has expanded to five offices spread over 65,000 sqft of space, at Mountbatten Square, SLF Building, Zhong Shan Park, Toa Payoh Hub and 600 Toa Payoh, providing full facilities support to help our salespersons minimize their costing. To further defray the compliance costs from salespersons, ERA has also implemented free CPD program and renewal reimbursement program to all qualified existing salespersons.
• Being the largest real estate agency in Singapore, ERA has been appointed to market most of the projects in Singapore. This creates more project sale opportunities to our agents.
• Customers-centric initiatives – ERA has made salespersons’ information transparent and accessible to customers. They can choose agents based on testimonials, preferred locations and their respective strengths.
• First and only real estate agency that offers agent welfare and benefit for greater work motivation. ERA has set aside S$500k a year for its ERA Extra Mile Programme in recognition of salesperson’s efforts in service rendered to clients, and recruitment. They can benefit from the ERA points by redeeming the course fees for their CPD and ERA Professional Development Programme training. Salespersons can also purchase corporate merchandise such as corporate uniforms and name cards with their ERA points.

Jack shared, “Many individuals are lured by factors such as high salaries and work-life balance. However, selling properties has never been a simple sales job. It is a long-term, viable career that requires constant upgrade. A good real estate salesperson has to be discerning, trustworthy and professional so that he can advise and recommend the best solutions to his clients.”

At a young age of 28, ERA Top Achiever 2015 – Kavin Kuah has earned median monthly gross commission of $119,873.27. “I started my real estate career in ERA in 2012 and have successfully unlocked several milestones with the support and encouragement given by the company. Real estate is a good career path if you are someone who looks forward to no-ceiling income. There are always opportunities around, it’s all about commitment, passion and perseverance.”

[1] These 300 real estate agents are 2015 ERA Top Achievers announced in February 2016.
[2] Income Summary Table by Ministry of Manpower, 28 January 2016, URL: http://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx