Singapore has High Standards for Real Estate Agents with Mandatory RES Course and Licensing
The real estate scenario in Singapore is quite vibrant. It is the cynosure of real estate investors from all parts of the world including domestic investors active in the housing sector buying and selling HDB flats, condos and also upgrading to private condos and villas.
Behind all successful property transactions, you can trace the deft hands of a seasoned property agent. The caliber and credentials of real estate agents in Singapore are high as the industry is tightly regulated and fair play is sought. The real estate salesperson has to instil the necessary trust in the minds of customers.
According to market research, the Singapore real estate market is segmented into residential, retail, industrial, office, and hospitality areas. Based on value it is further divisible into premium, luxury, and affordable compartments.
Rough estimates suggest the size of the Singapore Real Estate Market is close to US$30 billion. In the property market of Singapore, certain core elements define a professional real estate agent. They are accreditation, domain knowledge, and expertise in niche segments such as HDB, condos, and contacts with key stakeholders.
For pursuing the lucrative career of property agents, Singapore has set high standards and professional training. The comprehensive real estate salesperson (RES) course is in-depth and is a mandatory education for all future agents before they appear for the licensing examination.
The RES course lays the foundation for real estate law and commission rules; drafting of deal contracts; methods of property financing and brokerage and the varied processes for buying and selling.
It is important to join only the RES course approved by The Council of Estate Agencies (CEA) and it further allows a candidate to appear for the licensing test within two years of completing RES.
The official licensing exam will test knowledge about the real estate sector and best practices in the sector as they studied in the training course. After earning licensure, a newbie can try to become a real estate agent by associating with property agent recruitment platforms to decide which property agency or management group he has to work with.
The introduction to such platforms will give the opportunity to network and assimilate industry knowledge from the veterans in the industry. After selecting an agency just complete the official agent registration to be sent to the CEA for approval.
Singapore has made background checks of any registered property agent an easy affair. This helps to prevent any fraud from entering the system. The unique CEA registration number given to agents has to be displayed on their cards when meeting clients and must also be shown in their advertisements. Customers can verify such details via the Public Register on the CEA website or CEA@SG mobile app after inputting the CEA registration number, name, or mobile number of the Singapore real estate salesperson.
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