Month: January 2025

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.…

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SRI, a leading real estate agency, made a major announcement on Jan 1, revealing that it has welcomed 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), to join its team. The group of agents, including KFPN’s head, Evan Chung, represents 40.5% of KFPN’s sales force of 274 as of Jan 1, 2024, when the agency was ranked as the sixth-largest in the industry by the Council for Estate Agencies (CEA). This move has increased SRI’s sales force to 1,501 agents, making it the fifth-largest property agency at the start of 2025.Read also: Four freehold retail units in Farrer Park for sale at $19.2 milAdvertisementAdvertisementCo-founded by managing partners Bruce Lye and Benson Koh in 2016, SRI started as a spin-off from SRI5000, which the duo had established as a division of SLP Realty six years prior. With its beginnings of 120 agents operating out of a 2,000 sq ft shop unit in Tiong Bahru, SRI has achieved a significant milestone by reaching 1,501 real estate agents as of Jan 1, 2025. The firm aims to expand its team to 2,000 by the end of 2025, as shared by CEO Thomas Tan.Real estate agent vacancies left by the departures have decreased KFPN’s sales force to 145, causing the agency’s ranking to drop from sixth to eighth largest according to CEA public register figures as of Jan 1.However, Galven Tan, CEO of Knight Frank Singapore, has reassured that it’s business as usual for the agency. He states, “We are in the process of appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success. We will also be evaluating the team’s strengths and expertise to strategically position KFPN for future opportunities.”The addition of 111 agents from KFPN, along with recruits from the four largest agencies — PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) — has also expanded SRI’s business lines, which include residential, capital markets, industrial, auctions, and international projects. According to Tan, many of the new teammates from KFPN are involved in big-ticket deals, which will complement SRI’s existing luxury property segments such as Good Class Bungalows (GCBs).Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan’s vision for the agency is to become “a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach”.Evan Chung, the former head of KFPN, now joining SRI as a leader, shares that his decision to move was driven by the agency’s commitment to equipping its agents with effective tools, comprehensive support, and expert coaching. He adds, “The open and collaborative culture here makes us feel supported as professionals and as a team striving for excellence together. Hence, we believe this will be a great platform to grow our business and serve our valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.”Read also: Smaller deals lead strata retail sales value to drop 32.1% in 1H2024: Knight Frank…