Over 3,500 property agents throw in the towel amid home sales drought

Over 100 agencies closed up last year.

The ongoing property sales drought in Singapore has pushed some 3,573 real estate salespersons from the market in 2015, data from the Council for Estate Agencies (CEA) showed today.

The CEA said that it has licensed 29,262 salespersons as at January this year, a sharp drop from 30,830 in 2015 and 31,783 in 2014.

Meanwhile, a total of 104 agencies closed up last year. Only 1,299 new sales persons joined the industry in 2015, a steep decrease from the 3,006 new salespersons in 2014.

“This could be a reflection of the property market sentiments,” said Heng Whoo Kiat, Director, Planning & Licensing, CEA.

He added that salespersons are also probably mindful of the cost of being in the industry, as salespersons are obliged to commit time and resources to meet the continuing professional development requirements for annual renewal of their registration under. 

As for new entrants to the industry, they have to complete a course and pass a qualification examination.