Have you ever wondered how many property agents there are in Singapore? Whether you’re looking to buy, sell, or lease a property, it can be tricky to know where to start.
In this blog post, we’ll explore the number of property agents in Singapore and what this means for buyers and sellers alike.
Overview of the Singapore Property Market
The Singapore property market has seen rapid growth in the past few years, with more people looking to purchase and invest in properties. This has resulted in an increase in the number of property agents and agencies in Singapore.
Statistics on the Number of Property Agents and Agencies in Singapore 2022
With over 32,414 registered agents spread across 1,102 agencies as at Jan 1, 2022, you’re sure to find the right fit for you. The top 3 agencies with the most agents are PropNex Realty, ERA Realty Network and OrangeTee & Tie.
Transaction volume has been down about 20 percent in 2022, compared with the average of about 70,000 from 2018 to 2020. So if you’re interested in a career in property, now is the perfect time to apply for a property agent licence in Singapore.
Number of Property Agents and Agencies in Singapore 2021
As of 2021, there are 32,414 registered property agents in Singapore, across 1,102 agencies. PropNex Realty Pte Ltd currently leads the pack with 10,796 agents, followed by ERA Realty Network Pte Ltd with 8,144 agents. Despite the hot property market, the number of licensed property agents only grew by 2%, from 28,571 to 29,146 over the last two years.
Singaporeans can soon rate their experience with agents in much the same way as they would restaurants and Uber drivers. With such a wide range of agencies and agents to choose from, being a property agent is an enticing career which provides a lot of flexibility and potentially lucrative financial rewards.
Number of Property Agents and Agencies in Singapore 2020
You may be surprised to learn that, in 2020, there were a total of 30,073 registered property agents in Singapore, a 2% increase from the previous year. Of these, PropNex Realty Pte Ltd had the highest number of agents with 10,796, followed by ERA Realty Network Pte Ltd with 8,144, and Huttons Asia Pte Ltd with 5,133.
The real estate market saw an impressive 86% of buyers purchasing their home through a real estate agent, with the average commission easily hitting five- to six-digits. Even more impressively, some agents have gone on to earn a million-dollar commission!
It’s no wonder why PropNex is Singapore’s largest listed real estate agency with 8,595 property agents as of June 2020. The 2020 market saw a total of 5.64 million existing homes sold, proving that the real estate market is still thriving. With so many successful real estate agents and agencies in Singapore, it’s easy to see why this industry is such an attractive prospect.
The Increase in Property Agents in Singapore
The real estate market in Singapore is booming with the number of property agents increasing by 2% since January 1, 2019. It is estimated that there are now over 30,000 registered property agents in Singapore, with more joining the industry due to the attractive commissions and attractive prospects of the Singapore property market.
There are many factors that have contributed to the increase in property agents in Singapore, including attractive commissions, the increasing number of prospective buyers, and the growing demand for property management services.
Factors Contributing to the Increase in Property Agents
The Singapore property market is booming, with many looking to buy and sell properties. This has resulted in an increase in the number of property agents in Singapore.
Factors such as the low-interest rates, the introduction of cooling measures, and the increasing demand for housing have all contributed to this growth.
These factors have also made it increasingly attractive for those in the real estate industry to enter the market.
Property agents in Singapore are now able to access exclusive deals, benefit from higher commissions and make more money from deals that they close.
The Benefits of Working with Property Agents in Singapore
Working with property agents in Singapore can offer numerous benefits to those looking to buy or sell property.
Not only do they have a wealth of knowledge and useful contacts, but they can also provide valuable advice and guidance throughout the entire process.
In addition, they are familiar with the local market and have access to a variety of resources, allowing them to identify potential properties faster and more efficiently than an individual buyer or seller.
On top of this, property agents can help to negotiate the best possible price for their clients and can offer helpful insights into factors such as legal requirements, zoning regulations and financing options.
Big Commissions for Property Agents in Singapore
One of the reasons why property agents have become so popular in Singapore is because they can earn good commissions. The typical commission for a property agent is two per cent of the price, so this comes to $11,003 for a $550,000 property.
However, an agent has other costs that they must cover, so the commission they get may be lower. It’s important to note that buyers don’t need to pay a commission.
Sellers usually pay two to four per cent, and in some cases, up to five per cent depending on the type of property.
Agents also earn commissions for closing rental deals, and the amount of commissionable depends on the lease duration and other factors.
Furthermore, real estate agents in Singapore can make very large commissions if they have the right skills and experience.
Average Commissions Earned by Property Agents
Property agents in Singapore earn a commission for closing a rental deal. On average, they can expect to make a 2% commission of the price.
This means that, with each deal, they can earn up to $11,003. However, factors such as the lease duration and the complexity of the deal can affect the amount of commission earned.
Moreover, agents may also have other costs such as advertising and marketing fees that will cut into their profits.
Factors That Affect the Amount of Commissions Earned by Property Agents
When it comes to the number of commissions earned by property agents in Singapore, there are several factors that can affect the amount. These include the type of property being sold or leased, the duration of the lease, the location of the property and the price range.
The commission rate also depends on the agent’s experience and expertise, as well as the amount of effort they put into each transaction. It is important to keep these factors in mind when searching for a property agent in Singapore.
Average Number of Clients per Property Agent in Singapore
On average, Singaporean property agents are able to build up a client base of around 33 clients in a year. This is no small feat and kudos to all who have done that!
With such a large client base, it’s no surprise that property agents in Singapore can make considerable commissions.
In this section, we look at the average number of clients per property agent in Singapore and how search for the right one for your real estate needs.
Property Agents Market Share in Singapore
The growth of the property market in Singapore has resulted in an increase in the number of property agents and agencies. Now, let’s look at the market share of property agents in Singapore.
According to the latest statistics, the four biggest agencies – PropNex, ERA, OrangeTee & Tie and Huttons Asia – account for a large portion of the city-state’s nearly 30,000 property agents.
Together, they have a total of 21,013 property agents, which translates to 55% of the total number of real estate salesperson in Singapore. This shows that the market share of these four agencies is substantial when it comes to property agents in Singapore.
In addition, Gafoor has indicated that he wants to increase the number of agents to 15,000, which would effectively give PropNex a 50% market share of property agents in Singapore. With more people becoming property agents in Singapore as the booming market beckons, this goal may well be achievable.
Searching for Property Agents in Singapore
Now that you know the number of property agents and agencies in Singapore, you’re probably wondering how to go about finding the right one for you. Searching for property agents in Singapore doesn’t have to be a daunting task, especially with the various tools available online.
You can search by region, specialty, name, and agency to find real estate agent details, photos, and property listings.
There are also comprehensive listings of the best property agents, property agencies and real estate companies in Singapore.
With so many options available, you can be sure to find a property agent who meets your needs.
What to Look for When Choosing a Property Agent
When choosing a property agent, there are a few things to look for. First, check their credentials and make sure they are CEA-registered. This will ensure that they have the necessary knowledge and experience to provide quality service.
Additionally, you may want to investigate their track record for selling properties, as well as their expertise in the specific region or type of property you are interested in buying.
Finally, consider the amount of commission they charge and whether it is reasonable for the services they offer. By taking the time to research these factors, you can be sure to find the right property agent for your needs.
Check the property agent’s credentials
Once you have narrowed down your search, the next step is to check the property agent’s credentials. Every property agent in Singapore has to be registered with the Council for Estate Agencies (CEA).
The CEA website is a great way to verify that your property agent is registered and qualified to work as a property agent. You can also use this website to check the agent’s track record and performance ratings.
Additionally, it is important to ask your property agent about their knowledge of the Singapore market. Ask them questions about their experience in handling different types of properties, their understanding of rules and regulations, and the strategies they use to help you find the right property.
Find out the property agent’s expertise and experience
Once you have established that the property agent is licensed and registered, it is time to delve deeper into their expertise and experience.
- Do they specialise in a certain type of property?
- Do they have a proven track record of successful sales?
- Do they have good contacts in the industry?
These are all important factors to consider when choosing the right property agent. A good agent will be able to provide you with references and past clients that can vouch for their expertise.
They should also be able to provide you with information on their marketing strategies and how they plan to get the best price for your property. Make sure to ask lots of questions to ensure that you are making an informed decision.
Conclusion: A Thriving Property Market in Singapore
The survey has showed that consumers were more satisfied with the services of property agents who employed more forms of real estate technology. Singaporeans have shown that they are more adaptable than ever and have not let this get in the way of their property plans.
The Singapore property market is booming and there is no better time to be a property agent than now.
With over 30,000 registered agents, it is clear that there is an increasing demand for property agents in Singapore. This is reflected in the growing number of agencies, as well as the big commissions earned by many of these professionals.
Factors such as technological advancement, rising demand for housing and overseas investments have all contributed to the thriving property market in Singapore. To ensure a successful purchase or sale of a property, it is important to search for a reliable and experienced property agent.
With the right credentials and expertise, a property agent can help make your real estate transaction smooth and hassle-free while providing you with the best customer service possible.