Feb 11

HY Realty Condo Queensway Shopping Centre

Following unfavourable market conditions and the latest Council of Estate Agencies (CEA) license renewal exercise, 3, 573 real estate agents and 104 property developers left the industry. As of January 1, 2016, the CEA had 29, 262 sales agents registered and 1, 369 estate agents. In 2015, the CEA registered 1, 299 new sales agents, a figure that did not include agents who left and rejoined. This, according to the agency is a sharp drop from the 3, 006 new agents who signed up with the agency in 2014. Heng Whoo Kiat, director of the CEA, said in a statement that the drop was a reflection of the property industry attitudes. He further added that queenstown hy realty condo sales people were conscious of the cost of being in the industry, including the renewal of licences. It would appear that new agents considered it a fiscal mistake to renewal or apply for new licenses in a market that was in the decline. There are shopping centres near Dundee Road Condo such as Ikea Alexandra, Anchorpoint Shopping Mall, Queensway Shopping Centre and Valleypoint Shopping Centre.

Dundee Road Condo Valley Point Shopping Centre

The CEA regulatory requirements mandate agents to commit time and resources so as to meet their continuing professional development (CDP) annually when they apply for new licenses. New entrants of the other hand are expected to complete a course and pass a market certification examination. The costs associated with the license renew process eat away at the agent’s commissions when they make a sale. This leaves agents with lower earnings since the property value has been on the decline since 2013, and the problem is further compounded by the introduction of the total debt servicing ration (TDSR). CI Agency, a franchise of Colliers International (Singapore), was one of the agencies that left the market. The agency was heavily invested in Singapore’s residential Holland Drive Condo sales and leasing activities. It had employed 40-50 sales agents before it closed down for HY Realty Queenstown Condo.

Queenstown MRT Condo Dundee Road

Chesterton Singapore, another agency had to put its expansion plans on hold following tepid market conditions. In fact, the agency is reversing expansion plans initiated before the market decline. This says its brokerage team reduced to 7 members, down from 88. The company is only interested in hiring full-time employees, staying away from associates as it seeks a suite of professionals to handle services such as valuation and property investments, tenant representation, and commercial real estate sales as indicated by the managing director, Donald Han. In the top ten list of property agencies to lose the biggest number of agents near Queenstown Primary School and Queensway Secondary School, HSR International Realtors and DTZ Property Network feature prominently. Compared to a year ago, the two companies lost 45.5 per cent and 19.9 Altura EC per cent of their agents respectively as of last Thursday.

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