Many people have the idea that real estate agents in Singapore have a highly lucrative job and that they make money without lifting a finger. With the ethical issues, many people have a terrible opinion about the real estate agents in Singapore. Life in this industry is not easy at all; the agents need to run around various marketing deals and speak with many people to seal a deal. Sometimes, we need to understand that a lot of work goes on the paperwork they do. We cannot generalize the fact that all real estate agents make money without any effort.
The following are some of the misunderstood facts about property agents in Singapore:
Real Estate agents have a highly lucrative job and become millionaires in just a day:
The salaries of real estate agents depend on various factors which affect the property market. The market flourished between the years 2009 to 2013, and since the buyers were offered huge capitals with low-interest rates, the demand and transaction volumes grew on a large scale. But, this does not happen all the time, the real estate market is highly volatile, and no one knows when it will increase and when it will go down. Agents may go for months without closing a single deal and lose a lot of money. They earn via commission, and it is calculated based on the percentage of property scale and the rental amount. There are times when an agent can make a lot of money, but there are also times when they hardly make anything.
Real Estates agents’ job is straightforward, and they just have to deal with paperwork:
Paperwork is one of the primary things which an agent does in the industry, but it is not the only activity he performs in the industry. There are times when agents have to run errands for the clients to seal a deal. The field is extremely service oriented, and every single agent in the industry has to face stiff competition, and it is very challenging to stand out. They always have to go an extra mile to seal the deal.
The agents do not do marketing:
One cannot sell a property without having a proper marketing strategy. If buyers need to know that there is a potential property which is out for sale, effective marketing strategies must be taken for clients to understand that a particular estate is on sale. Some property owners request the agents to help them with the purchase of their property.
Accreditation is not compulsory:
With the establishment of Council for Estate Agencies (CEA) in the year 2010, it is mandatory for all agents to have certification and they must be certified to continue to be in that field. To increase the ethical values, the threshold to enter the industry has increased.