Is It Worth It Being A Real Estate Agent In Singapore In 2021?
How much do agents make, pros and cons of the property market in 2021
Flexible hours, huge commissions, not answering to anyone but yourself, all these make selling real estate a really good job. Many people in Singapore look for part-time opportunities and financial advisory, real estate are some of the popular choices. Before we go on, I’d like to mention that success in Real Estate requires commitment, so don’t think about this as a part-time gig.
Now we have that out of the way, why should you take the RES Exam and pursue a career in real estate? We’ve all seen how Covid-19 has shaken things up and really led us to reconsider what a meaningful career even is.
Many people were negatively affected by Covid-19, you would expect that during a recession, property sales would drop right?
Wrong.
Here are a few articles on the booming property market:
Commentary: Why Singapore's private residential market will remain attractive in the long term
Singapore Property Rise Despite COVID-19, Lowest Foreign Buyers Since 2003
It is true that real estate agents do not have the perks of a corporate job, but if Covid-19 taught us anything, it is the importance of having a backup plan, a lot of grit, the ability to adapt and the hunger for survival. A job in real estate will teach you these qualities.
And if you thought the real estate industry was just a fancier way of saying sales and requires little to no upgrading of skills, think again.
The digitalisation of the Real Estate Industry
Circuit breaker did cause the property market to pause at the start, where transactions were slowed. But once people got the hang of how to use the technologies available, activity restarted.
Work From Home saw many people rethink what they needed to make it conducive, with many people looking for homes with more spacious bedrooms, or additional bedrooms which they can convert into a home office or study room.
With change comes disruption and the property industry was forced to change the way things had been done, making digitalisation a top priority
As people used Zoom for their video conferencing needs, developers relied on digital solution providers such as Matterport to create virtual show-flats when physical viewings were disallowed during the circuit breaker period that lasted almost eight weeks.
Developers created online and digital marketing collaterals. Agents learnt how to engage prospects using virtual walk-throughs. Analysts gave their take on the market via webinars.
We witnessed the first virtual or remote balloting and unit selection process, which allowed for sales to happen without having the need for buyers to be physically present at the show-flats.
The digitisation of sales documentation also allowed for remote and efficient paperwork processing. All these “new” implementations are here to stay, which means that there is a lot of space to upgrade and develop this process, making a career in real estate quite exciting.
Is real estate a good career in Singapore?
One of the top perks of being a property agent is that you get to earn commission from sales and rentals that typically surpass the monthly salary of average jobs in Singapore. According to salary explorer, A person working in Real Estate in Singapore typically earns around 9,570 SGD per month. Salaries range from 3,520 SGD (lowest average) to 16,300 SGD (highest average, the actual maximum salary is higher).
Do property agents earn a lot?
While property agents can earn large commissions, the industry follows a cyclical trend. This means that there are periods when transactions drop and this could affect their income adversely.
How much work is put into selling real estate
Wearing many hats
Being a real estate agent means having to do many, many things. On top of managing sales and meeting prospects, you’re also a full-time administrative assistant, marketing director, social media coordinator, researcher and perhaps more. A substantial amount of paperwork, legal matters, negotiations, showings or phone calls can hit you at any given minute and you have to respond. You’re constantly keeping contacts updated; contracts moving and organized between buyers, sellers and lawyers; and preparing proposals for new listings. So if you enjoy doing many different things and being exposed to different scopes of work, good for you! If not, there’s no harm in hiring an assistant to help you out, but that means additional cost.
This is why finding the right agency and mentor is crucial to your success. The right agency will have the resources to support you and the right mentor can help you navigate this industry as a newcomer.
2. Financial Resources
Having enough financial resources is crucial to help carry you through the hard times, especially when you’re starting out. The good thing is that this makes you resourceful and hungry, which is good. However, if you’re someone that does not thrive in instability, this might be a stressful time for you Recognise that it is a privilege to be able to be self-employed in Singapore, but it is also important to be practical about your situation. Before choosing self-employment, make sure you consider that you’re an independent contractor, so you must pay for everything from business cards to your collateral production to entertaining clients and conference fees. There are many other costs associated with this career, including covering your own health insurance.
3. Maintaining relationships
You need to begin networking the minute you decide you want a career in real estate. There are many ways to go about this, but my favourite method is through LinkedIn. Be committed to creating strong professional relationships. This means you must be prepared because you never know where your next deal will come from. You may meet someone in line at Starbucks or get a reply from one of the thousands of marketing emails you sent. This hones your conversational, negotiation and interpersonal skills, which is good in any profession. However, it can seem bleak if there are no conversions, just keep at it and remember, the law of large numbers. Keeping a detailed database on a CRM of everyone you meet will keep you ahead of others by leaps and bounds too. This contact list will become your bible.
A career in real estate is challenging, exciting and rewarding. If you are willing to put in the work and are driven and self-motivated, real estate can be a very fulfilling career. Spend some time talking to people in the business and gathering information and make sure you have a realistic business plan and some money saved before you start. If you still want to be a real estate salesperson after analyzing all of the facts and asking yourself serious questions, take the leap and join us.
