Saturday, August 6, 2011

I want to be a Property Agent in Singapore

Why be a Real Estate Agent in Singapore? Well you get : 

Quality time with Family - You get to choose the time. 
Be your own Boss - You make your own decisions.
Income ceiling that is uncapped - You write the amount.

How much can you expect to earn? The median income per month for 2010
of a top real estate company I was involved with was :

New Salesperson - $8,333 per month
Top 300 - $11,824 per month
Top 200 - $14,511 per month
Top 100 - $19,942 per month
Top 10 - $45,013 per month
Top Achiever - $97,346 per month

So how to be a Real Estate Agent in Singapore?

The regulatory body is administered by the Council for Estate Agencies (CEA), one of the registration criteria for individuals aspiring to be Real Estate Salespersons is that they must pass the CEA's Real Estate Salesperson (RES) examination or have equivalent qualification.

The registration criteria for a New Salesperson are as follows:
  1. Must be at least 21 years old
  2. Must have a minimum of 4 GCE 'O' Levels passes or equivalent
  3. Possess a pass in the Real Estate Salesperson (RES) exam or equivalent
  4. Be registered with only 1 Licensed Estate Agent (Real Estate Company)
  5. Must not hold a moneylender's licence and not be an employee, director, or partner of a licensed moneylender
  6. Undertake mandatory continuing professional development of at least 6 hours a year
  7. Must be covered by a Professional Indemnity Insurance valid for at least one year from the commencement date of the registration
  8. Must not be an undischarged bankrupt or have entered into a composition or scheme of arrangement with their creditors
  9. Must not have any convictions in a court of law in any country.
  10. Must not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against them in civil proceedings
  11. Must not have been detained under the Misuse of Drugs Act or served with a detention/police supervision order under the Criminal Law (Temporary Provisions) Act
  12. Has not been convicted of any offense under the Estate Agents Act
First thing to do is go register with any CEA Approved Course Providers for the RES Course :

* Institute of Estate Agents
charges: $1,048.60 (non-member) or $834.60 (member)
Contact Details : Tel No: 63231770
Website - www.iea.org.sg
Email.: courses@iea.org.sg
Office: 480 Lorong 6 Toa Payoh, HDB Hub East Wing, #07-02, S(310480)

* Singapore Accredited Estate Agencies Ltd
Charges between $728(member) or $802 (non-member)
Contact Details : Tel No: 6293 6616
Website - www.saea.org.sg
Email.: edu@saea.org.sg
Office: 371 Beach Road, #12-11 Keypoint, S(199597)

Anyone who graduate from the following courses and issuing body, you can be exempted from taking the RES exam. (Please check with CEA for any changes and update)

Name of Qualifications and Issuing Body
Bachelor of Science (Real Estate), National University of Singapore
Bachelor of Science (Estate Management)
Bachelor of Real Estate (Property Management)
Bachelor of Real Estate (Valuation)
Diploma In Building Management, Ngee Ann Polytechnic
Diploma In Building and Real Estate Management
Diploma in Real Estate Business
Diploma In Property Development & Facilities Management, Singapore Polytechnic
Diploma In Building and Property Management

Note:

1. Holders of any diploma or higher academic qualification which has real estate as a major are advised to check with CEA whether they are required to take the RES examination.

2. Individuals who have passed all 3 examinations in General Practice by the Royal Institution of Chartered Surveyors (RICS) will be considered as having obtained equivalent qualification to the RES examination.

Real Estate Salesperson (RES) Examination

Once you've complete the RES course with 75% attendance, you'll be given a Certificate of Completion and you'll be able to register for the RES Exam. The RES Examination will be held on the 2nd weekend (Sat and Sun) of every month. The fee for each RES examination is $246.10 (inclusive of GST) per candidate, and $149.80 (inclusive of GST) per paper per candidate retaking the exam.

To apply for the examinations, register directly with CEA's Appointed Exam Administrators :

Informatics

Website: www.exam-registration.com
Tel : 6580 4582
Email: IAI@informaticseducation.com
Office: 133 Middle Road #04-01, Bank of China Plaza, Singapore 188974

NTUC LearningHub

Website: www.ntuclearninghub.com/res-exam
Tel : 6471 2223
Email: enquiries@ntuclearninghub.com
Office: 73 Bras Basah Road #02-01 Singapore 189556

For RES Examinations:

1. 2 papers each (2 ½ hours per paper)
2. Paper 1: 70 MCQs and 15 short answer questions (100 marks)
3. Paper 2: Part I: 60 MCQs (carries 60 marks)
                Part II: 60 MCQs (max 40 marks)


Only when you pass both paper in the RES exams, can you apply for the salesperson license with Council of Estate Agency through Knight Frank. An annual fee of $299.60 is payable to CEA for this license through Knight Frank.

Joining Fees for Knight Frank is $252The fees include Estate Agent Card with lanyard and card holder, your name cards, Access Card and Professional Indemnity Insurance.

We welcome Experienced and New Agents and have ready positions for core team in Local and Overseas Projects. Call Lawrence at 9853 3323 for a no obligation discussion today.

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