It has been reported in the media that property agents are leaving the industry by the thousands. Many are not renewing their registrations with the relevant authorities as the going gets tougher. Business Times reported on 16 Oct that : “close to 4,000 real estate agents have dropped out of the industry while over 50 agencies have closed shop over the past year.”
We spoke to a few property agents who have been in the industry for the last 10 years to get their views. Said a property agent who only wants to be known as Y Tan:
â€œEarning $10-15k a month used to be no problem at all. Having a listing is almost like have a guarantee that this income will come in a few months later.”
“But now the phone is not ringing. I am getting desperate as I have not closed a transaction in the last few months,” she added
Besides not having income, bills are also piling up. Her paid membership in several portals is nearing expiry and she will need to shell out hundreds of dollars to renew her membership. She is digging into her savings and if something does not happen soon enough, she will need to look for a job.
Another veteran property agent says that besides monetary concerns, he is also facing a lot of stress from his customers.
â€œSellers and landlords are always chasing me about why there hasnâ€™t been a viewing in weeks. I have been advertising but there has been very view calls and most of them are just enquiries.â€
He believes that if this goes on, the seller or landlord may change agents and all the work he had put into prospecting would be wasted.
On a brighter note, there are some agents who are still doing well in the market. Lena Low from Horizon Real Estates whose opinion is sought occasionally by the press says that her income has increased in the past 2 years. She has just clinched one of the top producer awards in the 700-agent strong company that she is associated with. She attributes much of her consistently good performance to using automated online strategies to keep in constant touch with her customers. She also uses social media to engage her customers and extend the good business relationship with them.
Former top rookie from one of the top real estate companies in Singapore Winston Yap understands the plight of property agents today as he has been there before. He counts himself fortunate to have achieved a 6-figure commission in this first month as a property agent by using little known internet marketing strategies. This creative serial entrepreneur has since started many other successful businesses.
Winston has also trained thousands of agents to use internet marketing to look for customers outside the traditional platforms. He believes in not staring hard at the fact that the cheese has moved but to go to where the cheese has moved to.