SINGAPORE – Despite a challenging year that saw the property market dampened by several rounds of cooling measures and high interest rates, the overall number of agents across real estate agencies here continued to rise, albeit at a more tempered rate.
The latest figures from the Council for Estate Agencies (CEA) showed there were a total of 35,251 property agents in the industry as at Jan 1, 2024. This is up from 34,427 agents at the start of 2023, and 32,414 at the beginning of 2022.
PropNex maintained its position as the largest agency, with its sales force headcount rising about 3 per cent from January 2023 to 12,017 agents as at Jan 10, 2024.
ERA is the second-biggest with 8,918 agents, up from 8,344, followed by Huttons Asia with 5,310 agents. OrangeTee & Tie is in fourth place with 2,817 agents, while SRI is fifth with 1,291 agents, according to data from the CEA portal.
OrangeTee & Tie, which tumbled out of the top three rankings in 2022, is the only one among the top five agencies to register a drop of about 11 per cent year on year in its sales force headcount. Meanwhile, Huttons recorded the highest growth of close to 9 per cent.
A CEA spokeswoman told The Straits Times that 2,170 new property agents joined the sector in 2023. This was lower than the 2,179 agents who joined in 2022 and 2,308 agents in 2021.
As at Dec 31, 2023, 96 per cent of property agents with a valid registration in 2023 renewed it for 2024.
Get a round-up of the top stories to start your day
Thank you!
Sign up
By signing up, you agree to our Privacy Policy and T&Cs.
Market observers noted that challenges loom for agencies as they grapple with the task of increasing productivity amid a 15 per cent drop in the number of private homes sold in 2023 from the year before, to the lowest levels since 2016.
Private home prices also grew at a slower pace of 6.7 per cent in 2023, compared with 8.6 per cent in 2022.
Amid this backdrop and a tougher business landscape, the top agencies witnessed substantial shifts in their senior management ranks.
OrangeTee & Tie appointed Mr Justin Quek as its new chief executive with effect from Jan 1, 2024. In December, the former chief operating officer of ERA Singapore, Mr Thomas Tan, joined SRI as chief executive.
PropNex, too, unveiled a new leadership masterplan to fortify its position, appointing Mr Kelvin Fong as deputy chief executive and Mr Eddie Lim as chief agency officer.
On why more agents are still coming aboard despite the challenges confronting the industry, ERA Singapore key executive officer Eugene Lim said the profession’s dynamic and fast-paced nature resonates with younger people who are fresh out of university or who join the sector after a career switch from another field.
“Additionally, the consistent influx of new, aspiring home owners and upgraders each year reinforces the need for a growing sales force to meet evolving market demands,” he added.
Training requirement for property agents to renew licence to be raised from October 2025
Property agents ink new pact to prevent being ‘blocked’ from co-broking
PropNex executive chairman and chief executive Ismail Gafoor said: “The global uncertainty, economic slowdown, rising interest rates, growing price resistance and cautious sentiments are some of the challenges in the market among home buyers in 2023. Thus, the sales force may need more guidance and direction in improving their productivity.”
In 2023, there were 851 newly registered property agents who joined PropNex, said Mr Gafoor.
“Our focus in 2024 is to grow our market share by expanding our team of salespersons and enhancing operational productivity by leveraging technology development and training programmes,” he added.
An OrangeTee & Tie spokesman said the agency’s performance in 2023 was affected by the tougher external landscape for the business from market volatility and policy changes.
In the midst of an evolving real estate landscape, and changing client demographics and preferences, senior management changes will help the agency “stay ahead of the curve”, said the spokesman, who anticipates moderate performance in the property sector for 2024.
He also emphasised the need for agents to adapt to technological advancements that may impact their roles.
The focus for the firm includes closely monitoring technological developments, aligning with consumer needs, enhancing agent efficiency and leveraging content marketing on social media for increased client engagement.
How a 31-year-old in Singapore uses social media to earn $2 million
Home staging catches on in S'pore as it helps clinch property sales
Huttons Asia chief executive Mark Yip said: “The role of property agents is ever-evolving.
“For 2024, the use of digital tools for customer relationship management, data analytics and marketing channels may become more prevalent. Agents will need to rely more on data to gain insights into market trends, buyer and seller preferences, to provide valuable advice to clients and help them make more informed decisions.”
He added that Huttons has been actively tapping technology to empower its agents.
In August 2023, the agency added a feature on Huttons Analyzer, a property analytics app for agents.
The feature allows agents to locate landed properties on a map without having to physically visit the site. The app will show essential information on landed properties in the area, including past transacted prices of the properties.
Agents could also find themselves involved in more international transactions as clients seek to diversify their portfolios and assets. Hence, understanding cross-border regulations, cultural nuances and market dynamics is vital for their success in this changing landscape, said Mr Yip.
He noted that Huttons has so far marketed properties in eight countries, including Australia, Cambodia, Indonesia, Vietnam and Japan.
Check property prices, market trends with 3D interactive map
Buying a flat? Check how much direct sunlight it gets with new virtual 3D map of S'pore
Already a subscriber? Log in
New year, New(s) Resolutions! Kick-start your new(s) resolution with ST
ST One Digital $9.90/month $4.95*/month 1 year
*$59.40 for the first year and $118.80 per year thereafter.
Subscribe now
Unlock these benefits All subscriber-only content on ST app and straitstimes.com
Follow up to 30 authors and 30 topics on myST
Access to subscriber-only giveaways and promotions
Join ST's WhatsApp Channel and get the latest news and must-reads.
Residential property Property market/sector CEA/Council for Estate Agencies
Facebook Telegram More Whatsapp Linkedin Twitter FB Messenger Email Print Purchase Article Copy permalink https://str.sg/HM5Q
Read this subscriber-only article for free!
Just sign up for a free account and log in to continue reading.
Number of property agents in Singapore continues to rise amid slower private home sales
Sign up
Already have an account? Log in.
All done! This article is now fully available for you
Number of property agents in Singapore continues to rise amid slower private home sales
Read now
Please verify your e-mail to read this subscriber-only article in full
Number of property agents in Singapore continues to rise amid slower private home sales
Resend verification e-mail
The gift link for this subscriber-only article has expired.
Get unlimited access to all stories at $0.99/month for the first 3 months.
Subscribe now
You have reached your limit of subscriber-only articles this month.
Get unlimited access to all stories at $0.99/month for the first 3 months.
Subscribe now
Read and win!
Read 3 articles and stand to win rewards
Let's go! Terms & conditions apply
Frequently asked questions
Good job, you've read 3 articles today!
Spin the wheel now
Let's go! Terms & conditions apply
Frequently asked questions