According to CEA, there has been an increase in the number of property agents from 2017 to 2018.
As at Jan 2017, there were 28,397 property agents. The number rose to 28,571 as at Jan 2018 or a 0.6% increase.
On the other hand, the number of estate agencies declined from 1,286 as at Jan 2017 to 1,269 as at Jan 2018. This is a 1.3% decline.
In the face of a real estate market that has slowed over the last 5 years, the number of agents declined between Jan 2016 and Jan 2017.
I think the recent uptick is not a change in the structural trend given the looming challenge of technology and consumers’ voice becoming amplified through social media and technology.
Real estate agents will have to adapt.
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On the increase in the population of the estate agency industry, Ms Chia I-Ling, Director, Policy & Licensing, commented, “The increase in the number of registered agents could be due to a positive outlook on the real estate market. Like other economic sectors, the real estate agency industry is undergoing transformation in the face of technological innovation as well as the emergence of new businesses and service delivery models. Over the last year, there is also industry consolidation among property agencies. As the industry continues to evolve, CEA encourages property agents to upskill and leverage technology to 2 keep pace with the changing business environment and meet increasing consumer expectations.”
Giving a breakdown of the agencies by number of agents, the CEA noted that most of the agencies have between 1 and 10 agents.
|Size of property agency||Number of property agents|
The top 10 largest agencies by size as at 1 Jan 2018 are:
|Property agency||Number of property agents|
|Propnex Realty Pte Ltd||6,684|
|ERA Realty Network Pte Ltd||5,882|
|OrangeTee & Tie Pte Ltd||3,898|
|Huttons Asia Pte Ltd||3,207|
|KF Property Network Pte Ltd||689|
|SLP Scotia Pte Ltd||585|
|Savills Residential Pte Ltd||543|
|Global Alliance Property Pte Ltd||457|
|HSR International Realtors Pte Ltd||377|
|C & H Properties Pte Ltd||328|