So, let’s say you list your home with a brokerage and get a contract on your home for $200,000. Since you agree to pay 6% of the purchase price in real estate fees [3% for your listing broker, and 3% for the broker who brings the buyer] you may think your agent is walking away with a nice check for $6,000 for their hard work.
In reality, the agents split the commissions with their broker. So, if the listing agent is working with a broker for an 80/20 split, the 3% you pay to the listing broker gets split in two. The buyer’s agent has a 70/30 split with their broker, and so the breakdown of the 6% total commission, or $12,000 in this case, the commissions would look something like this:
- $4,800 to the listing agent.
- $1,200 to the listing broker to keep.
- $1,800 to the buyer’s broker.
- $4,200 to the buyer’s agent.
Again, this is standard practice in the real estate industry. Commission splits enable brokers to pay for administrative services, supplies for agents such as keys and lockboxes, and yes, earn money for their work too.
Brokers may also earn commission on transactions they do for clients personally. So, in the example above, if the broker was a broker-owner and also the listing agent, they would get to keep all of their 3% commission on the $200,000 house. Brokers can also earn non-commission earnings, such as charging agents a monthly fee for admin services regardless of their sales.
Maybe real estate might give you a fulfilling and prosperous career. But it is no longer like before where you can straightaway walk into any real estate agency and fill up the application form and start your real estate career.In this article guide, I will share with you the various steps you need to do to be a real estate property agent in Singapore!
Firstly, a real estate agent is like running your own business. You are considered self-employed. All businesses definitely will involve some initial start-up costs.
In order to be a real estate agent, there is an initial start-up cost as well. Not only that, but you also need to go through courses and pass the examination before you can embark on your career as a real estate agent.
“Not to worry. It is not as scary. Study hard, and you will pass.”
PROPERTY AGENT COURSE AND EXAM PRE-REQUISITE:
- Age: 21 Years and Above
- Citizenship: Singaporean or Permanent Resident
- Education Level: Minimum of 4 GCE ‘O’ level passes or equivalent [WPLN]
- Fulfils CEA fit and proper criteria
Let’s take a look at the property agent course known as the Real Estate Salesperson [RES] course and RES exam. Also, we will look into some of the recommended course providers in Singapore that are conducting the RES course.
PROPERTY AGENT RES COURSE:
From 2010, the Council of Estate Agencies [CEA] has instituted that all RES or property agents need to undergo rigorous courses and pass all the exams before they are qualified to be a RES or property agent.
It is vital as it helps all aspiring agents to be, to learn, and understand the policies and regulations governing estate agency work. It also aims to ensure higher levels of professionalism and proficiency in the Singapore real estate industry.
The course content covers a wide range of topics and segments relating to real estate, and to be frank; it can be boring and difficult for those who are not academically endowed.
But not to worry, there is always someone to turn to when one encounters difficulty—that why I am here writing this to give you a head start.
COURSE CONTENTS SYLLABUS:
You must complete the RES course with a minimum of 75% attendance record before you are eligible to receive the “Certificate of Completion for RES course”.
You need to produce the RES course Certificate of Completion to register for the RES Exam.
You need to pass the RES exam within two years from the date of issue of the Certificate of Completion for RES course.
PROPERTY AGENT RES COURSE FEE:
The RES course fee is between $700 – $800 depending on which course provider you sign up.
The subsidy that you can use:
– For NTUC member, you may apply to use the $250 UTAP subsidy for the RES course.
– If you are Singaporean or Permanent Residents, you may utilize your SkillsFuture credit of up to $500 for the RES course.
List of recommended CEA approved Best RES course providers for 2022 / 2023.
There are many RES course training centers available in Singapore. In case you are not sure where to find the RES course providers, this compiled list might be helpful to you as I have heard good reviews from newly joined real estate property agents who have joined us.
These RES course providers have different training schedules to cater to busy working adults or parents such as specific weekday night classes, express classes, weekend-only classes, or Saturday classes only, etc.
Recommended property agent [RES] course providers in different areas that you preferred:
Central Area – Real Centre Network / BenchMark RealPro / Institute of Estate Agents [IEA]
Western Area – Pioneer Training & Consultancy / Real Centre Network
Eastern Area – Real Centre Network / Singapore Estate Agents Association [SEAA]
Recommended property agent [RES] course providers contact:
1. BenchMark RealPro Pte Ltd
[Highly Recommended RES Course Provider! Passionate & awesome trainer David Huan]
Website: www.benchmarkrealpro.com
Tel: 67355860 / 67355861
Email: [email protected]
Venue: 151 Chin Swee Road #03-31 Manhattan House Singapore 169876.
———————
2. Real Centre Network Pte Ltd
Website: www.realcentrenetwork.com
Tel No: 6511 3009
Email: [email protected]
Venue: 490 Lorong 6 Toa Payoh #09-16 HDB Hub Biz 3 Singapore 310490
*Update: RCN now has branches in Tampines and Jurong too.
———————
3. Institute of Estate Agents
Website: www.iea.sg
Tel No: 6323 1770
Email: [email protected]
Venue: 480 Lorong 6 Toa Payoh #07-01 HDB Hub East Wing Singapore 310480
———————
4. Pioneer Training & Consultancy Pte Ltd
Website: www.pioneertraining.org
Tel No: 6462 6093 / 9424 3483
Email: [email protected]
Venue: Blk 134 Jurong Gateway Road #03-309P Singapore 600134
———————
5. Singapore Estate Agents Association
Website: www.seaa.org.sg
Tel No: 6702 1602
Email: [email protected]
Venue: 60 Paya Lebar Road #13-23, Paya Lebar Square, Singapore 409051 [Office Lift Lobby 1]
PROPERTY AGENT RES EXAM:
After completing the RES course, you are required to take two RES exam papers and pass both RES exam papers before applying to be a licensed real estate property agent.
You may register for the RES examination at NTUC Learninghub, CEA’s appointed examination administrator.
RES Exams are conducted three times a year during Apr, Aug, and November 2022. Next year in 2023, the exam will be in Mar, July, and Nov 2023. My advice is that it will be best to monitor for the RES exam registration opening 1 to 2 months before the scheduled RES exam date stated on the CEA website and register your interest asap on the scheduled date for stage 1 registration opening.
You might want to read more on RES Exam Revision
RES EXAM SCHEDULE 2022
Singapore Institute of Management Headquarters [SIM HQ]461 Clementi Road. Singapore 599491 [paper-based examination]
Ngee Ann Polytechnic [pilot computer-based examination]
Important Notice: November 2022 RES Exame Two-Stage Registration Process starting from August 2021 Real Estate Salesperson [RES] Examination: Read More…
MONTHDATE / TIMEEXAM PAPERREGISTRATION PERIOD *APRIL 202223 APR 2022, SAT
[9.30AM – 12PM]
24 APR 2022, SUN
[9.30AM – 12PM]
RES PAPER 2
Stage 1 – FormSG15 Feb, Tue to 16 Feb, Wed 2022
Stage 2 – LHUB
28 Feb, Mon to 2 Mar, Wed 2022
[9.30AM – 12PM]
21 AUG 2022, SUN
[9.30AM – 12PM]
RES PAPER 2
Stage 1 – FormSG13 Jul, Wed 2022
Stage 2 – LHUB
25 Jul, Mon to 26 Jul, Tue 2022
[9.30AM – 12PM]
20 NOV 2022, SUN
[9.30AM – 12PM]
RES PAPER 2
Stage 1 – FormSG14 Oct, Fri 2022
Stage 2 – LHUB
Paper-based Exam:
21 Oct, Fri to 24 Oct, Mon.
Pilot Computer-Based Exam:
26 Oct, Wed to 27 Oct, Thu
RES EXAM SCHEDULE 2023
MONTHDATE / TIMEEXAM PAPERREGISTRATION PERIOD *MARCH 202325 MAR 2023, SAT
[9.30AM – 12PM]
26 MAR 2023, SUN
[9.30AM – 12PM]
RES PAPER 2
Stage 1 – FormSGTBC
Stage 2 – LHUB
TBC
[9.30AM – 12PM]
23 JUL 2023, SUN
[9.30AM – 12PM]
RES PAPER 2
Stage 1 – FormSGTBC
Stage 2 – LHUB
TBC
[9.30AM – 12PM]
26 NOV 2023, SUN
[9.30AM – 12PM]
RES PAPER 2
Stage 1 – FormSGTBC
Stage 2 – LHUB
TBC
The Exam formats are as following:
– Each Exam Paper [2 ½ Hours]
- PAPER 1
- Competency Part 1: Real estate agency industry overview and basic land law concepts
- Competency Part 2: Dealings with interests in land
- PAPER 2
- Competency Part 3: Regulation of real estate agency industry and real estate marketing
- Competency Part 4: Property transactions
– Each Exam Paper [100 marks]
o Section A: 50 MCQs [1 mark each, Total 50 marks].
o Section B: 15 MCQs about 1 or 2 case studies [2 marks each, Total 30 marks].
o Section C: 10 Fill-in-the-blank short answer questions [SAQs] [2 marks each, Total 20 marks].
PROPERTY AGENT [RES] EXAM FEE:
The RES exam cost fee is $417.30 inclusive GST for two papers.
Do note that if you failed the paper and need to retake the RES exam, the exam fee is $235.40 inclusive GST per exam paper.
RES EXAM RESULT:
The exam administrator will notify you of your results.
If you are unable to pass the paper within a two-year timeframe, you will need to retake the RES course and sit for the full RES Exam again [both exam papers 1 and 2].
NOTE: If you are confident that you should have passed the exams, an appeal can be submitted to NTUC Learninghub to review your exam paper at $64.20 inclusive GST [Review fee is non-refundable]. The CEA’s appointed examination administrator will notify you of the examination results within five working days.
Important note for foreigners and aspiring real estate property agent that you must bear in mind:
You are not automatically qualified to be a real estate property agent even after attending the RES course and have passed the RES examination.
You need to comply with the full RES license registration requirement set by the Estate Agents Act, which includes fulfilling the fit and proper criteria.
For SPR less than ten years, you need to submit either a certificate of no criminal conviction or proof of stay in Singapore for ten years or more.
For the foreigner, you need to have a valid employment pass [EP] issued by the Ministry of Manpower [MOM], then consult a real estate agency company to submit for a preliminary assessment for registration eligibility to CEA.
Thereafter, you will need to produce a letter of sponsorship from the real estate agency when you register for the RES course. [You may refer to the end of this article for a list of recommended CEA approved RES course providers 2021]
What next! After you have passed the RES exams? How to become a real estate property agent?
If you passed both the RES Exam papers, Congratulation!!
Are you EXCITED to come onboard and strike for a greater career ahead?
My advice is to do so some research on which agency to join. If you haven’t, here are the top 4 real estate agencies at the moment in Singapore. Huttons Group, OrangeeTee & Tie, Huttons, Propnex, and ERA.
Get on your feet and meet up with some of the experienced real estate agents to understand the company’s support that you can expect for your real estate career. Good mentorship is also crucial. Get someone that you feel he/she can click with you, share, and guide you in your new career.
You will then need to proceed to the licensed real estate agency to register for your RES license before you can practice any real estate work. If you found a mentor, he/she will bring you and guide you on the registration.
RES LICENSE REGISTRATION AND START YOUR EXCITING REAL ESTATE CAREER JOURNEY
1] Submit a RES license registration:
A. Visit the real estate agency that you wish to join.
B. Get an application form from the counter and submit your salesperson application to CEA for the In-Principle Approval’ [IPA].
2] RES License Registration fees are as following:
– RES Registration Fee: $53.50 + $230 = $283.50 [Annually payable to CEA]
– Professional Indemnity Insurance: $120
– Agency admin fees for ID Tag, name cards, Startup and Admin fees: Range between $300 and $500.
If you haven’t found a mentor to guide you, then this is the step you need to do to become a real estate agent.
3] CEA Approval:
A. You should expect to receive approval notification from CEA within 4-6 weeks.
B. Once the real estate agency received approval notification from CEA, CONGRATULATIONS! You are ready to start on an exciting and rewarding real estate career!
4] Meet up with your mentor:
A. If you have already found a mentor to guide you, meet up with him, and discuss what you can do to achieve a breakthrough in this exciting career.
Did this article help you?
Are you looking for real estate career mentorship to shorten your learning curve to achieve more?
Drop me a Whatsapp or Email if you would like to find out more or start your real estate career with our team or attend our next Real Estate Career Seminar!
Enjoy 100% RES joining fee subsidies for brand new agents. The limited slot is available NOW.
CONTACT ME
Cheers,
Darren Ong
Associate District Director
Huttons Asia [Navis Group]
Darren is an experienced licensed real estate agent and team leader with over a decade of active involvement in Singapore real estate field of work with numerous top achiever awards. He is very approachable and down-to-earth in sharing his knowledge with his associates.