Are you aspiring to become a successful property agent? Regardless of your reasons, I assume your objective is to have a rewarding career that is worth it!
ELIGIBILITY TO BE A PROPERTY AGENT
Before anyone can walk in and decide to be a property agent, there are some eligibility requirements by Council of Estate Agencies (CEA) that must be met.
In general, you must be at least 21 years old and a Singaporean or Singapore Permanent Resident (SPR) for over 10 years.
You will need to have a minimum of 4 GCE ‘O’ Levels passes or equivalent to qualify to register for real estate salespersons. Alternatively, you will need a Level 5 and above Workplace Literacy and Numeracy (WPLN). For more info, please visit CEA for more detailed requirements.
HOW MUCH DOES IT COST TO BE A PROPERTY AGENT?
1. REAL ESTATE SALESPERSON (RES) COURSE OR PROPERTY AGENT COURSE
All RES Course can only be conducted by CEA Approved Course Providers. The charges vary from $650 – $800 depending on which course provider.
The good news is that if you are a Singaporean or SPR, you can utilise your SkillsFuture credit up to claim up to $500 of the course fee. If you are an NTUC member, you may apply for UTAP funding of up to $250 for the course fee.
2. REAL ESTATE SALESPERSON (RES) EXAMINATION
In the RES Exam, there are 2 papers that you will need to attempt. To qualify you will need to pass both papers.
RES Exam fees for both papers are $417.30 inclusive GST.
For those who are re-taking their exams, it cost $235.40 inclusive GST per exam paper.
3. REGISTERING AS A LICENSED PROPERTY AGENT
An application fee of $53.50 (inclusive of GST) and the annual registration fee of $230 (excluding GST) payable to CEA.
You will need to get Professional Indemnity Insurance which will cost approximately $120 per year.
Finally, a one-time admin fee for joining an agency for name cards, ID Tags and startup packages will cost between $300 – $500.
Enjoy 100% New Agent Joining Fee Subsidy with us today! Limited slots are available. Find out more here.
WHAT YOU NEED TO KNOW ABOUT REAL ESTATE SALESPERSON (RES) COURSE
In order to clear the RES Exams, you must first understand what are you studying. This way, you can have a clearer direction of what you are studying in the RES course and tested in the RES Exams.
1. PAPER 1
Competency Unit 1: Real Estate Agency Industry Overview & Basic Land Law Concepts
Competency Unit 2: Dealings with Interests in Land
In paper 1, you are studying the heavier topics that cover theories about real estate and Land Law Concepts.
You will need to keep reading to better understand and memorise Real Estate Overview, the different Acts and Interests in Land.
Lucky for you we understand the challenges of studying something totally different so we have banded together Team Leaders to help you in our RES Support Group and revision classes.
2. PAPER 2
Competency Unit 3: Regulation of Real Estate Agency Industry & Real Estate Marketing
Competency Unit 4: Property Transactions
Paper 2 focuses on the actual working processes, best practises and transactional processes in our everyday lives.
A good thing to know that you will not be tested on Government policy changes announced or implemented within one more before your RES Examinations date.
3. REAL ESTATE SALESPERSON (RES) EXAMS
After completing your RES course, you will be given a Certificate of Completion once you have attained a minimum of 75% attendance.
Your Certificate of Completion has a validity period of 2 years from completion. What this simply means, you must pass all your 2 papers within this period of 2 years else you will need to resit the whole RES course again.
The RES Exams is your only last hurdle to becoming a property agent in Singapore, so don’t take it too lightly.
RES Exams Format
The duration given to you for each paper is 2.5 hours.
Both papers will consist of the following structure:
Section A: 50 Multiple Choice Questions (MCQs) – 1 mark each
Section B: 15 MCQs with reference to 1 or 2 Case Studies – 2 marks each
Section C: 10 Fill in the blanks Short Answer Questions (SAQs) – 2 marks each
RES Exams Results
The Exam Administrator will notify you of your results in the following formats:
Pass (P)
Fail (F)
Pass Paper 1; Fail Paper 2 (P1 F2)
Fail Paper 1; Pass Paper 2 (F1 P2)
CONGRATULATIONS ON PASSING THE RES EXAMS!
Seriously, you must give yourself a good pat on the back! Awesome milestone achieved!
Your next mission will be researching which agency to join. At the point of writing this article, OrangeTee & Tie, ERA, Propnex and Huttons are the top 4 real estate agencies in Singapore.
Spend time speaking to different leaders to understand their training culture, systems and synergy.
You may also chat with me to find out more about how to excel in this business through our proven strategies and essential skills framework or schedule a free 30 minute New Agent Career Consultation with me here today.
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