How to Become a Real Estate Agent in Singapore?
You can commonly see Property agent's recruitments advertisements in social media, newspapers every day. Now you also see an advertisement on Google, Facebook, Instagram, etc.. all the digital media platforms.
Leaders of each agency are marketing themselves on all these platforms. Showing all their portfolios, their results to catch your attention and so you can join them.
Is it that once you join them, you will become a Property Agent immediately?
It isn't that simple. Let go into more details.
Is it easy to be a Real Estate Agent?
Obtaining a real estate license is not that simples in Singapore.
To become a Property Agent, first, you must have obtained the minimum Acadamy qualifications.
Requirements To Become A Real Estate Salesperson (RES):
- You must be at least 21 years old
- Singaporean or Permanent Resident
- Minimum of 4 GCE ‘O’ level passes or equivalent (WPLN)
- Fulfills CEA fit and proper criteria
What is the cost of the real estate course and the fees for the exam?
There are several costs involve before you obtain your Property Agent license and an identification tag.
1. Real Estate Agent Course ( Real Estate Salesperson (RES)) course:
The Course fee generally runs between the range of S$700 – S$900, it all depends on various RES course providers. ( A list of course providers will be list later in this article)
- You can enjoy a UTAP subsidy of up to S$250 for the RES course if you are an NTUC member.
- A SkillsFuture credit of up to S$500 can be utilized for Singaporean and Permanent Residents.
2. Fees for RES exams:
S$417.30 (inclusive GST) for 2 papers.
S$235.40 (inclusive GST) per paper for re-takers.
When you have passed the exams, you would need to pay to register with a licensed estate agency.
Basic Costs Are:
Real Estate Salesperson Registration fee: S$53.50 + S$230 (annual CEA fees) = S$283.50
Professional Indemnity Insurance: S$120
Agency levied admin fees for name cards/ID Tag/Start-Up Course/Admin fees: S$300 - S$500 range.
Overall, that will come up to a total of an estimated $S2,500 before you start practicing.
What Is the Real Estate Agent Course about?
In the year 2010, The Council of Real Estate Agency (CEA), all new property agents requires to take a compulsory RES exam. Certain requirements must be fulfilled.
They have to take the RES course from the CEA-approved course providers.
This course will help you to understand the concepts of real estate and agency practice.
Provides you with the basic knowledge of Singapore laws in property transactions.
The RES course covers so many different areas that even veteran practicing real estate agents are unable to fully remember all the material.
Real Estate Salesperson (RES) Exams
After completing the RES Course, you may register for the RES exam at SEAMEO Regional Language Centre (RELC) and must pass the 2 RES exam papers.
Currently, the exams held 3 times a year during Feb, June, and October.
Adviseable that you register at least 2 months in advance as registration closes 1-2 months prior.