Where Your Real Estate Career Thrives
Are you interested in the real estate industry? Well, a career as a property agent might just be for you! Making your first million dollars in real estate might feel like a dream, but there are a few things that you can do to prepare yourself for a prosperous career in real estate. Let’s start from the very beginning by covering exactly what you will do as a real estate agent.
What does a Property Agent do?
Put simply, a property agent is responsible for advertising, marketing, selling and leasing of properties. This can include selling new launch condos or houses for a developer, or negotiating the sale or leasing of resale properties for private owners.
How do you become a Property Agent in Singapore?
Check if you fulfill the criteria
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.
You must be a Singaporean or a Singaporean Permanent Resident (SPR) for more than 10 years
You must be 21 years old and above
You must have a minimum of 4 ‘O’ level passes or equivalent
If you do not have the minimum 4 GCE ‘O’ Level passes, you may submit a Level 5 and above Workplace Literacy and Numeracy (WPLN) assessment in these 5 components (Reading, Listening, Speaking, Writing and Numeracy). Find out more about the WPLN Assessment (PDF,935KB), and register at the British Council. For foreigners, you may email CEA your qualifications (e.g. overseas qualifications, private diplomas etc.) for assessment to determine if the qualifications meet the educational qualification requirement. Check if you meet the RES course requirements.
You must fulfill the fit and proper criteria under the Estate Agents Act
You must fulfil the criteria that CEA has listed in order to be deemed fit and proper to be a real estate agent. Find out more details on such criteria on CEA website.
Step 1 – Attend the RES course
Becoming a real estate agent requires time and financial investment. CEA requires all new entrants to complete the RES examination preparatory course conducted by CEA Approved Course Providers before registering for the RES examination with their Certificates of RES Course Completion. The charges vary from $700 – $800 depending on which course provider. The good news is that if you are a Singaporean or SPR, you can utilize 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.
Step 2 – Sit for the exam
Once you feel comfortable with the information you’ve learned in your real estate courses, it’s time to apply to take the exam. 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.
The format of both Paper 1 and Paper 2 is as follows: Section A: 50 MCQs (50 marks) Section B: 15 MCQs with reference to 1 or 2 case studies (30 marks) Section C: 10 Fill-in-the-blank Short Answer Questions (20 marks). The current RES exam syllabus was revised and took effect from 1 Jan 2017. It consists of 4 competency units: 1) Real estate agency industry overview and basic land law concepts. 2) Dealings with interest in land. 3) Regulation of real estate agency industry and real estate marketing. 4) Property Transactions
Step 3 – Choose an Agency
Once you’ve successfully passed the exam, you’ll need to submit your test results, license application, and application fees. As a new property agent you are going to need to partner with a mentor. Choosing your mentor will be the most important decision of your early real estate career.
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