Passed Real Estate Salesperson RES Exam in 2023? Which Real Estate Agency And Team Should I Join?
Heartiest congratulations on your passing of RES Exam. You should be very happy and excited now that you can be a Licensed Real Estate Agent in Singapore. I know that it was not easy so you deserve a pat on the back for the good work.
Now you need to choose a real estate agency and team to join. There is no best property agency or team to join as they all have their strength and weakness. There are many recruitment campaigns to get new agents to join their agency. You can attend some of the recruitment talks to find out which is more suitable for yourself.
Let’s take a look at the criteria you need to consider. There are 3 decisions you need to made now.
1. Which property agency to join?
2. Which team to join?
3. Which real estate sales mentor to join?
1. Property Agency
Size - The size of the real estate agency is NOT the most important criteria but it should have at least a certain size (1000 agents and above) so you can have access to proper legal support, marketing platforms, IT support and training programs. I have seen many agents performing below national average in big agencies and have seen some agents done tremendously well in smaller agencies.
Branding - You also need to look at the agency branding too. Do you like to be in a family like or high-octane rah-rah agency or a bit of both? But through my years in the real estate industry, I find that it is more important to establish myself as my own brand. As a real estate agent running our own business, our success depends a lot more to myself and the people around us. The quality of service and level of knowledge you have will bring you more referral business, very little to do with which agency you are from.
Technology – This is an very important element in today’s market. Technology can help you close more deals. It can multiply the number of tasks you can do. It can streamline property agents’ workflow; saving them time, resources, and effort that would have otherwise been sunken into repetitive yet essential tasks.
With more free time, you can focus on higher value tasks like meeting your prospects. You will also have more time for your loved ones and hobbies, and you will find real estate much enjoyable.
Training - It is also important to look into this criteria. Basic trainings are no longer enough for today’s market.
You need to know social media marketing and targeting strategies to get more clients and close listings quicker.
You also need to learn advanced knowledge like financial strategies, creative mortgage, property wealth planning holding and long term timeline and exit plans for investments.
Commission split - A very important aspect you need to look into is the commission split you are going to get. Some agency pays a little higher to rookies whereas some pays lower as you may need more guidance. The difference can be quite huge and this amount can be put in good use in your business to generate more leads.
Fees - Last but not all, the initial joining and annual fees you need to pay to be in the agency. This criteria is typically more important to the new agents as you are just starting out and your pockets may not be as deep as you would like to be. You will be also required to pay some joining fees such as the CEA registration fee of $283.50, one year of professional Indemnity insurance of about $100-$120 and some miscellaneous fees of about $200 for ID tag, name cards, start-up course and admin fees. Some agencies also make you pay a compulsory annual business conference fees of $180 to $200.
There are some joining promotion from time to time where all or most of these fees will be absorbed by the agency. You can contact me to find out more.
2. The Team In The Agency
You also need to find a team within that property agency you choose to join. This plays a very important part as the people around you will make a difference to you. As the saying goes, “We are a sum of the five people we spent most time with.” You want to surround yourself with people that are motivated, positive and will selflessly share their expertise.
It will be even better if the team is able to support you with a good marketing platform so you will have a higher chance of succeeding.
Things to look out for -
Do they have platforms to help rookies kickstart their sales?
Do they have training to shorten the learning curve?
Do they have cover all segments or only a niche?
Do they have other support groups besides your direct mentor?
3. The Mentor, Your Compass
This is especially important for new agents who have just started his or her real estate career. A mentor at this stage is as important as a compass when you are lost in a jungle. I often hear and see new recruits joining someone they know or close with. I also regularly hear rookies joining a leader just because he or she is a top producer. This is so wrong because what you need now is for a committed coach to guide you.
As the saying goes, A good coach can change your game. A good mentor can change your life.
Take your time to talk to some of the leaders in the market and choose one that have a good proven mentoring record and is committed to groom you. Talk to his people and hear what they say about this mentor. Check out his reputation in social media.
You Are The Most Important Element
Whatever your decision to join which your agency and group, remember your success is also very much dependent on yourself. As a real estate agent running your own business, you chart your own course. You can determine the level of success you will achieve. There is no shortcut for success but you can look for ways to cut short your learning curve. This is not going to be an easy journey but if you do it well, it is going to be very fruitful and enjoyable.
Check out my other blogs to learn many tips on how to become a successful real estate agent.
Good luck in your Real Estate journey! All the best to your new endeavours and hope to see you in person soon!
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To Your Success,
Gary Chua is the co-founder of Navis Living Group
—A 1300 agents-strong division with Huttons real estate agency, and the fastest growing group in this competitive industry. Gary is also a mentor to many real estate agents and team builders, for two decades and counting.
Before devoting his work full-time to grooming realtors, Gary was himself an distinguished real estate salesperson. He first stepped into the industry at age 30 in Year 2000 and having been Top 50 Achievers in his 5 years of sales, he understands the hurdles and challenges facing both new and experienced agents, and is thus equipped with a wealth of knowledge to aid and teach the property agents whom he takes under his wings.
In 2005, Gary realised that his true calling was to groom and coach the next generation of real estate agents. It was also the year that he consciously diverted almost all of his time and effort into recruitment activities, putting his personal sales aside and taking a hit in his bottom line.
Through sheer grit and determination, Gary's vision took hold as his team expanded, eventually growing to become the largest division in its agency, and also one of the largest in Singapore. It cultivated numerous top producers and achievers throughout the decade—some of whom have clocked in more than S$1,000,000 in commission in a single year, broken many sales records, won many local and international awards, and helped many real estate agents achieve outstanding results and realise their financial freedom.
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