The real estate industry can be quite an enjoyable and lucrative field if you are up for it. There are many successful real estate agents, and there are those that decide that the property industry is not for them. As much as there are success stories that every Singapore property agent will go through, there are also times of hardship and difficulties that property agents have to face. However, if you are determined to become a Singapore property agent, it is not a difficult process to become one. You will go far and beyond your expectations as a Singapore property agent if you are focused and have the right guidance. A lot of the hard work will have to stem from you and your can-do attitude. This is not the right industry for you if you think you can rely on other individuals. Becoming a Singapore property agent is along the same lines as being your own boss. You are no longer an employee. You will be setting your own times and targets to meet.
Read this article to find out what you will need to do to become a licensed Singapore property agent. There are four steps to walk you through. All of these steps are crucial to obtaining a license so you can start your new career. You will first need to fulfill certain criteria, then enroll into the RES course and pass the exams. Once you have passed, you can then join an estate agency.
1. Check-off all your pre-requisites and other criteria.
You have to consider the various educational qualifications before turning real estate into a career. All real estate agencies will recognize these criteria. To become a Singapore property agent, you must have the following:
- A minimum of 4 GCE ‘O’ Level passes or equivalent.
- A pass on the RES exam or equivalent.
- If you don’t have the minimum GCE passes, you are able to submit a level 5 and above for the WPLN assessment (Workplace and Numeracy).
- Overseas qualifications will need to be examined by Approved Course Providers.
- Submit qualifications equivalent to RES examination.
- If you do have a paper qualification from CEA, you can apply for an exemption from taking the RES exam.
Aside from the educational qualifications, there are also other criteria that need to be filled in order to become a fully-functioning Singapore property agent. This includes:
- Residency status: You must be a Singaporean or a Singaporean PR for over 10 years. If you are a Singaporean PR with less than 10 years, you will be required to submit further documentation for assessment. If you are a foreigner, you need to approach the CEA for additional assessment.
- Age: You must be at least 21 years old.
- Business owner: You should not be a key executive officer for any other licensed agencies. You also are not allowed to hold any moneylenders license and have any occupation related to a moneylender.
- Estate agents act: You must be fit and proper. You cannot have a conviction for fraud, dishonesty etc.
2. Enroll into the RES course.
Once you have met the criteria stated above, and any other requirements that are stated by CEA, you can then move on to the next step. Enroll into a CEA approved course provider. There are many options for this on the market. Make sure that you are seeking enquiries from reliable sources. It is best to choose an RES course trainer that is reputable, knowledgeable and experienced. They have been in the industry for many years and have successfully passed many certificates. It is important to do your background research as course delivery and the knowledge that is taught to you should be accurate and valuable. That is how you will be able to pass the exam.
CEA has been pushing the standards of real estate agents to be higher over the years. This is why the passing rates have been getting more tough. Therefore, getting the right training from a reliable training provider is the best option for you. There are subsidies available to you for The CEA course fees. For example if you are an NTUC member, you can claim 50% of the unfunded course fee. Singaporeans can also utilize their Skills Future Credit of up to $500 of the course fee. You can get more details about the subsidies that you are entitled from your course provider.
3. Take the CEA exams.
Once you have successfully enrolled into the RES course, after training you will now be prepared to take the RES exams. In order to do this, you will have to register to the RES exams on your own. However, you can seek assistance from the course providers. The exam syllabus will cover what is in paper 1 and paper 2. You can find out what is in the syllabus from the CEA website. The RES exams are also held three times a year. It will usually be in the month of February, June and October. The exam fees include two papers that RES candidates will need to pass.
4. Join an estate agency.
Now the time has come to join an estate agency once you have completed and passed the CEA exams. Before you can join the agency, you will need to send in your application directly to them. They will then call you back in if your file has been selected. They will get an agreement contract written up and you will need to sign it and make necessary payments. There are certain important documentations which you will need to bring for this meeting such as your identity card, your CEA exam results and any educational certificates.
Becoming a Singapore property agent is no easy process. However there are a lot of great tools and resources that can get you to where you want to go. Meeting with fellow property agents to discuss the process can give you a better insight into how it all works. Want to know more about all things property-related in Singapore? Check out our blog at SRX Property.