Now that you've passed your RES exams, which agency should you join?
If you've passed your RES exams, CONGRATULATIONS!
It wasn't easy as the passing benchmark is much higher these days, and you deserve a pat on the back for the commitment and hard work you've put in.
The next step is to select an estate agency to join and not all companies are the same although each has their pros and cons.
The latest numbers (in the red box) show that the top 5 real estate agencies continue to be Huttons Asia, OrangeTee & Tie, ERA, Propnex and SRI. (Data sourced from CEA)
As a new agent, you might be wondering what are the differences among the agencies, whether it is a simple case of "the bigger the better", and it is understandably tedious to research all of them one by one.
After all, as a new agent, you are raring to go but are unable to discern the REALLY IMPORTANT platforms versus the "Good to have but unimportant" ones that each agency promotes.
After being in this industry for more than 17 years, I have learnt about what really counts in selecting the right real estate agency to join and who I choose to associate myself with.
I started out my career thinking that a big local brand or MNC real estate consultancy brand were important as more people would have heard of and know of them.
It is true. At first.
But never is the agency's brand more important than the person that you are and the value you bring.
If I may distill my experience to the essence of what I wished I knew when I first started out, these will be the 4 main points.
Hope it helps you gain clarity in your decision making.
1st, Quality of people you work with
So, I came to realise within less than a year that no customer asks or talks very much about the property agency I was with; and it never was the reason whether I secured an exclusive listing or not.
Fast forward 9 years after I began my real estate career, I discovered that what I needed was in fact great quality people around me in order to succeed.
People who were better than me in their own ways and could inspire me to greater heights.
Not just a great brand to shelter me.
I am the brand. The people I choose to associate with are the brand - a Living Breathing Brand.
Clients stick to us for who we are and generally don't bother about which agencies we are from.
Now, by great quality of people, I don't just mean great sales; but great attitudes, helpful and encouraging personalities and people who uphold good values and ethics.
People who will be there for you in good times and bad; who genuinely celebrate your successes wholeheartedly with you.
People who lift you up; not pull you down with their own insecurities.
Take note that finding a mentor with alot of experience/top in sales does not automatically mean quality mentorship as I have witnessed time and again throughout my career.
Thus, be aware of whom you will be working with.
Always spend extra time to get to know your potential mentor, meet future teammates and do your own background checks. Social media alone might not paint an accurate picture.
Tip 1: It is important to observe whether your would-be mentor is willing to put aside their time and attention for you as it will be indicative of whether they are present both physically and mentally.
Real estate leaders juggling sales and leadership constantly have to struggle between allocating their time to either pursuit and it can be telling if throughout your meet up session, he/she keeps checking their phones or picking up phone calls.
Tip 2: Observe whether your would-be mentor spends adequate time getting to know you and customise a business plan for you or jumps right into giving you a one sized fits all plan for your business.
In my experience, people have their unique strengths, weaknesses and inhibitions and it is crucial that mentors are able to identify them and provide bespoke mentorship for each individual.
This approach has thus far served me well in understanding my team better, communicating with them in a manner that they learn and absorb best and helped my agents obtain optimum levels of sales and growth.
Tip 3: Look past the bling and do not be awed by material displays.
In the real estate industry, it is common to find ostentatious displays of material wealth as a way of positioning oneself.
While there are genuinely people passionate about certain brands, there are some whose main purpose of such display is to create awe in others and attract through style rather than substance.
So do take time to know your potential mentors well to avoid falling into such visual traps.
Wisdom is spending more time researching now so you won't have to pay for it in multiple-folds later.
It is easy to be taken advantage of and I have seen agents getting the shorter end of the stick unaware of what is normal and not, burdened to do routine tasks for their mentor/seniors without knowing their rights or even paying for stuff that should be free.
In one of the worst cases I knew about, a poor agent was made used of by his mentor for a year and eventually dropped out as he made zero income throughout his ordeal.
In other cases, new agents could be misled down ethically questionable paths and short cuts through the lure of easy and big money, throwing out massive commission refunds just to steal deals from other realtors or win awards, and eventually burn out from conflict with their values or having karma catch up with them.
Therefore, being with the right company of people is crucial to help you create an enjoyable career with longevity and to do well and do good.
2. Technology
In today's landscape, real estate mobile apps and technology serve as crucial force multipliers, significantly enhancing your potential for success by increasing the volume of tasks you can accomplish daily.
Common challenges of agents are the repetitive prospecting, marketing and following up work that takes up too much time and effort on a daily basis. These days, we incorporate advanced practical technology to help us cope with leads generation and marketing tasks automatically.
With more time freed up for higher value tasks like face-time with clients or time for your loved ones, you will find real estate much more lucrative and enjoyable.
Take note of this as almost all agencies will say they have mobile apps.
However, we all know that these days anyone can build an app but having just having one is different from having a tested, proven and practical app that REALLY will help you save time, effort and money.
If in doubt, never hesitate to ask for an in-depth demo of what the app can do.
Have technology work for you and not manually repeat routine tasks with your time and energy.
Work smart; not just hard.
Example of one of two of Huttons' proprietary mobile apps called LinkUp:
Check out NAVIS technology in-depth here.
3. Training Programmes
These days basic trainings are no longer enough as younger generation of DIY customers and fixed rate brokers have emerged.
As such, advanced real estate training topics such as creative mortgage and financial strategies, property holding and structuring techniques and long term timeline and exit plans for investments are necessary for property agents to learn and internalise to remain valuable and relevant to consumers.
These skills enable agents to adopt an investor's mindset themselves and construct proposals from scratch with maximum cost and tax savings.
We call this future-proofing our agents.
Advanced social media marketing and targeting strategies are also the name of the game nowadays as agents adopt "push marketing" to close listings quicker.
Make sure that the real estate team or agency you're considering joining offers resources such as lessons, scripts, and presentation materials that enable you to rapidly grasp these subjects, ultimately reducing the time it takes for you to become fully proficient.
If you can, also check to ensure that the syllabus is updated and relevant.
Creative headlines and sensationalised marketing can easily obscure the actual quality of the training.
4. Project Opportunities
It is critical that your agency has a large pipeline of major new project launches in Singapore as this would bring you ample opportunities for your clients to explore.
Project sales typically pays higher commissions than the resale market usual of 2% and sometimes can even go all the way up to 10%.
Of course, there are usually catches to these really high commissions but I will not go into it in this article.
Also, appointed agencies for developers always have the upper hand in marketing and closing sales as they have access to 1st hand information and pricing before everyone else.
Hence, prior to signing on the associate application form, always do your own checks and enter with eyes wide open.
To summarise, if you are out looking for a good real estate agency to join, do probe about and observe these 4 points to ensure you get the best possible start and support for your career:
1. People
2. Training
3. Technology
4. Projects
All the best and I bid you fair winds and following seas! = )
If you're looking for an in-depth side by side comparison of the compensation plans and career paths (From being a brand new agent to an experienced agent to a team leader) between the top property agencies, book an appointment with Stuart and his team leaders below.
Otherwise, if you're looking for great real estate career mentorship to shorten your learning curve, you may also do so!
Get a 1-time free 30 min career consultation with Stuart and his team leaders. Schedule one right now.
Drop me a WhatsApp/Email if you would like to start your career with our team or attend our next real estate recruitment seminar!
Did this article provide you with ideas or inspiration?
Like, comment below and share this with your friends who are embarking on a career in real estate sales!
Stuart Chng, Executive Group District Director at Huttons Asia Group, is a renowned leader and personality in the real estate industry.
He adores music and can play a few instruments decently without upsetting his neighbours. When not doing so, he enjoys pillow fighting with his son and coming up with silly puns which barely amuses his wife.
Professionally, he is a licensed real estate agent, an avid stocks, options and real estate investor, business owner, team leader, speaker and columnist for several property newsletters and blogs and is often quoted in media interviews on 938FM, Channel 8, PropertyReport, PropertyGuru and other publications.
Throughout his career, he has helped many clients grow their wealth through selecting great property investments and managing their portfolios actively. Read his clients' reviews here.
Stuart has also coached many top million dollar producing agents from different real estate agencies in Singapore. Read his agents' reviews here.
Relevant Readings:
- If you would like to find out more about the platforms that we have created for our people, you are welcome to drop me a message or check out our projects, training and technology tabs.
- Find out more about a Property Agent's Career Path.
- Passed your RES Exams? Find out what immediate steps to take next to quickly reach your goals!
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