Apac Realty’s ERA losing agents to PropNex: media report
OF THE more than 700 property agents who left Apac Realty’s ERA in 2022, at least 640 joined rival real estate company PropNex Realty , according to a Straits Times report citing data from Huttons Asia. In comparison, 209 agents moved from PropNex to ERA.
Most real estate agents switch agencies during Council for Estate Agencies’ (CEA) yearly real estate salesperson registration renewal exercise, which takes place from Oct 1 to Nov 30.
PropNex Realty continues to be the largest agency in Singapore, boasting over 12,060 salespersons as at Wednesday (Nov 23), compared to 10,761 as at Jan 1, 2022, according to data from the CEA portal. ERA Realty, in second place, now employs close to 8,500 agents. Rounding out the top five agencies by number of agents are Huttons Asia, with some 4,700 agents; OrangeTee & Tie, with about 3,220; and SRI, with over 1,230.
On Nov 9, PropNex reported a net profit of S$17.6 million in Q3 2022, marking a 21.9 per cent increase from S$14.4 million in the year-ago period, on the back of higher revenue. Its revenue rose 10.2 per cent over the same period to S$258.4 million.
For the nine-month period ended Sep 30, it posted a revenue of S$730.8 million, up 2.1 per cent on the year, while net profit fell to S$44.6 million, down 2.5 per cent.
For the same nine-month period, Apac Realty, which holds the ERA regional master franchise rights, posted a $23.9 million net profit, down 8.5 per cent from the same period in 2021. According to a Nov 9 business update, its total revenue for the three quarters also fell year on year, down 3 per cent to S$527.5 million.
The decline was largely due to a 4.8 per cent year-on-year drop in resale and rental brokerage revenue to S$310.2 million from S$325.7 million, it said.
Shares of PropNex closed at S$1.60 on Wednesday, down S$0.01 or 0.6 per cent; APAC Realty closed flat at S$0.565.
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