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Over 100 property agencies closed shop, over 3,500 agents left the industry: CEA
AS a reflection of current property market conditions, a total of 104 property agencies closed shop and 3,573 real estate agents left the industry, following the latest licence renewal exercise with the Council for Estate Agencies (CEA).
As of Jan 1, the CEA has licensed 1,369 estate agents and registered 29,262 salespersons.
In the past year, there were 1,299 new salespersons who joined the industry. This is a decrease from the 3,006 new salespersons in 2014.
"This could be a reflection of the property market sentiments," said Heng Whoo Kiat, director for policy and licensing at the CEA.
He pointed out that salespersons are also probably mindful of the cost of being in the industry.
Under CEA's regulatory framework, salespersons are obliged to commit time and resources to meet the continuing professional development requirements for annual renewal of their registration. As for new entrants to the industry, they have to complete a course and pass a qualification examination.