ERA’s Plush targets millennials, en bloc millionaires buying luxury homes

Millennials are now a force to be reckoned with in the high-end condominium segment. “In line with their rising affluence, these property buyers have a higher expectation of their real-estate agents,” says Jack Chua, CEO of ERA Realty Network.
As a result, ERA launched Plush, a high-end sales group that caters for the needs of the new breed of high-net-worth individuals. More than 100 agents signed up to join the new group at the launch event on Jan 3. ERA chief operating officer Marcus Chu is the head of Plush. The minimum requirement for an ERA agent to join Plush is to broker the sale of a property worth more than $5 million every two years, and to earn a minimum annual commission of $200,000. The Plush agents will receive training to increase their competency in handling the requirements of wealthy millennials.
“These buyers expect real-estate agents to be knowledgeable, all-rounded and aware of the current market trends,” says Chu. “In introducing Plush, we also hope that our agents will be professional, like financial advisers.” He believes this is “a necessary evolution for real-estate agents to remain relevant amid technological disruptions”.
Rich pickings
Last year, sales commissions of luxury properties contributed about $40 million to ERA’s annual revenue in Asia-Pacific, including Singapore. This translates into about 10% of the company’s total revenue in 2018, says ERA CEO Chua.
Chua’s aim is to double the proportion of luxury property sales going into the firm’s coffers over the next few years. ERA estimates that there will be 32 new launches in the Core Central Region (CCR) this year, comprising a total of about 5,500 units. This is far higher than the 23 new launches in the city-fringe area or Rest of Central Region (RCR) and 14 in the suburbs or Outside Central Region (OCR).
ERA launched Plush on Jan 3. More than 100 ERA agents have joined the high-end property salespersons club. (Credit: ERA Realty Network)
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