ERA invests additional $4 mil to support agent’s business costs

/ EdgeProp Singapore
August 21, 2020 12:01 PM SGT
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SINGAPORE (EDGEPROP) - Local real estate agency ERA Singapore, a subsidiary of mainboard-listed APAC Realty, is committing an additional $4 million to support the business cost of more than 7,300 of its salespersons. This brings the total amount of its stimulus package during the Covid-19 pandemic to $22.3 million.
The additional $4 million cash will help tide ERA’s real estate salespersons over the present market difficulties. The extended support highlights its focus on agent recruitment and retention, says ERA.
The newest renewal package has set aside $2.1 million in next year’s renewal registration & applications fees, $1.3 million in this year’s conference fees, and about $600,000 in Continuing Professional Development (CPD) courses this year.
Earlier support packages by ERA included $10.7 million in a commission advance scheme, $1.8 million in loyalty growth dividends, $2.8 million to support skills development, and $1 million in community building schemes.
Marcus Chu, Chief Operating Officer of ERA Singapore - EDGEPROP Singapore
Marcus Chu, Chief Operating Officer of ERA Singapore, presenting the renewal packages during the virtual ERA Q3’20 Career Advancement Day. (Picture: ERA Singapore)
The real estate agency has also invested in an exclusive electronic business wallet for its salespersons. The company partnered with local financial solutions provider LytePay, and fintech service company Rapyd, to launch the business wallet.
According to ERA, the initiative “allows Real Estate Salespersons or RES to advance yet-to-be-paid commissions in its first of a kind business wallet. RES can advance commissions to their bank account using the LyteMoney service. The business wallet also comes with a payment card powered by Rapyd’s card issuing capabilities. The card, called Lyte Talent Card, enables RES to use their commissions anywhere Mastercard is accepted.”
The company says that salespersons usually must wait three- to six-months after a deals closure to receive their commission pay-out.
“We’re always looking to help our teammates navigate the fast-changing Covid-19 landscape. Improving their cash flow will go a long way in alleviating the ongoing burden of running their own business,” says Jack Chua, CEO of ERA Singapore. “We have focused heavily on technology adaptations and innovations this year to ensure our teammates stay ahead of the competition in these uncertain times,” he adds.
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