Number of property agents increase in 2019, even as the number of firms decline

/ EdgeProp Singapore
January 4, 2019 10:51 PM SGT
The number of licensed property agents increased 2% to 29,146 as at Jan 1, 2019 from 28,571 a year ago, according to the Council of Estate Agencies (CEA). However, the number of licensed property agencies dropped 3% to 1,229 at the start of the year, from 1,269 the year before.
“Notwithstanding a slight increase in the number of registered property agents compared to the same time last year, the industry continues to face a challenging road ahead with rising consumer expectations and technological disruption,” says Chia I-Ling, CEA director of policy & licensing.
As at Jan 1, 2019, there was a slight increase in the number of licensed property agents compared to a year ago (Photo Credit: Property Agent)
The four biggest agencies – PropNex, ERA, OrangeTee & Tie and Huttons Asia – have a total of 21,013 property agents, or 72% of the market share. The biggest of the four agencies, PropNex, has 7,400 agents, while Huttons Asia has 3,067. In fifth place is Savills Residential with 672 agents, followed by Knight Frank, with 632 agents. Following up in seventh place is SRI, which has 591 agents. (See Table of Top 10 Agencies).
Source: CEA
Source: CEA
In 2018, CEA issued 57 new property agency licenses, while the number of new property agents was 1,198. However, 59 property agency licenses had lapsed over the year, and 2,091 property agents had failed to renew their licenses.
Source: CEA