PropNex aims to have more than 8,000 agents by end-2019

PropNex Realty has retained its position for the second year running as the biggest real estate agency in Singapore, with a sales force of 7,513 as at Feb 24. “It’s nice to be Number 1,” says Ismail Gafoor, executive chairman and CEO of PropNex, at a press briefing on Feb 25, where it announced its FY2018 results. “We don’t just sit on our laurels and think we are the biggest. We keep trying to add value to our various stakeholders by capturing a greater market share.”
Its sales force grew by 12.4% in 2018, with most of it attributed to “organic growth” – agents and leaders with their teams moving over to PropNex.
“Organic growth will continue to be ‘a strong engine’,” says Gafoor. Of the agents who joined PropNex in 2018, about 70% were experienced real estate agents while the rest were new agents.
Ismail: At the rate we are growing, I won’t be surprised if our sales force exceeds 8,000 by the end of the year (Credit: Samuel Isaac Chua/EdgeProp Singapore)
PropNex’s agent figure does not include the strategic collaboration with China Real Estate Group, where sales agents from the latter’s wholly-owned indirect subsidiary Global Alliance Property (GAP) will be transferred to PropNex. GAP operates under the Century 21 franchise. Following the collaboration, China Real Estate Group will discontinue its real estate agency business and focus on real estate development in China.
GAP has about 400 agents today. “We don’t expect all the agents to come over [to PropNex],” says Gafoor. Of interest to him are the “active agents from GAP” and it will be another two to three weeks before they decide whether they want to move over to PropNex. “To me, it doesn’t matter if 100 or 200 agents cross over,” he says. “At the rate we are growing, I won’t be surprised if our sales force exceeds 8,000 by the end of the year.”
The sales force is key to PropNex’s continued growth across all segments: new project launches, private resales, HDB resales, landed property deals and leasing.
Agents at the launch of Mayfair Gardens in 4Q2018 (Credit: Property Agent)