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PropNex signs MOU with SISEU, launches real estate salespersons chapter

/ EdgeProp Singapore |

October 7, 2021 5:33 PM SGT

Front (from left): Ismail Gafoor, CEO of PropNex Realty and Richard Sim, Richard Sim, SISEU Gneral Secretary; Rear row (from left): Goh Kee Nguan, Advisor to the PropNex Real Estate Salespersons Chapter, Ng Chee Meng, NTUC Secretary General and Kelvin Fong, Executive Director of PropNex Realty (Photo: PropNex)

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SINGAPORE (EDGEPROP) - On Oct 7, Singapore’s biggest real estate agency PropNex announced it has signed a memorandum of understanding (MOU) with the Singapore Industrial and Services Employees’ Union (SISEU), and has set up the PropNex Real Estate Salespersons (RES) Chapter – Agents’ Voice Matters.

Read also: PropNex reports net profit growth of 96.7% to $16.2 mil for 1Q2021

PropNex will have a formalised framework supported by SISEU, which looks into the welfare of its real estate agents, enhances professionalism in business and industry practices as well as creates a platform for issues to be raised. It is setting aside $500,000 as subsidies for its agents to be part of the Chapter, which will promote and advance the interests of its members.

The first eight members nominated into the committee of PropNex RES Chapter are PropNex agents. It is an industry first, as the chapter committee is made up entirely of real estate agents from within its ranks, who will raise concerns to the management on behalf of their fellow members.

As at end-September, PropNex has 9,727 real estate agents. “Being the market leader and in reaching the 10,000 salespersons mark, it is timely now for this partnership with SISEU,” says Ismail Gafoor, CEO of PropNex Realty. Adopting fair recruitment and best practices in contracting with real estate agents as well as a dispute resolution mechanism will solidify PropNex’s position as “a fair and progressive real estate agency”, he adds.

Being self-employed, real estate agents are not paid a fixed salary, and their interests are seldom represented. They endure sleepless nights, anxieties, and feel unappreciated at times, observes Gafoor. Many agents are also exposed to unfair practices in the industry, such as inflated penalties, unreasonable lock-ins, undercutting or denial of their rightful commissions, he notes.

SISEU helps protect workers' rights by helping them with the issues that they face at work. “We shall be assisting to build a progressive organisation, such that the terms and conditions within the contracts for services between PropNex and PropNex’s salespersons shall be fair, in accordance with the industry’s best practices and per relevant legislation,” says Richard Sim, SISEU general secretary.

Besides the platform to raise concerns, PropNex agents who become members of the Chapter can utilise the Union Training Assistance Programme training credits of up to $500 to defray costs at approved training providers for agents’ continual career development.

In addition to the prevailing NTUC Membership Privileges, agents who become Chapter members will be covered under the Free Group Insurance Coverage in an unfortunate event (death or total permanent disability) of up to $40,000. They can also enjoy 25-50% sponsorship for course fees at PSB Academy, and up to 30% off for family entertainment centres such as Wild Wild Wet at Downtown East, Science Centre, social and golf passes at Orchid Country Club, and discounted rates for suites at Aranda Country Club.

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