Fewer property agents joining the industry as housing market cools

Dwindling numbers of new recruits are joining the real estate industry, even as those in the sector take a hit from the spate of cooling measures that have brought housing prices down.

The number of new entrants to the industry last year dropped about 27 per cent to 3,336, down from 4,567 in 2012.

Some old-timers are also exiting the industry. Eighty-eight, or about 6 per cent of estate agents and 3,382, about 11 per cent, of salespersons have indicated that they do not want to remain in the industry this year.

However, the total number of salespersons has stayed consistent at around 31,000 over the last three years.

After a raft of government market curbs, property agents say their pie has shrunk as housing deals dry up.

In this cool climate, some property agents have turned their attention beyond the residential sector, such as the commercial and industrial sectors. Others became more innovative in their marketing techniques.

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