SINGAPORE – Despite a challenging year that saw the property market dampened by several rounds of cooling measures and high interest rates, the overall number of agents across real estate agencies here continued to rise, albeit at a more tempered rate.

The latest figures from the Council for Estate Agencies (CEA) showed there were a total of 35,251 property agents in the industry as at Jan 1, 2024. This is up from 34,427 agents at the start of 2023, and 32,414 at the beginning of 2022.

PropNex maintained its position as the largest agency, with its sales force headcount rising about 3 per cent from January 2023 to 12,017 agents as at Jan 10, 2024.

ERA is the second-biggest with 8,918 agents, up from 8,344, followed by Huttons Asia with 5,310 agents. OrangeTee & Tie is in fourth place with 2,817 agents, while SRI is fifth with 1,291 agents, according to data from the CEA portal.

OrangeTee & Tie, which tumbled out of the top three rankings in 2022, is the only one among the top five agencies to register a drop of about 11 per cent year on year in its sales force headcount. Meanwhile, Huttons recorded the highest growth of close to 9 per cent.

A CEA spokeswoman told The Straits Times that 2,170 new property agents joined the sector in 2023. This was lower than the 2,179 agents who joined in 2022 and 2,308 agents in 2021.

As at Dec 31, 2023, 96 per cent of property agents with a valid registration in 2023 renewed it for 2024.

Market observers noted that challenges loom for agencies as they grapple with the task of increasing productivity amid a 15 per cent drop in the number of private homes sold in 2023 from the year before, to the lowest levels since 2016.

Private home prices also grew at a slower pace of 6.7 per cent in 2023, compared with 8.6 per cent in 2022.

Amid this backdrop and a tougher business landscape, the top agencies witnessed substantial shifts in their senior management ranks.

OrangeTee & Tie appointed Mr Justin Quek as its new chief executive with effect from Jan 1, 2024. In December, the former chief operating officer of ERA Singapore, Mr Thomas Tan, joined SRI as chief executive.

PropNex, too, unveiled a new leadership masterplan to fortify its position, appointing Mr Kelvin Fong as deputy chief executive and Mr Eddie Lim as chief agency officer.

On why more agents are still coming aboard despite the challenges confronting the industry, ERA Singapore key executive officer Eugene Lim said the profession’s dynamic and fast-paced nature resonates with younger people who are fresh out of university or who join the sector after a career switch from another field.

“Additionally, the consistent influx of new, aspiring home owners and upgraders each year reinforces the need for a growing sales force to meet evolving market demands,” he added.

PropNex executive chairman and chief executive Ismail Gafoor said: “The global uncertainty, economic slowdown, rising interest rates, growing price resistance and cautious sentiments are some of the challenges in the market among home buyers in 2023. Thus, the sales force may need more guidance and direction in improving their productivity.”

In 2023, there were 851 newly registered property agents who joined PropNex, said Mr Gafoor.

“Our focus in 2024 is to grow our market share by expanding our team of salespersons and enhancing operational productivity by leveraging technology development and training programmes,” he added.

An OrangeTee & Tie spokesman said the agency’s performance in 2023 was affected by the tougher external landscape for the business from market volatility and policy changes.

In the midst of an evolving real estate landscape, and changing client demographics and preferences, senior management changes will help the agency “stay ahead of the curve”, said the spokesman, who anticipates moderate performance in the property sector for 2024.

He also emphasised the need for agents to adapt to technological advancements that may impact their roles.

The focus for the firm includes closely monitoring technological developments, aligning with consumer needs, enhancing agent efficiency and leveraging content marketing on social media for increased client engagement.

Huttons Asia chief executive Mark Yip said: “The role of property agents is ever-evolving.

“For 2024, the use of digital tools for customer relationship management, data analytics and marketing channels may become more prevalent. Agents will need to rely more on data to gain insights into market trends, buyer and seller preferences, to provide valuable advice to clients and help them make more informed decisions.”

He added that Huttons has been actively tapping technology to empower its agents.

In August 2023, the agency added a feature on Huttons Analyzer, a property analytics app for agents.

The feature allows agents to locate landed properties on a map without having to physically visit the site. The app will show essential information on landed properties in the area, including past transacted prices of the properties.

Agents could also find themselves involved in more international transactions as clients seek to diversify their portfolios and assets. Hence, understanding cross-border regulations, cultural nuances and market dynamics is vital for their success in this changing landscape, said Mr Yip.

He noted that Huttons has so far marketed properties in eight countries, including Australia, Cambodia, Indonesia, Vietnam and Japan.