STAFFING PRACTISE OF REAL ESTATE AGENCIES IN SINGAPORE

Abstract

A real estate agency firm is essentially a service oriented business, and its success is largely dependent on the effectiveness of its team of sales agents in matching the needs of property owners and potential buyers As sales agents constitute the most vital component of a firm's resources, an effective human resource management policy will, in the long run, help a firm to minimise its staff turnover, increase its profits, and stay ahead of its competitors. This dissertation provides an update on how local real estate agency firms have adapted their staffing practices to meet the challenge of a more competitive environment now prevailing in the industry. A survey has been carried out to gather information on the recruitment policies, training programmes and remuneration schemes of some 45 local agency firms. The survey findings indicate that in the face of stiffer competition, there is now a growing trend for firms to place a greater emphasis on sound and well-integrated personnel policies. In addition, firms have adopted innovative schemes to attract and retain their sales personnel.