SELECTION CRITERIA OF REAL ESTATE AGENCY FIRM - IN THE AGENTS' PERSPECTIVE

Abstract

To date, there are approximately 490 registered firms offering real estate agency service in Singapore. (Source : Registry of Business and Companies). This has resulted in intense competition among the firms in trying to secure reasonable market share. There is nothing as important to the success of real estate company as the caliber of its agents. A fierce battle is being waged in the real estate industry over the deployment of sales agent. Hence, identifying what the agents want from the firm is of paramount importance for the success in developing the most valuable resources - the agents. Research concerning the selection criteria of real estate agency firm in the real estate agents prospective has never been conducted locally. This dissertation attempts to examine this area with specific regard to real estate industry. A sample survey was conducted with agents from various agencies and it was found that , company image and its branding is the most significant factor affecting the agents in choosing an agency, firm.. Contrary to the public perception, commission and referral fee structure is not the number one reason that agents deflect to other firm. The availability of effective professional and training program is also one of the main factors that led the agents to join the company. A case study analysis was conducted on a renowned Real Estate Company in Singapore, ERA Singapore. It aimed to identify the approaches that the ERA Singapore has in placed to attract and retain its agents. This aims is to serve a guide to any real estate agency firm in the aspects of recruiting and retaining the agents. This study is useful as real estate agency firms are able to use these criteria identified as a basis to develop their recruiting plan. A checklist to conduct assessment on the agency firms can be developed using the criteria identified. This is especially useful for people who are considering to take real estate agency work as a career.