How Much Capital Do You Need To Become A Property Agent In Singapore?

Updated: Sep 5, 2020

capital required to be property agent

There are more myths about this than there are about Yishun (which is a great neighbourhood, despite what you read online).

To clear it up, here’s a realistic look at what it takes – financially – to make the move into being a property agent:

What are the costs you will face?

Becoming a property agent has some similarities with starting your own business.

You will get to be your own boss; but that also means you need to deal with issues such as transport, marketing, your exam fees, and the ability to keep your business afloat for the first few months.

This requires careful budgeting, and you should plan for the move at least 12 months ahead (e.g. save money in preparation for the move).

The following are the costs to note:

Real Estate Salesperson (RES) Course: $700 to $800*

RES Exams: $417.30 for both papers**

Registration Fee with CEA: $53.50 + $230 per annum

Professional Indemnity Insurance: $120

Other miscellaneous costs (e.g. ID tags, training courses): $300 to $500

Total base cost (without subsidies): Approx. $2,120.80

*NTUC members can get a $250 UTAP subsidy. Singaporeans and Permanent Residents can also use their SkillsFuture credit (up to $500) for the course.

**Prices include GST. There’s a fee of $235.40 (with GST) for each paper you need to retake.

Besides the base cost, there are two main operational costs that you will incur, in your job as a property agent:

First, the cost of transport

is own transport required for property agents

Working with luxury or exclusive landed properties? You may need a car more often.

This will vary based on the type of properties you work with. If you mainly sell new launches in show flats (i.e. you are on the core team of the project), then your transport costs are more limited – you just commute to the show flat, and wait for the prospects to turn up.

But if you deal mainly with resale flats and condos, you’ll have to meet clients and conduct viewings. It’s possible to do this for around $10 a day, if you arrange to just rely on public transport. This may not be possible on some days though, such as if there are back-to-back appointments.

As a tip, consider using pooled rideshare options – such as GrabHitch – and trying to book a day or two in advance, since you know when the appointment times. This can significantly lower the costs for you, as and when you’re able to get a ride.

Landed and luxury properties tend to be less accessible.

It’s assumed the buyers have private transport, and being a distant enclave may be part of their exclusivity.

Think Sentosa Cove, or the some stretches along Upper Thomson. Your transport costs will be higher if you frequently deal with these properties.

Second, the cost of marketing

The biggest difference between this job and an employed one is that you’re responsible for all the promotion and marketing. It’s your decision how much you spend to promote each client’s property.

digital marketing property agents

Going digital can be cheaper, and more effective, than mediums such as print