Personal Requirements to be an Estate Agent in Singapore

Executive Summary

This report describes about matters that I personally need to know to be a real estate sales agent in Singapore after I graduated from my study of pursuing my bachelor degree.

The first part of this reason explains why I decided to be a real estate sales agent in Singapore, it’s more or less based on the financial reasons. The next part is a sort of job description for a real estate sales agent that I got from careerplanner.com (2010).

After a long list of job description, the other things that I should be aware are the knowledge requirements, skills requirements, ability requirements, and job activities for a real estate sales agent.

Last but not least the author has showed a list of human resource development program that is conducted by ERA Real Estate that is conducted for people who want to get a better understanding and knowledge to be a real estate sales agent in Singapore. The training includes an introduction to Singapore’s real estate market, real estate relating laws and legal procedures, how to make a presentation, marketing, closing a deal, and so on as well as learning to utilise information technology (IT) in order to maximise your earnings (ERA Real Estate, 2010). A brief conclusion and recommendation also have been developed and can be seen at the end of this report.

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Introduction

This report describes about my dream job as a real estate sales agent that I’d like to do when I graduate. I’m interested in this profession because of many testimonials from my friends and relatives that real estate sales agent is a good job that can generate a lot of money. I’ve decided to do this job in Singapore because based on my observation Singapore’s real estate market is quite promising added with the new tourists attraction which will be opened soon that will make Singapore to be a better place for tourist as well as for foreigners to invest, do business, or just simply to find an employment which I believe those factors will make the real estate industry in Singapore become even more promising.

The latter part of this report explains about jobs description, knowledge requirements, skill requirements, ability requirements, and job activities of a real estate sales agent based on careerplanner.com website (2010).

Real Estate Sales Agent Job Description

Stone (2007) described the definition of job description as a written statement that explains the purpose of the job, what are the activities that need to be performed, stating conditions which the work are completely finished, and the standards of performance needed to do the jobs.

Below is job-description of a real estate sales agent that is taken from careerplanner.com (2010).

1. Present purchase offers to sellers for consideration.
2. Confer with escrow companies, lenders, home inspectors, and pest control operators to ensure that terms and conditions of purchase agreements are met before closing dates.
3. Interview clients to determine what kinds of properties they are seeking.
4. Prepare documents such as representation contracts, purchase agreements, closing statements, deeds and leases.
5. Coordinate property closings, overseeing signing of documents and disbursement of funds.
6. Act as an intermediary in negotiations between buyers and sellers, generally representing one or the other.
7. Promote sales of properties through advertisements, open houses, and participation in multiple listing services.
8. Compare a property with similar properties that have recently sold in order to determine its competitive market price.
9. Coordinate appointments to show homes to prospective buyers.
10. Generate lists of properties that are compatible with buyers’ needs and financial resources.
11. Display commercial, industrial, agricultural, and residential properties to clients and explain their features.
12. Arrange for title searches to determine whether clients have clear property titles.
13. Review plans for new construction with clients, enumerating and recommending available options and features.
14. Answer clients’ questions regarding construction work, financing, maintenance, repairs, and appraisals.
15. Inspect condition of premises, and arrange for necessary maintenance or notify owners of maintenance needs.
16. Accompany buyers during visits to and inspections of property, advising them on the suitability and value of the homes they are visiting.
17. Advise sellers on how to make homes more appealing to potential buyers.
18. Arrange meetings between buyers and sellers when details of transactions need to be negotiated.
19. Advise clients on market conditions, prices, mortgages, legal requirements and related matters.
20. Evaluate mortgage options to help clients obtain financing at the best prevailing rates and terms.
21. Review property listings, trade journals, and relevant literature, and attend conventions, seminars, and staff and association meetings in order to remain knowledgeable about real estate markets.
22. Investigate clients’ financial and credit status in order to determine eligibility for financing.
23. Contact property owners and advertise services in order to solicit property sales listings.
24. Develop networks of attorneys, mortgage lenders, and contractors to whom clients may be referred.
25. Visit properties to assess them before showing them to clients.
26. Contact utility companies for service hookups to clients’ property.
27. Conduct seminars and training sessions for sales agents in order to improve sales techniques.
28. Appraise properties to determine loan values.
29. Solicit and compile listings of available rental properties.
30. Secure construction or purchase financing with own firm or mortgage company.
31. Rent or lease properties on behalf of clients.
32. Locate and appraise undeveloped areas for building sites, based on evaluations of area market conditions.

(Source : careerplanner.com, 2010)

Knowledge Requirements for Real Estate Sales Agent

Below are the knowledge requirements for a real estate sales agent that are taken from careerplanner.com (2010).

Customer and Personal Service

Refer to understanding of principles and processes for providing customer and personal services include assessing the needs of customer, meeting the services quality standard, and evaluating the customer satisfaction (careerplanner.com, 2010).

Sales and Marketing

Refers to understanding of principles and methods to show, promote, and sell products or services include marketing strategy, tactic, demonstration, sales techniques, and sales control systems (careerplanner.com, 2010).

Clerical

Clerical refers to understanding of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology (careerplanner.com, 2010).

Administration and Management

Refer to understanding of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources (careerplanner.com, 2010).

English Language

Singapore’s national language is English, so that there is a need to understand the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar (careerplanner.com, 2010).

Economics and Accounting

Understanding of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data (careerplanner.com, 2010).

Law and Government

Refer to understanding of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process (careerplanner.com, 2010).

Building and Construction

Refer to the understanding of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads (careerplanner.com, 2010).

Computers and Electronics

Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming (careerplanner.com, 2010).

Skill Requirements for Real Estate Sales Agent

Active Listening

Such as giving full attention when other people is saying, take time to understand the points that are being communicated, ask questions where appropriate, and not interrupting at the wrong time (careerplanner.com, 2010).

Writing

Writing refers to effectively communicate to other person in written medium (careerplanner.com, 2010).

Ability Requirements for Real Estate Sales Agent

Oral Expression

The ability to communicate information and ideas in speaking so others will understand (careerplanner.com, 2010).

Written Comprehension

The ability to read and understand information and ideas presented in writing (careerplanner.com, 2010).

Problem Sensitivity

The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem (careerplanner.com, 2010).

Job Activities for Real Estate Sales Agent

Getting Information

Observing, receiving, and otherwise obtaining information from all relevant sources (careerplanner.com, 2010).

Performing for or Working Directly with the Public

Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests (careerplanner.com, 2010).

Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events

(careerplanner.com, 2010).

Interacting With Computers

Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information (careerplanner.com, 2010).

Organizing, Planning, and Prioritizing Work

Developing specific goals and plans to prioritize, organize, and accomplish your work (careerplanner.com, 2010).

Updating and Using Relevant Knowledge

Keeping up-to-date technically and applying new knowledge to your job (careerplanner.com, 2010).

Resolving Conflicts and Negotiating with Others

Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others (careerplanner.com, 2010).

Establishing and Maintaining Interpersonal Relationships

Developing constructive and cooperative working relationships with others, and maintaining them over time (careerplanner.com, 2010).

HRD Program to be a Decent Real Estate Sales Agent

Delahaye (2005) explains that we have to carefull choose the trainer whether the trainer has the competency and the expertise. Beside my knowledge of marketing as my specialization for my university study, in order to fulfill all the requirements above, I think I need to attend a training that is conducted by ERA Real Estate (2010), one of the biggest real estate companies in Singapore which I believe is competent enough and have enough experiences and expertise to give me the training (kindly refer to Table A below).

Table A – Sales System Training

Session

Topic

1

The Singapore Real Estate Market

Fundamentals of Real Estate Financing & Valuation

2

Real Estate Law & Property Rights

Conveyancing Law & Procedures

3

Basic Contract Law

Types of Contract Law of Agency

4

Preparation for the Listing Presentation

Listing Presentation

5

Marketing the Property

Closing the Sale

6

HDB Resale Policies & Procedures

7

Private Residential & Commercial Properties’ Procedures

8

Using IT to Maximise Your Earning Potential

(Source : ERA Real Estate, 2010)

In session one, I will learn the real estate of Singapore and the fundamentals of real estate financing and valuation to get a better understanding about the condition and the current trends of the real estate market in Singapore, how people finance their house, how to conduct a house price valuation.

In session two, I will learn about the Real Estate Law and Property Law as well as Conveyancing Law & Procedures. Singapore’s business law that I’ve learned in the university did not cover the real estate and property law so that I need further education to learn about that.

Subjects that will be learned in chapter three are basic contract law and types of contract law of agency. I’ve learned basic contract law under business law subject conducted by Nanyang Institute of Management but currently I still don’t understand the specific contract law of agency.

The next session will be the listing presentation, marketing the property, and closing the sale which usually should be done when the customers want to sell or rent out his/her property. I don’t have any idea how to do this, and I think this session will benefit me a lot.

Then I will learn about the HDB and private property resale policies and procedures which I don’t have any understanding in these matters. At last I will learn about how to use Information Technology Media to help me maximise my earning potential.

This courses will cost me S$642 (S$600 + 7%GST) and I think it’s worth the price (ERA Real Estate, 2010). Beside attending this course, I also need to learn more about how to communicate better in English (written and oral) which plays a crucial role in this profession.

Conclusion and Recommendation

In order to be a good and reliable real estate sales agent, I should have a good understanding and knowledge of the real estate sales agent job description, knowledge requirements, skills requirements, ability requirements, and job activities of real estate sales agent described in this report.

I suggest to all who also have interest in being a real estate sales agent, you should read this report to get a better understanding about the profession, and do whatever necessary for your development in order to fit in with this job.

References

Amos, J. (2001). Managing Your Time. Hong Kong: Grolier International.

Careerplanner.com. (2010). Job Description Jobs for: – “Real Estate Sales Agent”. Retrieved on 19 February 2010 at http://careerplanner.com/Job-Descriptions/Real-Estate-Sales-Agents.cfm

Delahaye, B. L. (2005). Human Resource Development: Adult Learning and Knowledge Management, (2nd ed.). Milton, Qld: John Wiley & Sons Australia, Ltd.

Stone, R. J. (2007). Human Resource Management, (6thed.). Milton: John Wiley & Sons Australia.

ERA Real Estate. (2010). Real Estate Traning. Retrieved on 19 February 2010 at http://www.erasingapore.com/index.jsp?eContent=About/training.html#Module%201%20-%20Principles%20&%20Practice%20of%20Singapore%20Real%20Estate

Zeller, D. (2009). Successful Time Management for Dummies. USA: Wiley Publishing, Inc.