Things needed for pursuing license course in real estate in Singapore

A real estate career is not a bed of roses; it requires a lot of hard work, dedication and perseverance to gain success in this sector. All real estate agents in Singapore need to possess a valid license to pursue business. Before you start the process to get into the real estate business, you should fulfill three basic criteria mentioned below:

• You should be over 21 years old
• You should be a citizen of Singapore, or at least hold a permanent resident status of the island country
• You should have passed at-least four GCE O-Levels or equivalent

After fulfilling the above mentioned criteria, you are ready to take the next step and pass RES exam (Real Estate Salesperson Exam) and attain the qualification for making a start.

The first and foremost qualification needed by a real estate agent is the RES qualification. Qualifying this exam requires you to undertake a set of lessons under real estate license course before taking up the exam. There are a number of agencies in Singapore providing license course real estate along with real estate sales training.

Working as a real estate agent, you are your own boss; you are not bound to the nine to five schedules or any risk of losing your job, but at the same time it requires you to shape up your skills and handle matters tactfully. This arena has a bright future with unlimited income opportunities. Becoming a real estate agent is a long process, but the end results are quite rewarding; an average realtor earns about $100,000 per annum.

Other necessities include knowing how to drive and having own personal vehicle. You may be required to visit a property site in a tight schedule in order to meet your prospective buyers. It is better to start with a mentor, who can guide you in this field before you can stand up on your own.

Journey towards Becoming a Real Estate Agent in Singapore

With recent boom in the property prices in Singapore, the career of a real estate agent has become quite rewarding. This sector has its own advantages, and you can look forward towards making unlimited income and setting your own working hours. But in order to become successful in this arena, you need to overcome certain challenges and work hard during the initial years of establishing yourself as a real estate agent. Your journey to become a real estate agent starts with the preparation of RES exam. As per new Singapore laws, all new estate agents are required to pursue a real estate course and pass the RES (Real Estate Salesperson) exam in order to get their working license for undertaking property deals. As per present norms –

• A real estate education is obligatory

If you aspire to become a realtor in this island nation, it is mandatory to appear in the RES exam and pass it. Now in order to enroll for the RES exam, you need to take coaching from a real estate license course provider. This course will teach you all the basics of property dealing and the rules encompassing the property dealing in Singapore. You should know that certificates from only CEA approved RES course providers are valid for enrolling in the RES exam. Thus, you should choose your course provider wisely.

• Selection of a brokerage firm

A brokerage firm is an office, where real estate agents and brokers work. By working with a brokerage firm, you get hands-on and practical experience to carry out property dealings and learn the intricacies of the property business. It is better to get tagged with a reputed brokerage firm while pursuing your license course real estate. Having a mentor is quite important in this sector.

• Getting the license

In order to get the real estate salesperson license, you should fulfill all the pre-requisites viz. passing the RES exam and clearing all the legal formalities including a check with respect to criminal background.

• Preparing your budget

If you are serious enough to have an outright career in real estate, you should do proper planning and all the homework before venturing into the business. You should be prepared to meet all the monetary obligations for license course fees, office set up charges, association fees and also keep aside some money for making some initial investment for starting a deal.

How to Select a Real Estate Agent

For a vast majority of individuals, purchasing a house is the biggest financial investment of their lifetime. As such, it becomes vital to make a serious consideration with respect to selecting the right real estate agent. As far as Singapore is concerned, all new realtors are required to complete a real estate license course before venturing into this field. This has increased the quality of service customers get while buying and selling their properties. However, you should take due care while selecting the real estate agent for your purpose.

Reputation

As far as reputation goes, not all real estate agents are same. Consider the one that has a reputation of going well with clients and transacting parties. Communication skills are an important aspect of this business, and a lot depends on how your agent speaks and portrays property descriptions while dealing with parties. Stay away from agents who have a reputation of getting pushy, argumentative and unprofessional. The RES course has been made mandatory for all the new agents in Singapore and trains individuals venturing into this field to have a professional approach towards their clients. Your agent should listen to your needs carefully and give them due weight-age while guiding you to a neighborhood to reveal properties that are perfect for you.

Geographical Area of expertise

Your agent should be well aware of all the local rules and regulations prevalent in the area. For example, the property transfer taxes vary from one locality to another; as such your agent should have a profound knowledge about the local custom charges to avoid paying unnecessary charges and penalties later on.

Selecting a Real Estate Agent

The word of mouth usually serves as the best source of information about a particular real estate agent. Just inquire whether your prospective agent has undertaken real estate sales training and know the basic ethics that govern property deals in Singapore. Make it a point to interview more than one agent; this way you will get a choice and also become aware of the prevalent rates encompassing your deal. It would be wise to ask for the credentials regarding qualification and inquire about their past deals before selecting the one for your purpose.

Basic Curriculum of RES Course

Whether your country puts RES course as mandatory or not, the course is quite useful in providing the basic knowledge about the procedures involved in real estate transactions. Here is an outline of the basic curriculum that any real estate license course would contain –

Buying and selling procedures

This discusses the complete process of a property transaction, from listing of points in the agreement paper to preparing the final sale document. This portion will teach the RES pursuant how to synchronize activities with different specialists, viz. appraisers, lawyers and financial lenders. It also discusses the obligations and duties of real estate agents towards representing their clients for marketing of properties on their behalf. Students also learn about price negotiation factors and terms and conditions that should be laid down during document preparation.

Property Financing

As majority of property transactions involve lending from banks and financial institutions, it is mandatory for trainees to learn the basics of mortgage and funding sources. They should also be familiar with prevalent rates, approval processes and the variety of mortgage products available in the market.

Home and building construction

Students should be aware of the key structural designs and have knowledge about factors that are necessary for a sturdy and long lasting building. They should be able to find discrepancies if any in the building design, a major concern for any client.

Property Valuation

The RES course provider also hold special sessions to discuss different methodologies adopted for determining the value of a property in order to move ahead on a listing or putting forward a selling price of a property. This knowledge will equip the agents to discuss with their clients various factors that affect the price of their properties.

Negotiation and Documentation

Agents should know how to complete various documentations involved in listing, buying and contracting a property. This portion discusses how to implement various bargaining strategies on behalf of their clients.

Legal and Government

In this portion the student understands various legal implications as a real estate agent. Students also get a chance to analyze different kinds of laws encompassing a property.

Singapore Properties versus Malaysia Properties

Real estate market is booming both in Singapore and in Malaysia. There is a growing trend to compare the advantages and disadvantages of owing or renting property in these two neighboring nations before investing money to buy property in these two nations.  Both countries are industrialized, have great infra structure and safe environment.  Singapore property market just now booming and many investors from overseas have invested in real estate in the city nation.  On the other hand Malaysian properties, in comparison are cheaper, which makes them more attractive to the middle class buyers.  Anyone who has done a real estate license course or has undergone real estate sales training can easily discern the rising trend which compares real estate market in these two countries.

One does not need license course in real estate to understand why Malaysian properties score over Singapore real estate  particularly when the customers and buyers are middle class with limited spare cash. Real estate environment in both nations is same, the quality of the building material, the safety and security element and the infra structure, all these elements are equally good.  However, the price of property is much higher in Singapore than in Malaysia.  It is reported that per square foot cost in Singapore is $ 503 in some areas as compared to the same type of housing in Malaysia which comes with $270 per square foot cost.

Buying property just over the border and commuting to Singapore for work has given rise to a real estate boom in Malaysia, mostly in the areas adjacent to the border, in Iskandar and even in Kuala Lumpur.  The demand for housing in Singapore has spilled over to Malaysia and this has created a mini boom in housing in that place as well. Malaysia has an open door policy which makes buying property as easy as buying property in Singapore.