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The real estate industry in Singapore is booming, with high demand for both residential and commercial space due to the country’s status as one of Asia’s fastest-growing economies. The fact that Singapore’s economy has recovered quicker than expected and its labor market is booming have all led to a significant rise in market confidence. Foreign investors, entrepreneurs, and business specialists are increasingly purchasing residential properties, either to live in or to use as an investment. Interested in real estate investing? RealVantage is a real estate investment company in Singapore with experienced investors dealing in more than 20 cities and 5 major markets. Kickstart your real estate investment portfolio today with RealVantage. The rental market for residential properties in Singapore has also witnessed a major growth as a result of the continual influx of foreigners to Singapore. As you Start a Real Estate Agency in Singapore you will need to know the followings:
The residential property market in Singapore has grown at an unprecedented rate in recent years. Consequently, real estate agents are soon becoming a viable business possibility. “It may be challenging to establish a real estate agency in Singapore, however this article might assist you.
Existing legislation requires that before any Singapore-based real estate agency may begin offering services for both local and foreign properties, it must first get a licensing from the Council of Estate Agencies (CEA). Residents of Singapore who want to engage in the business of real estate agent must first get CEA registration via the company they work for.
Real Estate Agency: How to Get Started Facts and Requirements That You Need to Know
Any and all real estate agencies, whether they be single proprietorships, partnerships, or private limited corporations, are obliged to get a license from the Council of Estate Agencies under the Estate Agents Act, regardless of whether they are dealing with local or international properties.
Anyone working for a real estate company is required to register with the CEA, which may be done via the real estate business itself.
There are a number of prerequisites for obtaining a real estate license, including the following:
To do business lawfully in Singapore, the corporation, partnership, or sole proprietorship must be registered as a Singapore private limited company, partnership, or sole proprietorship with the Singapore Companies Registrar, ACRA.
An undercharged bankrupt, a person convicted of fraud, dishonesty, or a breach of fiduciary duty in any country, and someone who has been detained or placed under police supervision under the Misuse of Drugs Act or the Criminal Law Act are all prohibited from serving as a Key Executive Officer (KEO) for an estate agency. In addition, the KEO should have the following attributes: four GCE ‘O’ Levels, or the equivalent
- Have passed an industry-recognized certification exam, such as the Common Examination for House Agents (CEHA) or the Real Estate Agency (REA) exam.
- In an estate agency, you may work as a sole proprietor, as a director, or as a partner.
Additionally, you cannot be a current licensee or enrolled with another real estate agency
As a director or partner, chief executive officer, or solo proprietor, they must have at least three years of experience operating an estate agency firm, either as a lone proprietor or as a director or partner of a Singapore-licensed real estate brokerage. A licenced money-lender or a licenced money-organization cannot be a part of the estate agency or any of its essential members or employees. For example, the estate agency must not be bankrupt or convicted of fraud, dishonesty, or violation of fiduciary duty, among other criteria, in order to be considered suitable and proper for the position.
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