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Property agents feeling the pinch as market cools

nutbush

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http://business.asiaone.com/news/property-agents-feeling-the-pinch-market-cools

Audrey Kang
The Straits Times
Wednesday, Apr 02, 2014
SINGAPORE - It might be a property buyer's market now that prices in the fourth quarter last year have finally dipped after several years but it is about as grim as it gets for property agents.

Buying interest is down to levels not seen since the months following the 2008 global market crash although prices have held up better this time around.

Agents are more concerned with transaction volumes than sale prices as it is high turnover that generates commissions and in this regard, pickings are lean.

Only 565 new private homes were sold in January while 724 units were shifted last month.

There were also only 242 resales in the private home market last month, down 18.5 per cent from January, according to the Singapore Real Estate Exchange.

These anaemic numbers are all unwelcome reminders of the financial meltdown.

In the first two months of 2008, only 494 new units were sold although activity picked up in 2009, with 108 new sales in January and 1,332 in February of that year.

The feeble sales this year point to just how hard and fast the slide has set in. New sales averaged around 1,000 a month in 2012 while there were 22,197 transactions overall, including resales, that year - a far cry from the 14,948 units sold last year.

Propnex chief executive Mohamed Ismail said he expects transaction numbers to stay low, at least until the end of this year.

Agents hope it will not mirror 2008 when only 4,264 units - new and resale - were sold in the private home market.

Buyers are the winners with a wealth of options - RiverTrees Residences, Riverbank@Fernvale, The Ascent, Cluny Park Residences and The Panorama all launched this year - at prices that are open to negotiation.

Several agents told The Straits Times that they are finding it far harder to close a deal now than in the past few years when property virtually sold itself.

An agent, who wanted to be known only as Mr Ng, said: "The buyers know that they have more choices now, and they're using this to their advantage to take their pick." He has been working at a showflat for the last month and has yet to close a deal.

Another agent, who wanted to be only known as Mr E. Tan, said he used to close around three deals a month in 2012 but has not finalised a single purchase in nearly two months.

An agent, who gave his name only as Mr Zhang, said: "There are too many choices... For buyers who are purchasing for themselves, they will still buy, but for investors, they are choosing to wait and hunt for better deals."

Nurse Denise Thia, 36, who visited two show flats in Sengkang earlier this month, said: "We're looking at buying a new unit for investment. There's definitely more choice for us now."

The Straits Times visited the showflats of recently launched projects over two recent weekends to see how grim things were.

Agents often outnumbered viewers at showflats. In one case, there were at least 15 agents in attendance but only two families turned up over one hour.

At another, 20 agents stood around with only a family of five at the showflat in over an hour.

Mr Ng said he has encountered buyers who want multiple viewings at showflats without real intentions to commit.

Another agent, Ms Loh, said: "Agents don't have a stable income even in good markets and now, it's even worse for us."

Dennis Wee Group president Lionel Ng said increased loan restrictions and the wide range of choices for buyers are discouraging transactions. "Buyers are also starting to look at properties overseas as they are not as restricted in terms of loans," he added.

Mr Lionel Ng, who has been in the property game for 18 years, said the market is the worst he has seen, even compared with the 2008 financial crisis.

"(Then), agents weren't so affected as people were still selling properties. Agents are only affected by the number of transactions, so even then we were doing rather well compared with now."

Said Mr Ismail: "Transactions have fallen around 30 per cent to 40 per cent since 2012 across both private property and the HDB markets. Buyers are taking advantage."

Agents 'giving up or branching out' as tough times bite

Mr David Cheong has seen all sides of the local residential property market - as a property agent, and more recently as a trainer of property agents.

Times are tough now, he said, observing that many would-be agents fall by the wayside when they realise how difficult the market has become.

In 2007, he was prompted to quit his $5,000-a-month job in the information technology industry, lured by stories of top agents closing more than 10 deals a month and raking in big money.

Said the 39-year-old: "When I first joined, the industry was booming.

"But shortly after, in 2008, things weren't as good."

He said he sometimes questions his decision to leave his stable job for this uncertainty.

A year into being a full-time agent, he decided that the market was too bad and started looking elsewhere for a job, while supplementing his income as a part-time agent.

Now, he is a real estate agent trainer, and has taught more than 3,000 real estate agents.

However, only 20 per cent of his students are still in the industry.

"Most people come in with the dream that they are going to close many deals a month, but that is simply not true," he said.

"In reality, only the top 20 agents in the market are closing the deals."

Most of his students leave the industry after they realise that the market is not as favourable as they thought it was.

He has no plans to go back to being a full-time agent, especially in this market.

"I used to be able to close at least four deals a month, but right now, in this market, I am very happy to close even one," he said.

Besides residential property, he has started handling commercial property deals, as well as foreign properties, just to stay afloat.

"Many agents these days are branching out, because the residential market is not big enough to sustain so many agents," he said.

[email protected]

- See more at: http://business.asiaone.com/news/pr...ch-market-cools/page/0/1#sthash.RVLncw3I.dpuf
 

congo9

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Loyal
When market is good, they make millions and dirt cheap money easily. When times are not so rosy, they whine and lament about good old days. What is it with Singkie ?

You do not need a University degree to sell houses and Insurance. Why am i seeing well educated people going into property line and Insurance just because it has good money ? Is Singkie education direction heading the wrong direction ? No doubt we are good comparatively to other Nation. It such a waste of resources.

We must build our education according to the need of our economy and Nation.
 

xebay11

Alfrescian
Loyal
We must build our education according to the need of our economy and Nation.

Because in Singapore, to do that means we will starve on the streets, be realistic, we need lots of money to enjoy decent living in Singapore.
 

laksaboy

Alfrescian (Inf)
Asset
When market is good, they make millions and dirt cheap money easily. When times are not so rosy, they whine and lament about good old days. What is it with Singkie ?

You do not need a University degree to sell houses and Insurance. Why am i seeing well educated people going into property line and Insurance just because it has good money ? Is Singkie education direction heading the wrong direction ? No doubt we are good comparatively to other Nation. It such a waste of resources.

We must build our education according to the need of our economy and Nation.

In Singapore, for Sinkies, it is better to be a prostitute than to be poor.

笑穷不笑娼
 

syed putra

Alfrescian
Loyal
When market is good, they make millions and dirt cheap money easily. When times are not so rosy, they whine and lament about good old days. What is it with Singkie ?

You do not need a University degree to sell houses and Insurance. Why am i seeing well educated people going into property line and Insurance just because it has good money ? Is Singkie education direction heading the wrong direction ? No doubt we are good comparatively to other Nation. It such a waste of resources.

We must build our education according to the need of our economy and Nation.

The degree part just to show that mentally, you are not retarded.
The job in the real estate means, you are not in the office 90% o the time. Same with insurance.
 

Agoraphobic

Alfrescian
Loyal
Can't blame people, the lure of money is strong. That is sad, but what can we do? I knew a doctor once, guy was already rich, came from a well-to-do family. Graduated from medical school, dad helped out and opened a GP office for him; after almost a year, the bugger quit and went to become a partner in a stockbroking company! Ideally, it would be nice if one could study or immerse oneself in subject of interest instead of monetary returns (eg. my daughter's wish is to become a palaeontologist), but in reality, we have to work within real economic constraints.

Cheers!

........... Why am i seeing well educated people going into property line and Insurance just because it has good money ? Is Singkie education direction heading the wrong direction ? No doubt we are good comparatively to other Nation. It such a waste of resources. .........
 

magical

Alfrescian (InfP)
Generous Asset
Aiya all property agents are screwing you only. The higher they sell the more they make, now market down they make less nia, when market good they drive porsche and ferrari and when market down kowpeh kow boo.
 

nutbush

Alfrescian
Loyal
how did the venture of your friend's son turn out?

Can't blame people, the lure of money is strong. That is sad, but what can we do? I knew a doctor once, guy was already rich, came from a well-to-do family. Graduated from medical school, dad helped out and opened a GP office for him; after almost a year, the bugger quit and went to become a partner in a stockbroking company! Ideally, it would be nice if one could study or immerse oneself in subject of interest instead of monetary returns (eg. my daughter's wish is to become a palaeontologist), but in reality, we have to work within real economic constraints.

Cheers!
 

johnny333

Alfrescian (Inf)
Asset
...

You do not need a University degree to sell houses and Insurance. Why am i seeing well educated people going into property line and Insurance just because it has good money ? Is Singkie education direction heading the wrong direction ? No doubt we are good comparatively to other Nation. It such a waste of resources. ...

Many people got a degree because they believed the PAP propaganda about degrees & careers.
It may have been true in the past but the PAP is notorious for their frequent policy changes.

Today it is pro-foreigners & if you are a Sporean you are out of luck.
 

Equalisation

Alfrescian (Inf)
Asset
Many people got a degree because they believed the PAP propaganda about degrees & careers.
It may have been true in the past but the PAP is notorious for their frequent policy changes.

Today it is pro-foreigners & if you are a Sporean you are out of luck.

Agree. Newly minted citizens = more PAPPY votes !:mad:
 

laksaboy

Alfrescian (Inf)
Asset
Many people got a degree because they believed the PAP propaganda about degrees & careers.
It may have been true in the past but the PAP is notorious for their frequent policy changes.

Today it is pro-foreigners & if you are a Sporean you are out of luck.

To make matters worse, the pappies like to declare the 'next big thing' in the economy and through the bombardment of the sycophantic press, psycho Sinkies into studying those courses.

In the early 2000s it was 'life sciences', in the late 2010s it was 'casino management'. :rolleyes:
 

johnny333

Alfrescian (Inf)
Asset
To make matters worse, the pappies like to declare the 'next big thing' in the economy and through the bombardment of the sycophantic press, psycho Sinkies into studying those courses.

In the early 2000s it was 'life sciences', in the late 2010s it was 'casino management'. :rolleyes:


Many of my colleagues took advantage of the companies education policy to upgrade to an MBA. They had to rush off to school after office hours.

Doubt it increased their value by much & today some of them are doing real estate, insurance,....
 

Agoraphobic

Alfrescian
Loyal
I don't know. He (the doctor) was a college mate of my uncle who also opened and ran a GP practice after he graduated. I never followed up on his relation. This happened during the late seventies. All are old men now.

Cheers!

how did the venture of your friend's son turn out?
 

halsey02

Alfrescian (Inf)
Asset
"Another agent, Ms Loh, said: "Agents don't have a stable income even in good markets and now, it's even worse for us."""" quote

Ms. Loh can find stable income, if she knows, which market to tap!! ha ha ha ha
 

numero uno

Alfrescian
Loyal
When market is good, they make millions and dirt cheap money easily. When times are not so rosy, they whine and lament about good old days. What is it with Singkie ?

You do not need a University degree to sell houses and Insurance. Why am i seeing well educated people going into property line and Insurance just because it has good money ? Is Singkie education direction heading the wrong direction ? No doubt we are good comparatively to other Nation. It such a waste of resources.

We must build our education according to the need of our economy and Nation.

that's why i worry for sinkieland. everbody including garmen looks for shortcut. there is no real economy or talent here. 80% of economy revolved around property ie banks, developers and property agents and lawyers. this is very unhealthy and common sense dictates is a con job as no real value to society is created unlike in US or Japan where people craete real products like cars and handphones or medicine. here is alll brag and hype about asset enhancemnet till bubble burst. even the chinamen are withdrawing and selling their properties in singapore and running back home. Now when jappan and korea open their casinoes and thailand build up the kra canal, all hell would break loose.
 

congo9

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Loyal
that's why i worry for sinkieland. everbody including garmen looks for shortcut. there is no real economy or talent here. 80% of economy revolved around property ie banks, developers and property agents and lawyers. this is very unhealthy and common sense dictates is a con job as no real value to society is created unlike in US or Japan where people craete real products like cars and handphones or medicine. here is alll brag and hype about asset enhancemnet till bubble burst. even the chinamen are withdrawing and selling their properties in singapore and running back home. Now when jappan and korea open their casinoes and thailand build up the kra canal, all hell would break loose.


That is what exactly i am harping about all along. You spoke my mind. We have nothing to brag about. At least , Japan and Korea has their own R & D to brag about. They churn out product after product. All are world beaters. Here we have graduate who are engineer trained becoming agents. Frankly speaking , all these talk about licensing is hog wash of agents. It does not help in anyway to the economy.

Today's article came out bragging that Singkie's Education are top notch. They are problem solvers. To me, it a total hogwash. If we are truly thinkers and problem solvers. We would not be resorting to importing people and collecting rental to sustain the economy.

This greedy government still dare to pay themselves 18 months of bonuses. I say Balls to all these civil servants and politician.
 

zeebjii

Alfrescian
Loyal
Today's article came out bragging that Singkie's Education are top notch. They are problem solvers. To me, it a total hogwash.

Not a hogwash, not at all. Sinkies are top notch academic problem solvers. just like our paper general. look good on paper and in classrooms only.
 
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