Many industries started from a very scratchy beginning and progress slowly into a more credible, structured, and strong platform. Real Estate industry is no exception. In the early 60s, Singapore Real Estate development is dependent on SIT (Singapore Improvement Trust) formed as early as 1920s. SIT oversaw Singapore’s urban planning and public housing. Subsequently the establishment of HDB (Housing Development Board) in 1960 took over the public housing sector and URA (Urban Redevelopment Authority) in 1974 is tasked to develop programmes for strategic land use, inclusive of conservation, park management , land sales and overall urban design. In these period, so-called real estate agents are “free to roam” where they established their own “rules of engagement”. I call this period “the cowboy town”. Then, agents can represent both buyers and sellers and take commission from both ends, the key issue with this is that there was no clear representation of interest. In such operating mode, agents only focused on their own interests and thus the business model is not ideal, or far from being fair. There is very low barrier of entry and thus, anyone or everyone who wish to become an agent can practically start being one by following a practicing agent.

Fast forward to today, with the establishment of CEA (Council of Estate Agency) in Oct’2010, the real estate industry has entered a new era of more structured operating landscape and a transparent business model that is open to all parties involved (agents, buyers, or sellers). Consumers can now check the credibility of the agents they engage or potentially engaging via the CEA portal with details like transactions history and past records, if any, stipulated clearly. People who are keen to become an agent must attend a RES (Real Estate Salesperson) course, get certified, before they can apply for the exam that happens only 2-3 times a year. They must clear 2 papers to be eligible to apply for a real estate license and joined a recognized estate agency (registered with CEA) to practice.  All agents are now governed by a set of regulated practice guidelines by CEA and failing which is liable to fines or jail terms. In other words, real estate industry is now a regulated and professional industry where only the qualified agents can practice.

So ditching the stigma of real estate agents in the past…today, real estate consultant are a legit and professional job that offers unlimited potentials as far as your imagination can bring you. Wise or Wrong move to join any industry is often dependent on one’s own purpose and long term vision of their career planning. However, being someone who has taken this step as a mid-career switch, I can share with you why I opt this as the wisest move that I have made…

Induction and Training Provided

When one joins the Real Estate industry, depending on the Estate Agency and the Group or Division (within the Estate Agency) that one joined, there will be an induction program or a series of structured training for one to go through.
Such training, will equip the newly joined with the necessary skills and tools to kick start their journey. Thereafter, mentoring and coaching will be in placed to guide the newly minted agents in executing their action plans.

Successful Process and System

In the process of attending the series of training, a proven set of process and system that generates consistent results will be shared. If one joins the right agency with the right Group/Division, such sharing will be a norm. In the spirit of creating a performing team and to enable all team members to firm their footing into the real estate industry, this process and system should not be a secret.

What makes the difference in the outcome or results, will be dependent on one’s belief and conviction in their purpose and objectives of their real estate career.

Progression & Entrepreneurship Experience

When one starts in the Real Estate Industry as a Salesperson, they will have a clear progression path in front of them where their results will allow them to be promoted to the next level. From an Associate to an Assistant Marketing Manager to a Marketing Manager to a Assistant Marketing Director and so on. Until a certain level of promotion, one can also start building their own team and soon be eligible to start their own DIVISION. Eventually, one will reach a stable income stream and contribute into this virtuous cycle to help more entry level salesperson achieve their goals and dreams.

Besides such visible progression, one will also learn to value the entrepreneurial experience of starting out on ground-zero and eventually establishing their own teams and divisions. This invaluable experience is something not possible simply from any books or readings.

Skill and Knowledge are Transferrable

It will also be interesting to note that skill and knowledge acquired during one’s real estate journey, it is highly transferrable. It means that whatever you learned and experience in Real Estate Industry as a Real Estate Agent will be applicable also to any other industries’ sales or management role.
In fact, many real estate agents have been successful in their real estate career and level up further in life to start their own businesses, work in a consultancy roles, and even retired with their own portfolio of properties.

I have not looked back since I took the leap of faith to enter the industry with a clear purpose, and a conviction to succeed. I have my fair share of challenges and obstacles, but I am always not alone in facing them. Today, I am a very happy real estate consultant that enjoys my work, integrated my work and life, look forward to each progression/milestone that I have set for myself, and importantly learning heaps each day and always improving myself…

So, if you are thinking of entering the Real Estate Industry and wondering if it will be a wise or wrong move, I hope this article will give you some insights and help. At the end of the day, there are always challenges in any job you take up or industry that you chose to enter, key is to always be truthful to yourself on the purpose that drives you, and the long-term goals or objectives that you are trying to achieve.

 

“Don’t Make your Decision based on Fear. Make decisions based on hope and possibility. Make decisions based on what should happen, not what shouldn’t”

….Michelle Obama