Real estate sector lures more millennial professionals

real estate
Picture for representation purpose

For most young professionals, a career in real estate is not the top priority. However, given the positive outlook on the real estate market, more millennials are now considering to give the sector a try.

In a report on PropertyGuru, PropNex Realty Key Executive Officer Lim Yong Hock said there are now younger individuals who see real estate as a viable career.

"In today's market, increasing number of younger individuals are drawn to the real estate segment as the profession is no longer deemed as a "mid-career switch" option, but instead a long-term rewarding career," he explained.

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He furthered, "In PropNex, we have fresh graduates and professionals who were doing really well in their previous careers joining us, drawn by their passion for properties and opportunities presented in the industry."

PropNex is the biggest property agency in Singapore, employing 6,684 agents. The number of salespersons at PropNex jumped by around 21% from last year, thanks to its merger with Dennis Wee Group. Lim noted that small- to mid-sized real estate agencies are now consolidating their businesses with their bigger counterparts.

Industry-wide, there was a slight increase in the number of registered property agents in Singapore, as indicated by the latest data released by the Council for Estate Agencies (CEA).

According to the council, there are 28,571 property agents and 1,269 agencies in the city-state as of the start of the year.

CEA Chia I-Ling said the increase in the number of registered agents could be due to a positive outlook on the real estate market.

"Like other economic sectors, the real estate agency industry is undergoing a transformation in the face of technological innovation as well as the emergence of new businesses and service delivery models," he said.

With this, Chia said these property agents have to continuously seek opportunities to upskill in order to keep up with the changing business environment and meet the evolving needs of consumers.