Property agents grapple with rising costs amid fierce competition

Paying to boost listings on property portals seen as vital in slowing real estate market

- Joyce Lim and Wong Yang

In Singapore's fiercely competitive property market, success comes with a hefty price tag.

Just ask veteran property agent Nicole Teo, who spent close to $50,000 in 2023 on advertising and listing fees - more than double what she paid a decade ago.

Ms Teo's spending, which includes paying to boost listings on property portals, has become essential for staying visible in an increasingly saturated industry grappling with a slowing property market.

"It's the cost of doing business," she said.

The 49-year-old deputy branch associate director, who has consistently been among the top 1 per cent of agents in Orange Tee & Tie, said aggressive marketing is no longer optional but a necessity for closing deals.

Ms Teo is not alone. Property agents told The Straits Times that their operational costs are rising, with platforms like PropertyGuru introducing paid features such as Boost, Turbo and Promoted Listings, which increase the visibility of their listings but can cost thousands in subscription fees.

ST spoke to 10 property agents who said they have had to spend more on things including personal branding campaigns, PropertyGuru subscriptions and video production to get noticed.

These marketing expenses have risen sharply over the past few years, driven by intense competition.

Fewer homes are being sold, yet the number of property agents here has risen. In other words, there is a bigger pool of agents chasing fewer deals.

At the start of 2024, there were 35,251 registered property agents, up from 34,427 in 2023 and 32,414 in 2022, according to data from the Council for Estate Agencies.

In 2023, a total of 19,044 private homes (excluding executive condominiums) were sold, down from 21,890 units in 2022 and 33,557 in 2021.