In the on-going realty boom in Singapore, the number of realty agents in a company is often seen as the best example of company’s reach and prowess. And going by the head count of agents there is a new leader in the bloc.
PropNex Realty has just claimed the throne of being the largest property agency in Singapore. With 6,688 agents it has edged past ERA Realty which had held the title so far. Interestingly this development comes after more than 80% of the agents at DWG (Dennis Wee Group) crossed over to PROPNEX Realty post the recent merger between the two. The company which has already been foraying into the international market sees this as a significant event in its journey.
As per the latest data released by the Council for Estate Agencies, PropNex’s headcount of agents swelled to 6,688 going past ERA Realty whose head count stood at 6,176. ERA Realty had been the reigning king for quite some time now and the latest development is being seen as a momentous event in the local realty market.
This is the latest merger in a series of such agreements that we have witnessed being signed in the recent times as the industry braces up for more consolidations. However, what is interesting in this merger is that there has been no transfer of equity between the two firms and neither has there been a dollar value assigned to the deal.
The nearly 7000 agents are expected to take the company to greater heights as it already enjoys good reputation in the market. The team which has always focussed on delivering excellence is seeing this major shot in the arm.
After the MoU was signed between DWG and PropNex both of which are home grown agencies 845 out of 1,063 agents formerly associated with DWG have given their consent to the PropNex Associate Agreement.
According to a statement released by the official spokesperson of PropNex close to 88% if DWG’s active salesmen who were in the S$50,000 or more earning bracket have switched over to the company post the merger.
The spokesperson further added that with respect to the remaining 218 agents who haven’t signed the deal there had been no transactions with 105 salesmen over the last 12-month cycle and hence they would be accounted as inactive. The number of agents who didn’t consent to be a part of the transfer stood at mere 113, most of whom would continue to work with other agencies.
Ismail Gafoor, CEO of PropNex seemed spirited having been able to retain most of the active agents who had been associated with DWG prior to the merger. He said that once the news of the merger started making rounds in the market many PropNex’s competitors did everything possible to lure the agents to join their team but PropNex still managed to retain 88% of the active salesperson which is testimony to the fact that the agency has been providing with the best opportunities for the salesperson to grow.
He added that PropNex has the ecosystem that supports agents and it will ensure that the new agents who have joined the team would be provided the best of support and opportunities.