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S$1b in commissions don' t translate to equivalent in revenue: PropNex responds to SGX
PROPNEX PropNex: OYY +1.18% had on Monday (Feb 21) said that while commissions relating to property transactions carried out by its salespersons in 2021 had indeed exceeded S$1 billion, that does not necessarily translate to an equivalent full-year revenue.
This is because the amount of commissions from transactions carried out within a financial period is different from the amount of revenue recognised for that period, said the company in a bourse filing.
PropNex was responding to queries from the Singapore Exchange (SGX) following feedback that PropNex chairman and chief executive officer (CEO) Mohamed Ismail had, in a private event, disclosed to its property agents that the group' s full-year commission for 2021 had crossed S$1 billion.
One could therefore deduce that the group' s full-year revenue would be more than S$1 billion, SGX noted in its query.
SGX said that it had received relevant screenshots of the postings by the company' s executive officer and property agents on social media that the company has crossed the S$1 billion mark in revenue for 2021.
SGX had therefore requested PropNex to clarify whether news that the group' s full-year commission and/or revenue for 2021 exceeded S$1 billion is factual.
PropNex said that during the event, the CEO highlighted that the volume of property transactions for 2021 exceeded 86,000. He had indicated that the commission relating to those property transactions carried out by its salespersons exceeded S$1 billion, which was factual.
" However, there is a difference in the commission related to the property transactions and the recognition of those commissions as revenue," said PropNex in a bourse filing.
As not all transactions were completed at the end of the financial period, he had not said that the group' s full-year revenue for 2021 was more than S$1 billion, PropNex clarified.
Commission is earned and recognised as revenue only at the point when that transaction is completed upon the execution of the sales and purchase agreement. No revenue will be recognised if the transaction is aborted.
As the buyer is usually given time to execute the agreement, the date that the transaction is carried out differs from the date when that transaction is completed.
The completion of a transaction may also be further delayed due to reasons such as the buyer needing more time to dispose of existing property, to arrange a bank loan or to review the agreement, PropNex explained.
will be much lower, 11000 agents, just to keep the numbers up to impress, only 2+k working. many in equities trading, no one buying, interest rate is shooting up, inflationary issues on commodities, invest gold or cryto is the way
price is artificially up. Era is a better bet less than half the price. DYODD why make the agents rich when they had earned 4 to 9% commission prior to current new measures to stamp up speculation
hope budget on 18 will spell out demise on holding more than 2 properties and rent should be highly taxed. Finance Minister should Do it to increase our national coffers for the support of health care, retiress and elderly
price is artificially up. Era is a better bet less than half the price. DYODD why make the agents rich when they had earned 4 to 9% commission prior to current new measures to stamp up speculation
hope budget on 18 will spell out demise on holding more than 2 properties and rent should be highly taxed. Finance Minister should Do it to increase our national coffers for the support of health care, retiress and elderly
Singpost ( Date: 15-Feb-2022 09:55) Posted:
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will back to 1.60 soon
muifan ( Date: 15-Feb-2022 09:29) Posted:
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fry up by kaki lang agents lol...
better run before them because their income year hit by absd...
high chance will cash out lol
better run before them because their income year hit by absd...
high chance will cash out lol
Sgvale ( Date: 27-Jan-2022 16:03) Posted:
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Maybe. But I doubt so. Support level is at $1.625
Sgvale ( Date: 27-Jan-2022 16:03) Posted:
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Back to $1 soon
Mass exodus of property agents sees OrangeTee & Tie dropped from top three biggest agencies
OrangeTee & Tie was ranked the third-largest agency here last year, but it suffered an exodus of around 25 per cent of its sales team. PHOTO: SCREENGRAB FROM GOOGLE MAPS
Joyce Lim
Senior Correspondent
Published
Jan 14, 2022, 5:58 PM SGT
SINGAPORE - The poaching battle among real estate firms to expand their sales forces amid the sizzling hot property market last year has sent one high-profile agency tumbling out of the top three ranking.
OrangeTee & Tie was ranked the third-largest agency here last year, but it suffered an exodus of around 1,000 agents - or 25 per cent of its sales team.
About 700 of the departing agents were with Navis Living Group - a network of real estate agents. Their move to join Huttons Asia helped lift the firm to third spot and, in turn, shove OrangeTee & Tie down to fourth in the league table.
Navis co-founder Stuart Chng was one of those who left.
He declined to say why he left OrangeTee & Tie but said Huttons has a strong leadership team, which has &ldquo a clear direction for the future growth of all the agency and their realtors&rdquo , and there is a good culture of unity among its leaders.
Navis now has 1,000 agents with Huttons, Mr Chng told The Straits Times.
He added: " Mark Yip, our CEO (chief executive officer), is very sharp in his thinking, has great strategic vision and executes decisions very swiftly, which is key for thriving as an agency."
OrangeTee & Tie chief executive Steven Tan declined to respond to questions about the mass exodus of its sales force, but said that some agents who left last year have returned and he hopes to recruit new staff this year.
Last year' s booming property market sparked a recruitment war between estate agencies, with all manner of inducements rolled out to entice agents to jump ship.
The benefits for agents switching firms ranged from thousands of dollars in sign-on bonuses to having their resignation penalties at rival companies fully paid.
In recent years, larger real estate agencies have been involved in marketing most new projects, which is why they are fighting to increase their headcounts and cement their market positions, said industry watchers.
PropNex Realty has maintained its position as the largest agency here, with 10,796 agents as at Jan 1, up from 8,918 at the beginning of last year (2021), noted the Council for Estate Agencies (CEA).
ERA Singapore is next with 8,144 agents, followed by Huttons with 4,154, up from 3,210.
OrangeTee & Tie, which had 4,122 agents last year, dropped to fourth place, with 3,087 sales people at the beginning of this year.
A CEA spokesman said 94 per cent of property agents in 2021 had their registration renewed for 2022, while there were 1,906 new registrations commencing from Jan 1.
Some analysts said the new cooling measures, which raised the additional buyer' s stamp duty for Singaporeans acquiring a second home to 17 per cent, and 25 per cent for a third property, could put bigger agencies at an advantage.
" If cooling measures slow down sales, developers will rely even more on the bigger agencies to have a wider reach to buyers," said Mr Nicholas Mak, ERA Realty' s head of research and consultancy.
" Those with offices overseas and who can bring in foreign buyers would have a competitive advantage."
But Mr Bruce Lye, co-founder of fifth-placed SRI, which has 1,141 agents, feels that the new cooling measures could shrink the opportunities in the market and make it harder for bigger agencies to retain their sales forces.
" The smaller-sized agencies are more nimble and able to efficiently adapt to the market conditions with simple strategic implementations," said Mr Lye.
However, Mr Mak said bigger firms would have the means to invest in technology in terms of having better mobile apps and providing the software and digital marketing support for agents.
PropNex Realty chief executive Ismail Gafoor said that since the pandemic, more agents know that they " need to be supported by good proptech solutions and world class training to remain relevant" .
Last year, PropNex, which has about 30 per cent of the overall sales force in Singapore, brokered more than 50 per cent of HDB resale deals and about 45 per cent of the units at new project launches and in the resale market, said Mr Gafoor, who aims to have 12,000 sales people by next year.
This year, it formed the Good Class Bungalows and Prestige Landed Property Division in a bid to grow the firm' s market share in this niche segment, he added.
Which is stupiak. $200k car after 10yrs worth how much? $200k go use for downpayment for pte worth how much 10yrs later
des_khor ( Date: 26-Dec-2021 21:25) Posted:
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it is known agents now are maserati preferred, 2 to 3% for hdb resale and upgrade to new condo or resale, total expected 5 to11% comm, its good money, that' s how market plays out. hdb should create a portal for sell and buy advert and help buyers/sellers to deal direct via its portal. and new projects aggressive targeted adverts by developers would reduce buying price too. thus no need too many foreign imports to fill up the void, agents can now be safely employed with guaranteed salaries, good for economy and community
des_khor ( Date: 26-Dec-2021 21:25) Posted:
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I beleived if progressive property tax ca be implemented, there is no need for increase in GST. Just shows this govt is only for the rich
Nowadays So many more than 200k cars park at HDB carpark in JW ...
uiop1223 ( Date: 26-Dec-2021 15:16) Posted:
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LOL. The hdbs are affordable but u ask what the self entitled youngsters wishlist:
1) must be new, no older than 10yrs
2) near city area like queenstown, redhill
3) must be big
Money dont drop from sky. If u r poor, stay ulu place like jurong west. Very affordable housing available but beggars still want to choose.
Want to stay RCR but affordable? Go buy a 30+yr hdb.
They want the best but refuses to work for it.
They can lie down and be left behind. They can sleep on streets.
1) must be new, no older than 10yrs
2) near city area like queenstown, redhill
3) must be big
Money dont drop from sky. If u r poor, stay ulu place like jurong west. Very affordable housing available but beggars still want to choose.
Want to stay RCR but affordable? Go buy a 30+yr hdb.
They want the best but refuses to work for it.
They can lie down and be left behind. They can sleep on streets.
nott1965 ( Date: 26-Dec-2021 14:25) Posted:
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The day when our youngs decide to lie flat because of the dictators of the earlier generation will be the day the govt will come to regret. I salue the China govt for not trying to rectify the situation. Afterall, to continue to progress as a nation as what our national pledge said, we should allow everyone to have an equal stake rather than asking the younger generation to work hard to protect the riches of the few.
If property tax becomes progressive, and each can only own a property economically, developers will have to build bigger units which will be more conducive to building families.
If property tax becomes progressive, and each can only own a property economically, developers will have to build bigger units which will be more conducive to building families.
Progression is DNA of capitalist society.
Those who buy reits, be it healthcare, retail, office, also wants to have increasing DPU? Wouldnt this push up the costs of tenants and lead to increase in cost of living? Owner of reits are no different from property owners. Only that most are poor and cannot afford to buy 2nd property
Those who buy reits, be it healthcare, retail, office, also wants to have increasing DPU? Wouldnt this push up the costs of tenants and lead to increase in cost of living? Owner of reits are no different from property owners. Only that most are poor and cannot afford to buy 2nd property
honesty ( Date: 26-Dec-2021 11:14) Posted:
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spore cannot be like hk abhorrently high prices n no way to vote out regulators, kudos to govt for the latest cooling measure, next measure will be 5 times more on 2 ppty ownership tax n beyond. which is rational, malaysia n thailand hv plenty space and cheap ppty, invest there or even relocate there. look at coe, now 80k yet still got many buyers when mrt is so convenient and even more next 5 yrs, spore has space issue, hope all can understand
developers are smart, they should do more targeted adverts n reduce prices and not overly depend on high comm payout of 4 to 9% prior to latest cooling measure and prices run-up like crazy understandably with push fm agents. agents already made enuf last few years on the high comm which can see them thru another decade even if comm is dropped to 1% or even wthout income.
spore shud not be seen as a money making place for ppty, hope foreign n local investors remind themselves, next will be commercial shophouses which prices already more than triple since 2/3 years ago, that is why operating F& B are very very expensive to dine in, so its relative, when dine in at outskirts, they are 2/3 times cheaper, anyway F& B downtown are meant for expats albeit wont turn away affordable locals
developers are smart, they should do more targeted adverts n reduce prices and not overly depend on high comm payout of 4 to 9% prior to latest cooling measure and prices run-up like crazy understandably with push fm agents. agents already made enuf last few years on the high comm which can see them thru another decade even if comm is dropped to 1% or even wthout income.
spore shud not be seen as a money making place for ppty, hope foreign n local investors remind themselves, next will be commercial shophouses which prices already more than triple since 2/3 years ago, that is why operating F& B are very very expensive to dine in, so its relative, when dine in at outskirts, they are 2/3 times cheaper, anyway F& B downtown are meant for expats albeit wont turn away affordable locals
Those who already bought - they are the lucky ones lo.
Last time hdb can decouple and buy pte.
Last time 4 rm bto hdb cost $70k but now bto 4 room around $280k
Last year DBS $17 now $32, issit fair to buyers who never buy last yr?
Miss the boat? Too bad.
The lesson here is dont wait to buy property. Buy property and wait to huat.
Last time hdb can decouple and buy pte.
Last time 4 rm bto hdb cost $70k but now bto 4 room around $280k
Last year DBS $17 now $32, issit fair to buyers who never buy last yr?
Miss the boat? Too bad.
The lesson here is dont wait to buy property. Buy property and wait to huat.
nott1965 ( Date: 25-Dec-2021 23:00) Posted:
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Bro or sis, when inherit, the children has to pay ABSD also if the children already has a property. The law is such that one person can only has one property. If parents pass on and hand down to child, ABSD applies or the child need to sell off one property.
To make things simple, each person can only has one property under his/her name.
U think ah gong stupid ar?
To make things simple, each person can only has one property under his/her name.
U think ah gong stupid ar?
nott1965 ( Date: 25-Dec-2021 23:00) Posted:
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ABSD only prevent people from buying. How about those who already bought? Is it fair to the future generation?
uiop1223 ( Date: 25-Dec-2021 22:31) Posted:
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ABSD already increase. What else is needed?
Poor people buys some lots of sgx listed shares and live HDB 😂
Poor people buys some lots of sgx listed shares and live HDB 😂
nott1965 ( Date: 25-Dec-2021 14:10) Posted:
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