Agency holding companies consolidating agencies
Following the latest licence renewal exercise, the number of licensed property agencies fell to 1,286 as at Jan 1, 2017, a 6.1 per cent drop from 1,369 a year ago, and the number of registered agents fell by about 3 per cent to 28,397 from 29,262, according to the Council for Estate Agencies (CEA).
A 10-15 per cent drop in the number of agents across the top 10 property agencies here could be seen after the latest licence renewal exercise.
This came despite some of the biggest agencies here having clocked higher gross commissions last year, reinforcing the adage that size does matter in this industry.
Before the proverbial ink had dried on Expedia's acquisition of Travelocity last month, Expedia recently announced its acquisition of Orbitz for $1.6 billion.
In fact, Expedia has been gobbling up other OTAs for 15 years now, leaving about 80% of the U. landscape dominated by just two major players: Expedia and The Priceline Group.
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"CEA also recognises that the real estate agency industry landscape is evolving," he added.
"For example, with technological innovations, consumers' lifestyles and preferences in handling their property transactions are changing, and this could shift demand for real estate agency services." A total of 95 property agency licences and 3,200 property agent registrations lapsed on Dec 31, 2016; over the course of 2016, 40 new property agency licences and 1,189 new property agent registrations were issued by CEA.
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