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Latest Property Real Estate News - Published on 06/04/2020
$30,000,000 PROPNEX RESILIENCE SUPPORT PLAN IN ASSISTING SELF-EMPLOYED REAL ESTATE SALESPERSONS INCLUDING $750,000 FOR THE COMMUNITY
In light of the challenging times especially after Prime Minister Lee’s announcement on 3 April, we are rolling out a $30 Million PropNex Resilience Support Plan (PRSP) today, in helping our 8,500 salespersons to tide over this period.
Mr. Ismail Gafoor, CEO of PropNex Realty commented, “In view of the ‘Circuit Breaker’ announcement on 3 April 2020 by PM Lee, there will be further restrictions on the conduct of real estate business and thus we are concerned for our salespersons cash flow situations. While there are a lot of uncertainties, it is our utmost priority to assure our salesforce that the PropNex Resilience Support Plan (PRSP) is aimed at easing their financial commitments during this unprecedented period.”
“PropNex would like to express our gratitude to all Singaporeans and the frontline heroes who are fighting the virus by contributing $750,000 to our community,” added Mr Ismail.
“PropNex had already invested in IT infrastructure that enables our salespersons to get access to quality real time trainings. We are fortunate that we had strengthened and enhanced our Virtual Office features and PropNex PA app in empowering our salespersons to do presentation to clients, sign transaction e-forms, post listings, co-broke on a huge internal agent network and submit cases online. We are continuing to stay connected via online platforms such us ZOOM, Webinar, Live Streaming, Videos and other means to keep our sales force abreast with market trends and directions,” concluded Mr Ismail Gafoor, CEO PropNex Realty.
Here are the details of the $30m PropNex Resilience Support Plan (PRSP):
1. $25m Advance Commission Scheme
1a. Advance Commission Scheme (New Launches): for salespersons who had concluded their deals and exercised before 30 June 2020, they could apply for the early release of their commission, interest free, capped at $10,000 per salesperson. Developers generally take 3 to 6 months to release the commission.
1b. Advance Commission Scheme (Resale Properties, except rental transactions): this scheme allows our salespersons to apply for the early release of their commission for resale transactions submitted before 31 March 2020, capped at $1,000 per transaction and limited to $10,000 for each salesperson.
2. Another $1.2m Advance Management Fee for PropNex Team Leaders Payouts: PropNex has over 250 team leaders who are our senior partners responsible in guiding and grooming our 8,500 salespersons. Team Leaders are entitled to apply for an advance management fee based on an average of the last 6 months income and capped at 50%. Limited to $10,000 per leader.
3. $1.25m Team Leaders’ Advance Pension Fund:PropNex is the first company in Singapore to introduce Pension Fund for our team leaders since 2006. PropNex will be releasing our Team Leaders Pension Fund of up to 40% or capped at $10,000 per leader.
Thus, each Team Leader could advance up to $30,000 of the resilience plan taking advantage of the Advance Commission Scheme, Advance Management Fee and Advance Team Leaders’ Advance Pension Fund.
4. $1.7m Convention Fee and Training Subsidies
4a. Waived off 2021 Convention Fee cum Training Fee: PropNex will waive off the Annual Convention and Training Fee of $128.00 payable by every salesperson as part of RES Renewal Fees for 2020/21 for our 8,500 salespersons.
4b. Subsidized Continuing Professional Development (CPD) Training Fee: PropNex will be subsidizing up to 50% of all CPD training fees. As each salesperson is required to attend and fulfill a total of 3 compulsory CPD courses in a year, in order to renew their license for the following year. Salespersons could further utilize the NTUC UTAP to pay for the balance amount, thus, not incurring any costs.
5. $100,000 Rebates on Business Costs
5a. PropNex will be extending the government rebates on rental to our salespersons with a 25% discount for the rooms and fixed seats for May and June 2020.
5b. All training and meeting room bookings will be FREE for 3 months after restrictions are lifted from 4 May till 31 July 2020.
6. $750,000 In support of the Community
6a. PropNex will be contributing $250,000 in helping the needy who are affected by the COVID-19 situation as well as the frontline heroes who are fighting the virus.
6b. We will continue our commitment since 2013 in contributing a further $500,000 to Community Chest, benefitting the less fortunate and underprivileged children.
7. While we tried to keep the costs low for our salespersons, the company had written to the Professional Indemnity Insurance provider on 30 March 2020 to request for a discount on the salesperson insurance premium.
8. We had written to Council of Estate Agencies (CEA) on 31 March on behalf of our salespersons and the industry, appealing for a total waiver of Real Estate Salespersons’ License and Administrative Fee of $283.50 for 2021’s RES Renewal. CEA had reverted that they are looking into the matter.
9. PropNex had written to CEA on 1 April 2020 to request for Deferment of Salespersons’ Medisave Top Ups for 2020 on behalf of our salespersons. CEA had acknowledged that they will look into the matter.
In an important Live streaming announcement this morning by CEO Mr Ismail and Executive Director Mr Kelvin Fong addressing our 8,500 salespersons just before the office closes till 4 May. “PropNex had curated a 28-day training schedule for our 8,500 salespersons via Webinar throughout this stay-home period, in upscaling their skills and professionalism. We will also be conducting online consumer seminars weekly by invitation from our salespersons on our corporate webinar. We are confident that this is the best time for our sales force to recharge, relearn, reconnect with their clients and spend quality time with their loved ones, in preparation to serve our clients when the restrictions are lifted,” Ismail remarked.