20180922 (Sat)
Can I be a part-time REN?
In REN appointment. Standard 2 of MEAS 2014 specifies that:
2.1.1 Real Estate Negotiators are salespersons engaged by the estate agent’s in the listing and marketing of properties for sale/purchase/rent/lease. They shall be under the direct supervision of the estate agents and shall be engaged either on a ‘contract of service’ or on a ‘contract for service’.
‘Contract of service’ means an employment of a Negotiator on a full-time basis with a basic salary and either with or without commission.
‘Contract for service’ means an engagement of a Negotiator on a full-time basis, whose commission shall not exceed the amount as prescribed by the Board.
Most of the RENs are under “contract for service” as most agency firms do NOT want to incur cost in giving wages. Hence, RENs are paid a commission shared with the firm, and although it is a full-time engagement, it is without salary or any other employment benefits.
Can a REN be a part-timer? The answer is “No”. However, many in the market is doing it “as and when necessary”.
This is because the property market now is in the sluggish phase. You are faced with the slow sentiment of market, and income is uncertain. Therefore, many have turned to other means of income like mutual fund and multi-level marketing. So, although there is no such allowance in the law, it has become “full-time REN” and “part-time” MLM, mutual fund salesperson.
Being hard to enforce the law (and being truth of reality of livelihood), people just let it be. However, for PEA (probationary estate agents) it is discouraged. In eventual TPC interview (Test of Professional Competence) a PEA has to have a clean track record. Any offences or contravention of the law and rules will render investigation, and jeopardise the outcome of TPC Interview.