More than 500 real estate agency practitioners attended the Council for Estate Agencies (CEA)’s Estate Agency Industry Conference on 26 March 2019. They discussed and explored how the sector, with support from the Government, can remain productive and resilient in a changing environment.
In line with the theme of the conference “Charting new frontiers: Keeping the estate agency industry relevant”, the presentations and discussions focused on how property agencies and agents can continue to thrive in the future through the adoption of technology and business innovations, and by developing the necessary skillsets.
Mr Lee Kwong Weng, Executive Director of CEA, opened the conference by affirming that the industry has been responding to challenges in its operating environment. He encouraged more property agencies to take the lead in embracing digital transformation and to drive digital readiness efforts. He said, “The industry has to tap on technology to boost productivity and better meet consumers’ higher expectations.”
To help facilitate the industry’s transformation process, Mr Lee assured the industry that CEA will continue to take a balanced approach to reduce regulatory burdens without compromising consumers’ interests.
Guest-of-Honour Mr Zaqy Mohamad, Minister of State for National Development and Manpower, announced the key findings of the 2018 Public Perception Survey on the real estate agency industry, which showed that 85 per cent of consumers in 2018 were satisfied with the services provided by their property agents, as compared to 79 per cent in 2015 and 81 per cent in 2012.
Mr Zaqy also provided an update on the initiatives, under the Real Estate Industry Transformation Map (ITM), that are being progressively implemented. These initiatives are aimed at enabling property agencies and agents to enhance productivity, innovate, raise professionalism, and build stronger client relationships to remain relevant.
Additionally, he shared about the work done by the Digitalised Property Transactions Workgroup, which is rolling out initiatives to facilitate the entire real estate sector’s move towards offering digitalised, seamless, efficient, and secure transactions from end to end.
He painted a vision, wherein payments for property transactions in the future can be made from the comfort of one’s home, and electronic documents are signed and sent seamlessly to banks and lawyers.
Mr Thomas Tan, President of the Singapore Estate Agents Association (SEAA), delivered a presentation on behalf of the real estate industry associations on how the industry, with support from CEA and other Government agencies, can create innovative and practical solutions to transform the estate agency industry for the future.
During the event, CEA also announced a new Continuing Professional Development (CPD) framework for the estate agency industry that will take effect from 1 October 2019. CEA, together with the industry, has conducted a review of the framework and expanded the range of areas where property agents can develop themselves to remain relevant in the changing environment.
NCS Pte Ltd presented how property transactions could potentially be in the future when processes are fully digitalised, providing benefits to both industry practitioners and consumers.
The conference ended with a Question and Answer session where a panel comprising representatives from CEA and the four industry associations — the Institute of Estate Agents, KEO Connect, SEAA, and the Singapore Institute of Surveyors and Valuers — took questions from participants. Topics discussed ranged from ground issues to how the estate agency industry can successfully navigate the digital environment, and strengthen partnerships within and beyond the industry.