SoReal Prop, an app aimed to boost the productivity of property agents through various tools, such as e-scheduling of property viewings and generating reports with real-time transaction data, celebrated its 2nd anniversary on June 3. Minister of State (MOS) for National Development, Zaqy Mohamad, who graced the anniversary celebration, said how glad he was to see how far SoReal Prop has come.
The ‘Real Agent’ app SoReal Prop was founded by ERA Realty Network, Huttons Asia and PropNex Realty in June 2017, and was touted to counter the dominance of major online portals when it was launched.
When the Soreal Prop platform first launched in 2018, there were about 10 property agencies on board. This has since grown to more than 150.
“This is a good achievement. Congratulations!”, said Mr Zaqy. He added, “I am also glad that SoReal Prop has continued to leverage technology and push out new products to support agents and consumers.”
“For example, ‘RealHome’ will be officially launched with new features, and consumers can link up with bank services directly via the app; and ‘RealAnalytics’ will provide agents with insights on market trends and analysis, and this information will help agents to better advise their clients.
These are meaningful additions to the real estate agency industry. The Council for Estate Agencies’ public perception survey last year showed that consumers were more likely to be satisfied with their agents if the agents had used three or more technological tools during the property transaction.
Thus, the effort made by the SoReal team to continually evolve its tech tools for both agents and consumers is a step in the right direction.”
Mr Zaqy in reminding that in business, all companies must ask “What makes me special? What can I do differently to set me apart?”, said what makes SoReal Prop special is the fact that it is a platform built “by agents, for agents”.
“This means SoReal Prop is in a unique position to offer value to the industry in two ways. First, it can develop tech solutions which enable all property agents – whether from a big or small agency – to be more productive and efficient.
We often hear people say that tech investments are only for the big players. But with SoReal Prop majority-owned by the Singapore Estate Agents Association, there is an opportunity for all agents, including those from the smaller agencies, to access tech solutions in a cost-efficient way.”
The MOS cited the example of how many agents have been using the RealAgent app to conduct anti-money laundering and countering of financing terrorism checks. He added that property agents from smaller agencies are also relying on the app to learn about new, as well as upcoming, projects which they can recommend to their clients.
Mr Zaqy said that through its various consumer-facing portals like RealHome or RealInvestor, SoReal Prop has the opportunity to generate insights on consumers’ behaviour and preferences which could benefit the industry.
“So today, many listing portals are using artificial intelligence, or AI, to better identify what property attributes that buyers look out for. They analyse things like which property listing consumers spend more time browsing so the portals can make better recommendations.
Such information should be shared more widely with property agents today, as it could be very helpful for agents to know what your buyers are really looking for. I’m sure you know what your buyers are interested in, but surely this gives you a more aggregated view of the whole market, of what others are looking for. With better recommendations, consumers can make better decisions and can also enjoy better service from all of you here, agents in the industry.
These are just some possibilities of SoReal Prop’s unique value proposition to both the industry and consumers. All of you here are a key partner in the transformation of the real estate agency sector and I look forward to more exciting developments from the industry, as well as innovation from our agents.”
Mr Zaqy said that on the part of the Government, it will continue to support the real estate agency sector efforts to leverage technology. He encouraged the real estate agency sector to reach out to his Ministry if they have an idea as to how his Ministry can help them. He added that the Ministry of National Development would want to learn from the sector as well.
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