Image: Real Estate Doc Pte Ltd
Mar 2021 - 3 min read
Looking to digitalise your business processes but need help with funding? New pre-approved digital solutions for the real estate agency industry could be just what you need to kickstart your digitalisation efforts.
The Council for Estate Agencies (CEA) is partnering the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) to introduce new digital solutions as part of the SMEs Go Digital programme to help estate agents (EAs), especially the small and medium-sized EAs, to use digital technologies and build stronger digital capabilities to raise productivity, with funding support from the Productivity Solutions Grant (PSG).
During CEA’s engagement sessions with the industry, some EAs shared that they face challenges in digitalising their work processes because of the low return on investment due to lack of scale.
Echoing this sentiment, Mr Wong Cheong Hong, Chief Executive of the Singapore Estate Agents Association, said, “It is always challenging for the small- and medium-sized EAs to digitalise their operation due to high set up cost to develop a tool or system. If they rely on the third-party vendors, there is always an issue of relevancy of the tools and the monthly subscription fee they may need to pay.”
Some of the suggestions that came out of the engagement sessions included the provision of centralised IT services, such as compliance-related services, as these would offer smaller EAs and their salespersons more affordable access to help them on their digitalisation journey.
In line with this, pre-approved and sector-specific digital solutions for the real estate agency industry, which will help EAs to meet compliance-related requirements effectively in the following areas will be made available progressively:
- Document management;
- Transaction records submission; and
- Due diligence checks for property transactions.
Sector-specific digital solution on document management with Redoc.co
Image: Real Estate Doc Pte Ltd
The first sector-specific digital solution for the real estate agency industry that is available for adoption is Redoc.co – a smart, cloud-based document management platform. Developed by Real Estate Doc Pte Ltd, Redoc.co enables users to fully automate sales processes and close deals faster with a complete digital workflow; manage documents and inventory flexibly; and get real-time data insights on business performance.
With Redoc,co, EAs can enjoy the following benefits:
- Create contracts quickly with templates and smart fields.
- Digitally sign contracts with video-conferencing.
- Manage clients and their assets easily.
- Upload, track and retrieve past transactions.
- Gain real-time data insights on business performance.
- Increase business flow through digital automation by up to 43% and reduce business turnaround time by up to 80%.
“It is heartening for SEAA to see the rolling out of these pre-approved digital solutions for the real estate agency industry to support small- and medium-sized EAs to adopt digital technology, and develop stronger digital capabilities to enhance their productivity and professionalism to serve their customers,” said Mr Wong. “SEAA will encourage our members to explore this opportunity and provide feedback to CEA on other relevant tools for CEA’s consideration and support to include in this programme.”
Said Mr Chan Mun Kit, Deputy Executive Director of CEA and Chairperson of the Digitalised Property Transactions Workgroup, “We encourage the industry to avail themselves of this opportunity to digitalise their processes while the enhanced funding support from the PSG is at 80% till end of September 2021. Digitalising your processes would not only aid in improving your workflows and raising the productivity of your salespersons, but will also help your EA take the important step towards becoming future-ready.”
Information accurate as at 3 March 2021