SMEs Go Digital Programme for the Real Estate Agency Industry

The Council for Estate Agencies (CEA) has partnered the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) to introduce new pre-approved digital solutions for the real estate agency industry as part of the SMEs Go Digital programme. 

This aims to help property agencies, especially the small and medium-sized agencies, use digital technologies and build stronger digital capabilities to raise productivity, with funding support from the Productivity Solutions Grant (PSG).

How much funding is available

From 1 April 2020 to 31 March 2022, eligible property agencies may receive up to 80% funding support for qualifying costs. 

What can be funded

1. Sector-specific digital solutions

The sector-specific digital solutions pre-approved for the real estate agency industry are in the areas of:

  • Document management (Available)
  • Transaction records submission (Coming soon)   
  • Due diligence checks for property transactions (Coming soon)

Sector-specific digital solution for document management

Solution 

Redoc - a smart cloud-based document management platform. It enables users to: 

  • Fully automate sales processes
  • Close deals faster with a complete digital workflow
  • Manage documents and inventory flexibly
  • Get real-time data insights on business performance  
Provider Real Estate Doc Pte Ltd
Benefits

With Redoc, property agencies can:

  • 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%

 

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2. Generic digital solutions

Digital solutions that cut across industries (e.g. in areas of customer management, financial management and inventory tracking) are available for adoption by property agencies with PSG funding.

To date, property agencies have received PSG funding for the following:

  • Packages that provide for business-grade laptops with collaborative tools and endpoint protection for property agencies to work remotely and securely.
  • Cloud-based accounting solutions that provide the necessary features for accounting and sales management.
  • Video conferencing tools to allow users to participate in virtual meetings and engage in chats and polls via web browsers and mobile applications.

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Who can apply

Property agencies who meet the following eligibility criteria at the point of application: 

  1. Registered/incorporated and operating in Singapore.
  2. Have at least 30% local shareholding.
  3. Company’s Group annual sales turnover must not be more than S$100 million, or Company’s Group employment size must not be more than 200 employees. (Note: This employee criterion does not refer to your real estate salespersons who are associates of your company.)
  4. Purchase/lease/subscription of the IT solution/equipment/consultancy service must be used in Singapore.
  5. Must not have:
    • Made any payment to a supplier, vendor or third party in relation to the purchase/lease/subscription of the IT solution/equipment/consultancy service.
    • Signed any contract with a supplier, vendor or third party in relation to the purchase/lease/subscription of the IT solution/equipment/consultancy service.

Note:

  • Each property agency is subject to an annual grant cap of $30,000 for digital solutions supported by ESG, starting on 1 April and ending on 31 March the following year. Property agencies which have fully utilised their grant caps will not be eligible for further support within the validity period of the grant cap.
  • Property agencies can apply for the PSG for new digital solutions in the next period when the grant caps are refreshed. 

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How to apply

  1. Visit GoBusiness to access the list of pre-approved digital solutions for the real estate agency industry and identify relevant digital solutions that best suit your business needs
  2. Get a quotation from the pre-approved vendor
  3. Submit an application on the Business Grants Portal (BGP). EAs will need to have a CorpPass account to transact on the BGP
  4. Click here for a step-by-step guide, covering:
    • Application submission
    • Acceptance of Letter of Offer
    • Claims submission

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