Jan 2023 - 3 min read
Dear industry partners and friends,
Here’s wishing all of you a happy and healthy 2023!
In September 2022, CEA launched the refreshed Real Estate Industry Transformation Map (RE ITM) 2025. Many thanks for your input for the RE ITM 2025 which will help drive our collective efforts to transform our industry, as we adapt to an endemic COVID-19.
Over the next few years, CEA will work with you on RE ITM 2025 initiatives which focus on three broad areas:
- Digitalising property transaction processes for higher productivity.
- Promoting technology adoption by estate agents (EAs) with more innovation and digitalisation.
- Professionalising real estate salespersons (RESs) through skills development for better job skills and resilience.
Thriving in a changing environment
With the COVID-19 pandemic catalysing our industry transformation, we can also learn from our Public Perception Survey findings which we shared last year. First, while consumer satisfaction with RESs’ service remained high, consumers are looking to their RESs to provide more customised advice and value-adding services. Second, consumers have higher expectations of RESs in terms of their knowledge/expertise, ethics/conduct and service excellence. Third, using more technological tools in property transactions increases consumer satisfaction.
CEA will continue to support RESs in your efforts to acquire new knowledge and skillsets through Project ADEPT (ADvancing and Enhancing Professionalism and Training). This is CEA’s joint study with the industry to review and enhance the entire continuing professional development (CPD) ecosystem. I am pleased to announce that the workgroup has completed its study, and that CEA will share the final recommendations with the industry later this year.
CEA, with the support by the real estate agency industry associations (IAs), will continue to help EAs innovate and digitalise their property transactions processes under the RE ITM 2025, such as the SMEs Go Digital Programme and the Chief Technology Officer-as-a-Service.
Vision-driven priorities
The Public Perception Survey findings and ever-changing consumers’ expectations reinforce the importance for our industry to continually strive towards greater professionalism, higher ethical standards and delivering better service to consumers. To achieve this, CEA will work closely with you on three key initiatives in 2023:
First, to better attract good quality entrants to the industry, CEA will set up the Examination Syllabi Review Workgroup comprising CEA and industry stakeholders, to review and update the syllabi of the Real Estate Agency (REA) and RES examinations. The purpose is to ensure new Key Executive Officers (KEOs) and RESs have the necessary and up-to-date knowledge to effectively perform their respective roles. The workgroup will hold focus group discussions with industry stakeholders as part of the review work.
Second, the Alliance for Action (AfA) on Accurate Property Listings led by our industry players and supported by CEA, will be completing a prototype digital platform this year. The platform will conduct checks on the authenticity of a property listing and assign a verified number to each property before the RES can advertise the property online. This aims to eliminate the long outstanding problem of dummy, inaccurate, unauthorised and duplicate advertisements which will in turn benefit not just consumers but also the RESs. Eventually, the full platform will offer the consumers and industry a more productive property search and marketing experience.
Third, CEA will be embarking on a consumer journey mapping exercise. This will give us insights into the information consumers would need to enjoy a smooth working relationship with their RESs, and the services that consumers value from RESs. CEA will share the findings with EAs and IAs which can then use the findings to curate and invest in relevant skills training that will empower RESs to deliver these services competently. RESs themselves can also explore the skillsets you need, as part of your continuing professional development training, to offer value-adding services to your clients.
Charting the course ahead
The industry has come a long way since CEA’s establishment in 2010. Moving forward, it is also apt for all of you, either as an EA, a team leader, an RES or an IA to think about the positive difference you can make in the industry transformation process.
For a start, I would like to encourage you to assume greater responsibility and accountability, regardless of your role, to professionalise the industry. The KEOs and team leaders can take more proactive measures in supervising your RESs closely to build trust-based relationships with consumers. RESs can make it your priority to expand your knowledge and hold yourselves to the highest ethical standards. IAs can play a pivotal role in further professionalising the industry and promoting best practices in estate agency work.
I look forward to all of you taking bolder strides and greater responsibility to continuously transform the industry to be professional, productive and resilient.
LIM CHEE HWEE
EXECUTIVE DIRECTOR
COUNCIL FOR ESTATE AGENCIES
Information accurate as at 3 January 2023