Rewriting the Real Estate Playbook with Analytics

Singapore's Real Estate industry is falling in love with data analytics.

The latest is ERA Realty Network (ERA). It is driving its entire sales force towards becoming more efficient data-driven property advisers by capitalizing on big data analytics.

The latest updates on the agency's in-house mobile application (iERA) will enable salespersons to view real-time market trends reports, enabling them with the most accurate of property information and well-informed advisory services for their clients.

"As technology advances, so must we. It is imperative for us to be at the top of our game, which is why we continually enhance the iERA app for our teammates to leverage for their business. In turn, this benefits clients as they will be able to make better decisions with our data-driven advisory services. It's a win-win situation," said Jack Chua, chief executive officer, ERA.

Pulling statistics from multiple data points such as Urban Redevelopment Authority and Housing and Development Board, the enhanced iERA app is capable of producing market trend reports in data-driven charts based on Property Category, Year, Property Type, Project Names, Districts, Street Name, Region and Tenure; with additional comparison function based on Average PSF or Volumes, in real-time. There are also other advanced options available for more in-depth analyses, and agents can easily share such reports with their clients.

Released in August this year, the data-crunching app is capable of producing comprehensive reports of where potential sellers are, based on strategic targeting of specific projects or areas such as:  

  • Temporary Occupation Period of Condos by District (announced in Q3)
  • Minimum Occupation Period (MOP) of Executive Condos by District
  • MOP of Built-To-Order projects by Estate
  • Potential Resale Sellers by Profitable Transactions
  • Profitable Resales by Gross Profit Percent
  • Resale Condo units sitting on a profit
  • Transaction Data of Private Residential or Commercial/Industrial projects by Block

The app now also features a new function called the "Tower View," which provides the transaction data for an entire project. Salespersons can now easily view the latest Transaction Prices and Price Per Square Foot of any tower of interest, no matter Private Residential or Commercial/Industrial.

Home Prospecting Goes Digital

The latest personalized 'Project Webs' function is the most revolutionary tool ever to be released in the iERA app at zero cost to ERA salespersons, thus saving precious time and money to focus on providing professional real estate advisory to clients.

In line with the agency's move to harness the power of digital, one of its newest app features provides access to a library of developer-grade high converting websites, allowing agents to publish their own new launch project websites, only by the click of a few buttons.

Agents are also able to customize lists of projects suited to the clients' needs, personalizing their services, and further positioning them as 'trusted advisers.'

Professionalism on Web

Questions on ethical standards about the industry have surfaced recently, following a case on unprofessional services by a salesperson from another agency. According to the press releases, there are a total of 15 salespersons who have received disciplinary action and suspension this year.

While 11 of them come from the two largest listed agencies in Singapore, only 1 suspended salesperson is from ERA. "The number of complaints we have received is less than 0.1% on average. Taking into account the volume of transactions we do in a year, the percentage is considered very small," said Chua.

To ensure that ERA agents always maintain the highest standards of ethics and professionalism, every salesperson showcases their professional credentials on the Personal Web, a customized website reflecting their Profile, Transaction Statistics, Customer Reviews, Award Received, Training Attended, Project Listings, and Existing Listings.

The latest Personal Web update also boasts the integration of the Events/Seminars feature, allowing ERA agents to personally invite their customers and external salespersons to such events, and manage follow-up action.