Written by: Benjienen Toledo
Ohmyhome is proud to be part of Real Estate Industry Transformation Map (ITM) launched on 8 February 2018 by Second Minister for National Development Desmond Lee.
Real Estate ITM in Brief
|Goals||Reasons||3 Broad Thrusts||2 Focuses of Transformation|
These two sectors have been identified as holding the greatest promise for transformation.
Who is in Charge of the Real Estate ITM?
The Council for Estate Agencies (CEA) is taking the charge in moving the property transactions services sector towards seamless and more efficient end-to-end transactions for consumers.
The government has already taken the first step with the streamlining of the HDB resale transaction process in January 2018 through the HDB Resale Portal.
Why is there a Need to Streamline the Property Transactions?
A 2015 survey by the CEA showed that while close to eight in 10 consumers were satisfied with the services provided by their property agents, the proportion who were undecided if they would engage an agent in the future increased to 31% from 24% in 2012.
What are the 8 Benefits of Real Estate ITM to Homeowners and Buyers?
There will be faster and more efficient property transaction services for clients like you through the use of technology.
- Property Transactions will be digitalised such as contract templates and checklists by early-2020s
- The private sector can now innovate and provide end-to-end and seamless services to you because they can tap on the technology enablers and tools provided
- Agents can then focus on higher-value work in assisting you because it will be easier for industry to access Government property-related data such as:
- Property ownership details which can be used to verify that the seller is the legal owner of the property, or whether a potential foreign tenant has a valid pass to work in Singapore.
- HDB, Singapore Land Authority (SLA) and the Ministry of Manpower (MOM) will progressively enable seamless data sharing later this 2018.
This access to data will enable firms to automate administrative processes such as time-consuming due diligence checks.
- The Skill Development thrust will strengthen the Real Estate Salespersons professionalism to ensure that the services they provide you are up to industry standards.
- You will have access to the property transactions closed by agents because it will be published starting with HDB residential transactions from end-2018, and for private residential transactions from end-2019.
- It will improve the property agents accountability to you because the industry will collect and publish consumer ratings of the agents
- You are rest assured that the agents upgrade themselves and keep abreast of the latest changes in policies and procedures relating to real estate transactions through the revamping of the Continuing Professional Development (CPD) framework by end-2018
- It ensures that the Real Estate Professionals you are engaging are future-ready with the introduction of a SkillsFuture for Digital Workplace (SFDW) programme contextualised for workers in the real estate industry with CEA’s partnership with NTUC LearningHub.
The real estate ITM is one of 23 ITMs being developed under the Industry Transformation Programme. Companies and businesses, industry associations, workers, and unions will be involved in drawing up the ITM. This is one key strategy to position Singapore’s economy for the future. Together, the 23 roadmaps will cover about 80 per cent of the economy by the end of the year.