SINGAPORE, 15 November 2023 – ERA Realty Network Pte Ltd (“ERA”) is pleased to announce its exclusive appointment to launch for sale via Expression of Interest, a remarkable opportunity to acquire 11 freehold heritage shophouses nestled in the heart of George Town, Penang. These stunning properties are available for acquisition at a guide price of SGD10.6 million (or RM36.6 million) or SGD359 psf (or RM1,238 psf) on built-up area.
Situated along the historic streets of Lebuh Tye Sin and Lebuh Presgrave, these two-storey heritage shophouses have undergone refurbishment to preserve their intrinsic beauty and charm. The shophouses have a combined land area and built-up area of 2,150.1 sq m (or approximately 23,143 sq ft) and 2,746.3 sq m (or approximately 29,561 sq ft), respectively.
Currently, these properties are leased to a diverse set of Food and Beverage tenants including restaurants, a bakery, and a dessert shop, among others. These shophouses enjoy excellent accessibility, just minutes’ walk from the iconic KOMTAR Tower and Bus Terminal, as well as two future light rail transit stations – Komtar and Macallum. Additionally, their proximity to various hotels, vibrant night markets, and bustling retail hubs such as First Avenue Mall and Prangin Mall make them an ideal choice. These shophouses are also within walking distance of the designated buffer and core zones of George Town, and a short drive from the popular tourist spot, Gurney Drive.
The neighbourhood is graced with an impressive selection of hotels, including renowned names like Citadines Connect Georgetown Penang, The Granite Luxury Hotel, and the Wembley – A St Giles Hotel, etc, providing an excellent pool of customers for the shophouses’ retail tenants.
The precinct surrounding this portfolio is currently undergoing a similar transformation like Singapore, marked by the conversion of heritage shophouses into hotels and the development of modern buildings. This transformation creates a vibrant and dynamic enclave that seamlessly blends the old with the new.
Mr Steven Tan, Managing Director of Capital Markets & Investment Sales at ERA, said “The strategic location of the portfolio, in close proximity to various attractions and amenities, makes it an attractive investment choice for property investors looking to own an exceptional freehold heritage piece of Penang with significant potential for future asset appreciation”.
In 2022, Penang experienced the highest GDP growth in Malaysia, primarily due to a record-breaking RM74.4 billion of foreign direct investments (FDI) in 2021. Renowned tech companies like Intel Electronics and Ibiden Electronics have relocated or increased their existing investments in Penang, reflecting the confidence of foreign companies in the state.
Moreover, the Malaysian Government has recently approved the expansion of the Penang International Airport (PIA). The airport’s handling capacity is set to increase from 6.5 million to 12 million passengers per annum after completion. To enhance the transport infrastructure network of Penang, the central government further approved the proposed construction of Penang’s Light Rail Transit (LRT) system. The proposed Bayan Lepas LRT line spanning about 29.9 kilometres will connect the main North-South regions of George Town. This development will significantly improve accessibility to George Town from the PIA, potentially bolstering the portfolio due to its proximity to the planned LRT stations, just a short stroll away.
The strength of the Singapore dollar (SGD) presents an excellent investment opportunity for Singaporean investors to acquire overseas properties at a reduced cost. The depreciation of several foreign currencies against SGD over the years has made investments in those countries up to 20 per cent more affordable. In the past, many Singaporean investors might have overlooked the Penang real estate market. Now, with Penang’s conservation shophouses currently priced between 10-15 percent of the cost of Singapore’s conservation shophouses, it is anticipated that these shophouses hold significant potential for substantial future growth. The possibility of intensifying the existing built-up area and change of use could further enhance the chance of future capital appreciation.
Mr Tan concluded, “Penang has been steadily growing as a hub for investments, especially in sectors like technology and manufacturing. The Malaysia government’s initiatives and ongoing development projects indeed make it an attractive destination for investors, including those from Singapore. The strategic location infrastructure developments, and business-friendly policies contribute to its appeal.”
The Expression of Interest exercise for these shophouses will close on Thursday, 18 January 2024 at 3pm, Singapore time.
SINGAPORE, 9 November 2023 – ERA Realty Network Pte Ltd (“ERA”) is proud to announce an extraordinary feat in the property market with the successful sale of a top-floor unit at The Peak, a highly sought-after Design, Build and Sell Scheme (DBSS) development in Toa Payoh, by ERA agent Kingsley Zheng.The sellers, a self-employed middle-aged couple, decided to take their next step on the property ladder by upgrading to a private residence. On the other side of this landmark transaction were buyers seeking to elevate their living standards, transitioning from a 4-room HDB flat to the spacious and well-appointed 5-room unit at The Peak. This sale highlights the continual upward mobility and aspirations prevalent in Singapore’s real estate landscape.
The existing highest transaction record for an HDB resale stood at $1.5 million for a 4-room HDB flat at Block 50 Moh Guan Terrace. Kingsley Zheng, leveraging his expertise and market insight, facilitated the sale of the 5-room DBSS unit at The Peak for an astounding $1,568,888, shattering the previous record and setting a new pinnacle in HDB property transactions in Singapore.
“The sale of the top-floor unit at The Peak not only reflects the changing aspirations of homeowners but also establishes a new standard in the HDB property market,” said Kingsley Zheng. “I am humbled and proud to have been a part of this historic transaction that highlights the ever-evolving real estate landscape in Singapore.”
The Peak in Toa Payoh has long been regarded as a coveted residential development, known for its modern design, prime location, and comprehensive amenities. This recent sale further reinforces its status as a highly sought-after address in Singapore’s property market.
SINGAPORE, 28 September 2023 – In bustling Toa Payoh, ERA Singapore (ERA) stands as a beacon of innovation and leadership. APAC Realty Limited, the parent company of ERA Singapore, joyfully commemorates a remarkable milestone – the sixth anniversary of its listing on the Mainboard of the Singapore Exchange (SGX). As ERA, a 41-year-old household brand that has gained the trust of generations celebrates its sixth anniversary of being listed on the SGX on 28 September 2023, it’s an opportune moment to reflect on the remarkable journey that has brought the company to the forefront of the industry.
Leadership That Inspires
At the helm of ERA’s journey stands Mr. Marcus Chu, a visionary leader and CEO of ERA Singapore, ERA Asia Pacific, and APAC Realty Limited. Into his third year of leadership, Marcus continues to chart a course that places innovation, technology, and excellence at the core of ERA’s values. He emphasises, “Innovation isn’t an option; it’s the key to our continued success. We must constantly challenge ourselves to find new ways to serve our clients and agents better.”
ERA Singapore’s unwavering commitment to leading with innovative technologies and pioneering new processes is a testament to the vision set forth by its leadership. Marcus firmly believes, “To lead in this industry for the long haul, we must be at the forefront of technological advancements. Our commitment to innovation is what sets us apart.”
A Driving Force: Deputy CEO Doris Ong
ERA’s success story is also deeply intertwined with the role played by Ms Doris Ong, Deputy CEO of ERA Singapore. Doris is the driving force behind ERA’s project marketing arm. Her strong ties with developers have been pivotal in driving revenue and sustaining ERA’s growth trajectory. Marcus acknowledges her impact, stating, “Doris’ dedication and expertise have been invaluable to our success. She is a driving force behind our profitability.”
Evolution from Family-Owned to Institution-Owned
ERA’s journey is one of remarkable transformation. It began as a family-owned business under Hersing Corporation, later transitioning to ownership by Northstar Group, and eventually being acquired by a fund managed by Morgan Stanley Private Equity Asia. Today, ERA stands proudly as an institution-owned business. This transformation has brought about a corporate governance structure that demands full transparency and accountability from its leadership.
To motivate and retain its most valuable people, APAC Realty Limited started the performance share plan (PSP) where key appointment holders and agency leaders of ERA Singapore are awarded shares in the listed company. This would enable them to participate in the growth and performance of the company. Marcus shared, “This practice deviates from the norm and is unique because it demonstrates our commitment to investing in and retaining talent, inclusive of independent contractors, besides employees. We are cognisant that ERA Singapore agency leaders are a key driver of our business and the Group would be better positioned with a highly motivated team of agency leaders.”
To this end, ERA Singapore then implemented a performance share plan which included key independent contractors as recipients in April 2023, positioning the Group as the first and only listed real estate agency in Singapore to date to do so. The first grant of 16 million shares to key management staff and 14 agency leaders took place on 18 August 2023.
Marcus continues, “Our corporate organisational infrastructure also reflects our commitment toward holistic and strategic growth. We were amongst the first organisations in our industry to establish a well-diversified C-suite management team to foster innovation, introduce new ways of thinking, and enhance our overall business performance.” ERA Singapore’s current C-Suite comprises its Chief Executive Officer, Deputy CEO, Chief Financial Officer, Chief Agency Officer, Key Executive Officer, Chief Technology Officer and Chief Marketing Officer.
A Home of Their Own
Beyond its commitment to innovation and excellence, ERA stands out as the only real estate agency with its own building, strategically located in the heart of Toa Payoh. This permanent and prominent location, featuring 365-day advertisements on HD LED screens, gives agents a strong sense of belonging. Marcus highlights its significance, stating, “Our building isn’t just brick and mortar; it’s a symbol of our unwavering support for our agents. It’s a place they can call home, a testament to our commitment to their success.”
Expanding Horizons into Australia
Under Marcus Chu’s visionary leadership, ERA continues to push the boundaries of its reach. Over the past few years, ERA has embarked on an impressive journey of expansion, solidifying its presence in regional markets with long-term growth potential across Asia-Pacific.
Today, ERA boasts offices in five of the top six largest economies in Southeast Asia, including Indonesia, Thailand, Singapore, Malaysia, and Vietnam. The company has also ventured into markets with high-growth prospects, such as Cambodia and Laos. In total, ERA now operates in 11 countries across Asia Pacific.
The most recent addition to this impressive list is the grant of the ERA Queensland master franchise, marking ERA’s expansion into the Australian real estate market. This move reflects ERA’s strategic vision, recognizing Australia’s well-established real estate market and its significant long-term growth potential.
Marcus shared, “We are delighted with our foray into Australia as the well-established real estate market continues to hold significant long-term growth.” With an initial team of 17 agents across 3 offices in Brisbane, ERA Queensland will be led by two seasoned professionals, Mr Alex Caraco, CEO, and Mr Ben Collins, Co-Director and Chairman. Alex is a seasoned professional with an impressive 44-year tenure in Australia’s vibrant real estate brokerage and franchising industry. Previously at the helm of Coldwell Banker Australia as CEO, his extensive connections and developer relationships in Queensland are poised to offer ERA Queensland an exceptionally fertile foundation for expansion.
Marcus continues, “We expect the Queensland real estate market to thrive in 2024, driven by growing demand for quality properties from Melbourne, Sydney, Adelaide, and Hobart, as well as renewed emergence of strong enquiries from Asia. Furthermore, the Queensland Government is in the midst of a building boom which is well supported by a record 4-year capital program of A$89 billion.”
Technological Advancements and Industry Firsts
ERA’s commitment to innovation extends beyond the conventional. The company has been a trailblazer in the adoption of Artificial Intelligence (AI) and proptech. Marcus notes, “In the age of digital transformation, we are harnessing the power of AI and proptech to revolutionise how real estate transactions are conducted. It’s about providing our clients with a seamless, tech-driven experience.”
One of ERA’s standout achievements is its SALES+ super app, a groundbreaking innovation that took the industry by storm. This all-in-one platform provides agents and clients with a suite of tools and services, from property listings to financing options, all at their fingertips. Marcus explains, “SALES+ is a game-changer. It empowers our agents and enhances the experience for our clients. It’s a testament to our commitment to staying ahead of industry innovation.”
ERA’s commitment to innovation also extends to the realm of entertainment and storytelling. The company’s partnership to sponsor a 130-episode drama series titled “My One and Only,” set against the backdrop of Singapore’s real estate industry, is an industry first. Marcus envisions, “We want to engage with our audience in a unique way, and ‘My One and Only’ is a way to bring the world of real estate to life. It’s another example of how we intend to continue establishing ‘firsts’ in our industry.”
SINGAPORE, 23 August 2023 – ERA Realty Network Pte Ltd (“ERA”) proudly extends access to its groundbreaking SALES+ app to external agents, reflecting our commitment to bolstering industry-wide standards. Recognising that smaller agencies may lack extensive resources to develop proprietary proptech and AI tools, ERA aims to share our proptech to uplift all local salespersons, transcending agency affiliations.
“Empowering our industry through collaboration is not just a goal; it’s our responsibility. After all, we firmly believe that we rise by raising others,” says CEO Marcus Chu.
In a technology-driven landscape, agents require up-to-the-minute tools for effective client service. Regrettably, not all agencies possess the resources or expertise to create these solutions. Bridging this gap, ERA Singapore has enabled access to select SALES+ functions to ensure all agents, regardless of affiliation, can present accurate data to their clientele.
SALES+ has advanced features enabling external agents to enhance their capabilities and provide exceptional service. Through real-time market insights, transaction tracking, trend analysis, and detailed report generation, agents gain a competitive edge. The user-friendly interface accommodates various tech levels, integrating seamlessly into agents’ routines for increased efficiency.
However, ERA Singapore’s commitment surpasses technology provision. SALES+ is backed by a dedicated support team that offers training, technical assistance, and regular updates to ensure agents are equipped with the knowledge and skills to leverage the platform effectively. Through this comprehensive support system, ERA Singapore aims to empower agents to thrive and excel in their careers.
As SALES+ revolutionises the real estate industry, ERA Singapore is excited to welcome external agents to join the “Friends of ERA” network. By becoming a “Friend of ERA”, external agents can gain access to SALES+ and explore a wealth of benefits, including networking opportunities, exclusive events, and industry insights. ERA Singapore believes that by fostering collaboration and sharing knowledge, the entire real estate industry can thrive together as a whole and not leave anyone behind.
RARE INDUSTRIAL SITE WITH PROMINENT FRONTAGE AT LOYANG FOR SALE BY EXPRESSION OF INTEREST
SINGAPORE, 8 August 2023 – ERA Realty Network (“ERA”) has been exclusively appointed to launch for sale, via Expression of Interest, a rare opportunity for a terrace factory with prominent frontage located at 53 Loyang Way, at a guide price of SGD4.5 million.
The site area is 1,401.30 sq m (15,083 sq ft, approximately) with a remaining tenure of about 29 years, and under the Master Plan 2019, it is zoned under Business 2 at Plot Ratio 2.5. The factory has a built-up area of 1,542.52 sq m (16,604 sq ft, approximately).
53 Loyang Way is a two-storey terrace factory comprising a production/storage area with mezzanine floor, office with partition rooms, meeting room furnishings, a loading dock and 5 parking lots with awning cover.
The industrial property is accessible via Tampines Expressway (TPE), Kallang Paya Lebar Expressway (KPE) and Pan-Island Expressway (PIE). It is also well-supported by eateries and amenities in the area.
Desmond Lim, Director and Head of Workspace from ERA’s Capital Markets and Investment Sales commented that the remaining tenure is ideal for businesses with long-term plans and there is untapped floor area as the existing floor area is below the permissible maximum floor area.
The sale of this property is subject to JTC’s sale of approval.
ERA is the exclusive marketing agent for the EOI exercise, closing on Thursday, 7 September 2023, 3pm.
SINGAPORE, 1 August 2023 – ERA Realty Network Pte Ltd (“ERA“) and Nanyang Polytechnic (NYP) launched a new co-certificate in digital marketing today.
As technology continues to shape the real estate industry, real estate agents are embracing virtual tours, AI, and proptech tools in their daily work. Recognising this trend, ERA has partnered with NYP to form a strategic alliance that empowers its agents with advanced digital marketing skills. This move aims to enhance their ability to value-add when helping clients market properties.
Developed by NYP, the customised training programme equips agents with the vital digital marketing skills to maintain a competitive edge in this rapidly evolving market. The training also bridges the gap between traditional practices and emerging digital trends, with the bite-sized modules allowing practitioners to put their skills acquired into practical use almost immediately.
“This collaboration is an important piece of the bigger puzzle we are putting together in fully embracing and adopting digital transformation,” said Marcus Chu, CEO of ERA Singapore, ERA Asia Pacific and APAC Realty. “Our agents will not only have access to cutting-edge proptech tools but will also acquire the know-how, to leverage them effectively, allowing them to deliver their best work.”
“Upskilling is critical in any industry. It is laudable how ERA is a positive agent of change for its 8,800 agents in Singapore. Real Estate is highly competitive, and the market environment is volatile. Equipping agents with the right digital skills and access to technology will be crucial as homeowners and seekers increasingly go digital in their media and advertising consumption,” said Russell Chan, Principal & CEO of NYP.
Mindful of agents’ working hours, the two organisations have ensured that the classes are delivered via both face-to-face and online.
The Co-Certificate in Digital Marketing for Real Estate comprises four modules:
- Event Branding and Social Media Marketing
- Digital Video Production
- AI for Business Communication
- Sales Closing Techniques
The comprehensive curriculum will enable ERA agents to utilise digital platforms effectively, ultimately amplifying their ability to market and sell real estate properties in today’s competitive market.
Plans are also underway to make the course available to the general public, mirroring ERA’s ethos of empowering individuals beyond their organisation to contribute to the industry’s digitalisation efforts.
“We take great pride in equipping our agents with the necessary skills and tools to thrive in this digital age,” added Marcus. “This initiative resonates perfectly with our 2023 theme, ‘Enrich Lives, Embrace Tech.’ We are committed to equipping our realtors with the latest tech tools, enabling them to better serve and benefit consumers. The skills they acquire will also complement the use of ERA’s Sales+ super app, elevating their efficiency in day-to-day operations.”
For more information about the Co-Certificate in Digital Marketing for Real Estate and enrolment details, please visit https://for.edu.sg/era-nyp-co-cert
SINGAPORE, 14 July 2023 – ERA Realty Network Pte Ltd (“ERA”) is proud to announce the exceptional sale of a 5-room HDB flat in Bishan at a record-breaking price of $1.43 million. The achievement was made possible by the remarkable efforts of ERA agents Marcella Yong and Winnifred Lim, who expertly navigated the market and successfully facilitated this landmark transaction.
The outstanding selling price of the HDB flat can be attributed to several factors that contribute to Bishan’s reputation as a premier residential location. Known for commanding high selling prices, Bishan and Toa Payoh are highly sought-after districts for homebuyers. In the case of this specific unit, its strategic positioning on a high floor within a point block proved to be a significant selling point. The exceptional view and exclusive privacy, as the unit only shared a lift landing with three other units, were key factors in attracting potential buyers.
The flat’s unique selling points and features were instrumental in justifying its high price. With its almost move-in condition, convenient access to amenities through a sheltered walkway, and the added benefit of carparks within the block, the property offered an attractive package for discerning buyers.
Eugene Lim, Key Executive Officer of ERA, commented on the recent sale, “Being the youngest 5-room flat in Bishan, with no projected availability of 5-room flats in upcoming Build-To-Order (BTO) launches, this HDB block is expected to retain its status as one of the youngest in the area for the next five years. The scarcity undoubtedly contributed to its desirability and the ability to achieve a substantial selling price.”
The success of this sale can be attributed to the strategic approach employed by Marcella and Winnifred. As a team focused on Design, Build and Sell Scheme (DBSS) flats and central area properties, they have been working on the ground for the past few years, building a strong database of potential buyers. Leveraging their extensive experience, they were able to meet the seller’s expectations and secure the sale within a month. This feat adds another remarkable milestone to their list of “more than 10 DBSS sold” post-COVID.
Marcella and Winnifred reflected on the sale process, “We encountered challenges and objections along the way, with some viewers drawing comparisons of the asking price to private condominium prices. However, we successfully conveyed the property’s distinctive value proposition, underscoring that private properties simply cannot match the elevated floor position and amazing views that make this HDB flat an extraordinary opportunity.”
An intriguing peek into the buyer’s profile unveils a single male business owner from Marcella and Winnifred’s database, actively seeking a prime location with unblocked views and a large balcony. This aligns with the growing trend of buyers within the public housing sector who prioritise exclusive features and a luxurious living experience.
To potential sellers and buyers aspiring to achieve successful transactions in the current real estate landscape, Marcella and Winnifred advice recognising the true value of a property tailored to individual needs and desires.
SINGAPORE, 13 July 2023 – ERA Realty Network Pte Ltd (“ERA”) is thrilled to announce its historic collaboration with Mediacorp, as one of the main sponsors for its highly anticipated 130-episode drama serial, “My One and Only” (只此一家). Set against the vibrant backdrop of Singapore’s real estate industry, this longform drama marks ERA’s bold foray into the realm of television sponsorship. This is a momentous milestone for ERA Realty Network, this being its first sponsorship of a television drama revolving around Singapore’s real estate industry.
Upon learning of Mediacorp’s visionary concept, ERA Singapore’s CEO, Marcus Chu, conveyed his enthusiasm, remarking, “I was impressed by the concept’s brilliance. We recognised the tremendous potential for an exceptional collaboration between ERA and Mediacorp for ‘My One and Only’, especially with the involvement of esteemed artiste, Zoe Tay, and eagerly embraced this opportunity.”
Mediacorp provides an unmatched platform to depict the daily victories and hurdles encountered by real estate agents, while the collaboration itself presents a unique opportunity to redefine the public’s perception of agents. Marcus elaborated, stating, “Through the drama’s narrative, we have the potential to transform the public’s perception of property agents, simultaneously entertaining and enlightening them. It offers ERA an opportunity to connect with viewers in a new way.”
The sponsorship of this drama series brings significant advantages to ERA and its agents, as it will extend the reach of their brand and establish connections with new audiences. Marcus shared, “We are excited to leverage new communication channels to promote our ERA brand and our agents. This priceless opportunity enables us to secure more customers, strengthen our brand presence, and potentially attract individuals interested in pursuing a career in real estate.”
Anticipation is high for the success of “My One and Only” features a star-studded cast, including Zoe Tay, Elvin Ng, Ya Hui and more. Centred around Singapore’s real estate industry, the drama promises to resonate with viewers and offer a fresh perspective on the profession. Marcus anticipates a positive reception from local viewers. He states, “Given the talent and popularity of the cast, along with an interesting storyline centred around Singapore’s real estate industry, we have high hopes that this drama series will be well-received.”
Tune in to “My One and Only” on mewatch from 24 July and Channel 8 from 27 July, Mondays to Fridays at 7:30 pm, and embark on a captivating journey as we witness the trials, triumphs, and ultimate resilience of Singapore’s real estate agents. ERA invites everyone to join them on this exciting journey as they continue to redefine the perception of real estate agents and showcase their unwavering dedication to serving Singapore’s property market.
SINGAPORE, 12 June 2023 – ERA Realty Network Pte Ltd (“ERA”) is proud to announce the integration of OpenAI Generative Pre-Trained Transformer 3.5 (GPT-3) across all 11 countries in its Asia Pacific operations network. Having first launched in Singapore via its SALES+ super app on 6 March 2023 to resounding success amongst its more than 8,700 agents, OpenAI GPT-3.5 will now be available and accessible by more than 23,000 ERA agents in Asia Pacific.
Leveraging on the powerful underpin of popular AI tool ChatGPT, this feature will revolutionise how agents manage their daily work, equipping them with automated features that save time on mundane administrative tasks, including copywriting, content generation and translations, allowing agents to focus on more challenging aspects of their job.
Since its launch in August 2022, SALES+ has secured more than 15,000 downloads and between March and May 2023 in Singapore alone, the ChatGPT feature has been accessed more than 70,000 times across more than 3,500 unique users, with the Advanced section proving to be the most popular, receiving almost half of the total number of submitted queries.
From June 2023, these AI-powered real estate tools will be available to the rest of ERA Asia Pacific’s regional offices as a web-based application, including Cambodia, China, Indonesia, Japan, Laos, Malaysia, South Korea, Taiwan, Thailand and Vietnam. Training resources and support will be provided to ensure agents can hit the ground running in embracing this latest addition in their arsenal of PropTech tools.
Branded AI LAB, this Asia Pacific rollout aligns with ERA’s annual theme of “Enrich Lives, Embrace Tech”, wherein realtors are technologically-empowered to benefit consumers, specifically with prompt engineering, which involves guiding AI to craft high-quality copies with a human voice, enabling agents to provide an efficient and superior real estate transactional experience.
“Integrating AI into our tech offerings was a natural next step to take. It [AI] bolstered our agents’ ability to do what they do best, and to do it faster, and to also do it better,” said Marcus Chu, Chief Executive Officer of ERA Singapore, ERA Asia Pacific & APAC Realty. “By rolling out our AI proptech tools to the rest of ERA’s APAC offices, we can take that synergy and harness it to drive even more growth, and fuel our success across the region.”
With competition intensifying in the real estate industry, Marcus strongly believes that proptech innovation is the way forward.
“Technology is pivotal for staying competitive; it is why we are always striving to make headways in our digital solutions. With our proptech, ERA agents not only have the ability to adapt to fast-changing market conditions, but are also able to stay ahead of the pack,” Taking a broader perspective, this will solidify ERA’s identity as “a dynamic, ever-evolving business” among consumers and agents, Marcus shared.
More than 23,000 ERA agents across Asia Pacific can now leverage AI-powered automation to access support features under two sections – Guided Creation and Advanced – to streamline content creation and messaging.
Guided Creation is an efficient, user-friendly platform that simplifies content creation, management and customer engagement. Its two features, Content Management and Communication and Engagement, provide agents with the optimal ability to generate necessary content quickly. Content Management enables agents to better control how they communicate with customers. Agents can determine the tone, length, and structure of their messages, improve them for Search Engine Optimization (SEO) and summarize them for key takeaways. Communication and Engagement helps generate and enhance agent support, from self-introductions to tenancy reminders, personalised festive greetings to open house and event invitations. It also offers agents the option to translate their messages into various languages and to suggest copy based on the platform type that the agent intends to post on.
Agents can also access an Advanced chat feature to interact with a chatbot for a wide range of AI-generated conversational responses. These features increase time efficiency and productivity, while engaging and connecting with clients.
Shedding light on ERA’s plans to achieve its vision, Marcus shared about new breakthroughs that are waiting in the wings.
“We intend to implement more tech enhancements, such as a new listing portal, an in-app visual optimisation function, as well as advanced content analysis. Agents will also enjoy a seamless experience when they submit their transactions online,” he said.
With ChatGPT being just the tip of the AI-powered iceberg that will fuel ERA’s transformation roadmap on how real estate agents and agencies work, Asia Pacific’s leading real estate agency is certainly not resting on their laurels in achieving their vision to provide evolutionary solutions and services to clients.
Since its release in November 2022, ChatGPT, an Al chatbot, has dominated headlines on industry transformation. With its ability to understand natural human language and provide replies in a human-like manner by processing text data, ChatGPT has been touted to make work processes more efficient by creating content and answering questions.
Enhancing Service Quality with Al
ERA Realty Network Pte Ltd’s (ERA) recent announcement in March 2023 on its integration of OpenAI GPT-3 and subsequently, ChatGPT, to its SALES+ app is therefore timely and makes it a first mover in the real estate agency industry. SALES+ is ERA’s app to supports its real estate salespersons (RESs) with data automation and market intelligence for real time property analysis and quick marketing materials and reports, so that its RESs can better serve property consumers.
With ChatGPT, ERA RESs can now generate content more quickly for marketing and customer engagement purposes. ERA estimates that with ChatGPT, a typical RES would now spend only a few minutes drafting a property listing, instead of between 30 minutes and an hour previously.
ERA’s SALES+ app and OpenAI GPT-3 supported functions
“Integrating OpenAI GPT-3 into our SALES+ app is a great step forward in providing our agents with the cutting-edge technology they need to stay ahead in the real estate market. This integration demonstrates our dedication to strategically invest in the most effective proptech solutions this year. By harnessing the power of Al, the effectiveness of our agents will be significantly improved, allowing them to focus on building relationships and providing valuable counsel to their clients,” said Marcus Chu, CEO of APAC Realty (of which ERA is a wholly-owned subsidiary) and ERA Asia Pacific.
Transforming the Real Estate Industry with Technology
Such digitalisation efforts tie in with the Real Estate Industry Transformation Map 2025 (Real Estate ITM 2025), which focuses on digitalising property transaction processes, promoting technology adoption by estate agents (EAs) and enhancing the value add of RESs through an emphasis on skills development.
Since the launch of the Real Estate ITM 2025 in September 2022, CEA has been pushing for technology adoption by EAs through the SMEs Go Digital Programme and Chief Technology Officer-as-a-Service initiative by the lnfocomm Media Development Authority, as well as the Enterprise Development Grant by Enterprise Singapore.
Under the Real Estate ITM 2025, public-private sector collaborations include the industry-led Alliance for Action (AfA) on Accurate Property Listings to develop a prototype digital platform to tackle dummy and duplicate listings, as well as the CEA-led Digitalised Property Transactions Workgroup (DPTWG) to facilitate seamless, efficient and secure property transactions from end-to-end.
Deepening its Commitment to Technology
Since the launch and integration of ChatGPT into its SALES+ app, ERA has seen over 35% increase in the usage of its app, in particular for responding to general queries and content generation. ERA will be extending its ChatGPT feature to all its offices in 11 Asia Pacific countries by the 3rd quarter of 2023.
Riding on this momentum, ERA has made further commitment toward investing in technology. The company has committed to make Singapore as its main Tech Innovation Centre through a pledge of $5.2 million to scale up ERA’s tech capabilities in 2023. This involves creating jobs for tech talent in roles such as mobile developers, UI/UX designers, DevOps and backend engineers. Since the 3rd quarter of 2022, ERA’s tech team has grown threefold.
Reducing Paperwork and Improving Productivity through Al
Another EA that has used Al to great effect is VIP Realtors Pte Ltd (VIP Realtors). During the COVID-19 pandemic, they embarked on a collaboration with Pand.ai, a local financial tech start-up that builds customised Al-powered chatbots for process automation. Previously, VIP Realtors was reliant on many manual processes and paperwork, such as submitting transactions in hardcopy and retrieval of internal documents (e.g. forms, brochures and floor plans). However, in mid-2021, it implemented an Al chatbot to process its invoices as well as organise its documents more efficiently.
Having used the solution for almost two years, VIP Realtors has seen their RESs’ productivity increased by more than 50%. This includes a much quicker invoice generation to receipt of commission cycle, greater administrative efficiency and reduction in paperwork. With such efficiency gains, administrative staff have also been freed to take up higher value-added tasks like process audit and systems management. More resources have also been channeled to marketing and recruitment, with RESs being able to focus on better serving the needs of their clients.
Ms Lina Chang, Director (Commercial & Industrial) at VIP Realtors, has this advice for companies looking to embark on digitalisation projects, “I encourage every agency to dream of the possibilities and not be confined to any mindset of what can or cannot be done. It is equally important to find the right technology partner who can make your vision into reality, and with whom you can bounce ideas off and consult with. Working with Pand.ai made our decisions easier as they were very willing to listen and provide advice on how to implement the things that we needed.”