Real-estate agency industry urged to tap technology for greater productivity

THE real estate agency industry should continue with digitalisation efforts and leverage technology for greater productivity, said Minister of State for National Development and for Manpower, Zaqy Mohamad.

Speaking at a virtual-engagement session on Friday evening, he said: "I urge all of you to continue your digitalisation efforts and see how you can adapt to the shift in consumer habits and expectations. This is an opportunity for the estate-agency industry. Technology does not do away with the need for face-to-face interactions. Instead, technology offers the opportunity for greater productivity while maintaining the 'human touch'."

For instance, by offering virtual viewings first, agents can save time and conduct physical property viewings for clients who are more likely to transact.

He was speaking to stakeholders from the real-estate agency industry, including heads of property agencies and industry associations. The session was organised by the Council for Estate Agencies (CEA).

In addition to working together to ensure that real-estate agency work is carried out in a sustained and safe manner, "we need to press on with digital transformation", Mr Zaqy added. "There is no better time to retool, reimagine, and rethink our business models."

He also advised the industry to continue to use IT tools and solutions as much as possible, and to meet clients in person only when absolutely necessary.

Property agents were restricted from conducting physical property viewings with the circuit breaker starting in April, but under Phase 2 of the reopening, they can now carry out most property transaction activities - such as physical viewings in groups of up to five - with the necessary safe-management measures in place.

However, certain activities, such as open houses, door-to-door solicitation and marketing activities in public spaces are still restricted.