Refreshed management team steps up to take the agency forward through market uncertainties
New initiatives introduced to support agents to stay ahead of the evolving industry landscape
SINGAPORE,Nov. 1,2023 -- OrangeTee & Tie (OrangeTee),the leading real estate proptech agency,recently marked its 23rd anniversary with an agency-wide gala dinner on 19 October. As it reflects on a demanding yet eventful year,OrangeTee unveiled its upcoming plans for 2024.
Navigating New Challenges with Strategic Foresight
In 2023,the real estate sector in Singapore faced substantial challenges,including the impact of rising interest rates,a notable reduction in transaction volumes,particularly in the private residential market,and the influence of global geopolitical shifts. These factors collectively presented a demanding landscape for the industry and directly impacted individual agents' earnings.
Despite these adversities,OrangeTee's agents have shown resilience amidst the market slowdown,with about 40% of its professional advisers already earning more commission in the first nine months of this year than they did in the whole of last year. This commendable achievement,given the sharp decline in the overall industry performance can be attributed to four key factors:
The agency's culture of nurturing trust and long-term relationships with agents and their clients,leading to an increase in internalco-broking opportunities and referral cases from clients.
The direction charted by the agency's business strategy to help its agents establish strategic portfolio diversification across various market segments.
The agency's investment in providing its agents with game-changing tech and data analytics tools such as the Agent App 2.0 and Market Analytics Suites. These tools enable agents to offer strategic advisory services to their clients,defying market expectations.
And lastly,the strengthening of the management team to facilitate changes in the evolving industry landscape.
Strengthening Management Team in a Competitive Industry
In the past six months,OrangeTee welcomed three seasoned professionals to its management team,bolstering the agency with their extensive experience,expertise,and innovative insights. The addition of Justin Quek,who serves as Deputy Chief Executive Officer,Jon Tan,taking the role of Senior Vice President of Brand,Digital Marketing,and Communication,and Terence Chong,appointed as Vice President of Residential Projects solidified OrangeTee's strategic position in the real estate ecosystem.
This strategic expansion of the management team aligns with the agency's commitment to fortify its position with a 3P Strategy focusing on Productivity,Presence,and Partnerships – set to enhance the agents' capabilities and the brand's impact in the market. These measures are designed to help the agency and its agents better engage the target audience,harness the latest technology and innovations,and ensure sustained growth and success in an ever-evolving property landscape affected by governmental policy changes and external environments.
Equipping Agents for Success in a Dynamic Market
In its ongoing commitment to enhance agent capabilities and provide value to clients,OrangeTee has introduced a range of initiatives and services,with more in the pipeline for the coming months. This includes a structured agent training roadmap to help agents at every stage of their career with skill-based training,market-specific masterclasses,and mindset-shaping boot camps. Additionally,the agency has also introduced consumer-focused events like the Consumer Insider Series and Property Investor Seminars to help clients navigate the evolving property landscape.
Remaining steadfast in its commitment to staying at the forefront of the industry in driving technology innovations,the proptech agency has updated its in-house Agent App with AI-powered features. Notably,the app now leverages ChatGPT to generate listing captions through generative AI,strengthening OrangeTee's position as a proptech industry leader.
Empowering Informed Decisions with Data Analytics and Collaborations
In addition,OrangeTee has been consistently releasing updated research reports,featuring the latest property trends and data that are enriched with infographics and visual analytics. Utilising innovative visual analytics,a pioneering step in the Singapore property agency landscape,the goal is to simplify research-backed data. This approach makes the information more reader-friendly and facilitates informed property decisions.
A recent partnership with PropertyGuru Group has further expanded the reach of authentic reviews and ratings from OrangeTee's PropertyAgentsReview.com portal to PropertyGuru.com.sg. This first-of-its-kind collaboration reaches more homeowners and prospective property seekers on Singapore's leading property portal. It empowers individuals to make well-informed choices regarding property agents' proficiency and customer service in property matters,setting its team of agents apart from others in the industry.
"We are constantly exploring new ways to empower our agents and enhance our offerings. With our continuous investment in industry collaborations and proptech,especially AI-empowered technology,we are excited to see what the future holds for us and we are confident that this forward-thinking approach will not only benefit the agency but also create a more seamless and efficient experience for clients," said Justin Quek,Deputy Chief Executive Officer of OrangeTee.
Elevating Luxury Real Estate Services with Luxe by OrangeTee
In the past month,OrangeTee also rolled out Luxe by OrangeTee to elevate the experience of High-Net-Worth Individuals (HNWI) in the realm of luxury real estate. This premier service is strategically crafted to empower and equip agents who specialise in catering to the HNWI community. With over 100 members so far,the service is already seeing Luxe members co-brokering within the OrangeTee community. Come 2024,the agency will expand these market-specific communities into other segments such as the HDB resale,Business Space and New Homes markets.
Unveiling a Brand-New Look in January 2024
To ensure continued relevance to the market,OrangeTee has embarked on an in-depth brand refresh exercise that will further align its values and messages with both internal and external audiences. It has appointed a global communications agency,Redhill,who is currently collating and analysing views and perspectives through an organisation-wide survey and has slated the brand launch for January 2024.
In line with its brand strategy,the agency aims to reinforce its social media presence and intensify its content marketing strategy. To achieve this,the agency will be equipping its agents with dedicated spaces within its premises in the coming months. This move will empower its agents to seamlessly create video content and conduct live streams to foster more meaningful connections with their audience and clientele.
"We believe that success is built upon a strong foundation of collaboration and mutual growth. We take pride in ensuring that we offer the best resources and tools aligned with the evolving demands of the real estate sector. As we continue to grow and innovate,one thing will always remain constant with the OrangeTee brand – our unwavering commitment to building trust in the community and ensuring that our agents and clients succeed together," said Steven Tan,Chief Executive Officer of OrangeTee.
Tags: Advertising Artificial Intelligence Banking/Financial Service Computer/Electronics Real Estate
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