Yahoo Finance Breaking out of his shell
Today, Teoh is a year-on-year ERA multi-award winner and an EdgeProp Singapore Top 10 Transactor in the New Launch category. (Picture: Albert Chua/The Edge Singapore)
Eric Teoh has been in the sales line for as long as he can remember. “People who don’t know me well always think I’m quite an outgoing person because I’m in sales, but when I’m in the company of strangers, I’m quite shy,” admits the 49-year-old.
After completing National Service in October 1995, the then 22-year-old started as a direct sales agent for magnetic beds. His friend told him he was a terrible salesman who did not speak well and was not aggressive enough. Those comments made Teoh a better salesman. It also made him stay in that healthcare company for six years.
After getting his real estate licence, he joined ERA in 2003, just after the Severe Acute Respiratory Syndrome (SARS) epidemic, when the recession started unravelling. With housing prices at their lowest, it was a buyer’s market until the end of 2006.
For a decade, Teoh made a name for himself in the resale and rental market. “The commission on rentals is low, but it’s something that we need to do because it’s a way to stay connected with clients. If you cultivate good relationships from the start, customers will want to contact you when they are ready to sell or buy property,” he says.
For his achievements, he was named ERA Top 10 Achievers and the Top Resale Achievers award in November 2014. “I’m a late bloomer. After 11 years in the company, I finally had the chance to go up on stage to collect not one but two awards.”
Teoh (centre) receiving the Number One Project Tagger Achievement Award 2022 for Avenue South Residences. (Picture: Eric Teoh)
“2014 was also the year that I ventured into my first new launch project. I decided to join as a Core Team member for Commonwealth Towers because I was very familiar with the Commonwealth area. I thought (okay), now’s the time to break out of my comfort zone and do something new,” adds Teoh, who owns a five-room flat in the Queenstown area.
“This project is a 99-year leasehold private condominium launched in May 2014 that just sold 200 odd units of its 845 units sold on the first day of sales as the property market is still feeling the impact from the cooling measures that were implemented in January 2013, causing the take-up rate to be lukewarm.”
After more than two years as part of the Core Team in Commonwealth Towers and as the “senior guy in the team”, he eventually became a Tagger — a real estate salesperson in charge of introducing the project to clients brought over by colleagues — in September 2016. He did so well that he became known as the guy who tagged and sold the most units in Commonwealth Towers. That led to more awards and more recognition from fellow agents and clients.
“Being a Tagger is hard work because you need to know about the project inside-out and be able to answer every question that comes your way. But I realised I had a knack for it and could earn a decent living from it.”
His greatest hope is that his clients love his professionalism and hopefully reap handsome profits with their properties. “In my work, knowing the market and making correct predictions are important. So far, so good. My clients haven’t come back to scold me!”
Banking on technology
When Teoh started in the early 2000s, social media did not exist, so promoting oneself was done through flyers and advertisements. But these days, he uses social media to showcase the properties he tags or has successfully sold.
When the pandemic hit, he became more proficient with PowerPoint and Zoom and learnt how to conduct viewings and broker deals. “With 30,000 agents fighting for the same pie, it’s all about who can market their loudest. We have no choice but to follow suit.”
Teoh: In my work, knowing the market and making correct predictions are important.
He continues: “At my age, many people would resist such major change. I have to force myself to do things that I feel uncomfortable with because I know it can help me. That’s a huge part of why I’ve stayed in this industry for so long.”
Still, news of agents earning six-figure salaries from million-dollar sales makes it sound like they are rolling in money. He says there are some months when they barely close sales and some of his colleagues have high running costs. “Everybody has different starting points, but as long as we move forward in the right direction, we will reach our destination or objective. I’m a “turtle”, but as long as I keep moving, I can complete the marathon. I discovered that if I put my mind to doing something, I can achieve it, eventually.”
Today, Teoh is a year-on-year ERA multiaward winner and an EdgeProp Singapore Top 10 Transactor in the New Launch category based on sales from June 2021 to June 2022. “I was scratching my head because I’m sure there are others better than me. This award makes me feel honoured and excited that I’ve been chosen. I’ll take it as a good way to promote myself above my usual agent listing.”
A soft but stable market
For Teoh, 2021 was an excellent year for new launches with over 30 properties and close to 10,000 units. In the past year, he closed so many deals that he clinched numerous awards like Top Project Tagger and Star Taggers Achievement, in which he received the Platinum position and ERA Asia Pacific Elite Award.
Teoh (centre) receiving the Star Tagger Platinum Award from ERA Singapore deputy CEO Doris Ong (right) and ERA Singapore CEO Marcus Chu (left). (Picture: Eric Teoh)
One of his more memorable launches was Piccadilly Grand at Farrer Park MRT Station, where all his buyers that submitted Expression of Interest (EOI) managed to get a unit on booking day. “I remember serving a buyer who got a late queue number. After finding a unit he liked, he submitted his document and booking fee, turned to me and said he helped me get my 100%, so I owe him coffee,” remembers Teoh. “We both laughed and went home happy that day.”
Although the rest of this year will be a quiet year for new launches — due to limited project launches and cooling measures like the raised Additional Buyer’s Stamp Duty (ABSD) — Teoh is confident the buying will continue as there are leftover units from past launches.
While the market seems quiet, fewer transactions due to lack of supply do not mean lower prices. “Profit margins for developers will be slightly narrower due to market sentiment and increased construction costs, but I foresee prices will continue to be very stable. Usually, when there’s a huge drop in prices, that’s indicative of an economic crisis. We face a virus crisis, but the unemployment rate is low.”
His advice to buyers is if you see something you like and can afford it, buy it. “My theory is when everybody panics, like during Covid-19, you go in for the kill. If you do your sums right, your savings should be able to tide you over for a year or two. And then, when the market improves, you’ll see that you can still push up to a healthy capital appreciation or even enjoy high rentals. Like life, the market moves up and down, never in a straight line.”
Top Transactor is a Sponsored Series in recognition of Real Estate Salespersons who have achieved the highest number of transactions, based on information from CEA’s Public Register and data.gov.sg between July 2021 and June 2022 that was extracted on 10 August 2022.
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