Yahoo Finance Keep evolving, keep learning: How Daniel Lim gained his competitive advantage
Daniel Lim receiving his award, presented by EdgeProp's VP of Agency Sales & Training, Shermie Tee. (Picture: Albert Chua/The Edge Singapore)
Given their low supply and potential for capital appreciation, newly launched executive condos (ECs) have been sought after in recent years.
Having clinched Top 5 in the Executive Condominium category at this year’s EdgeProp Excellence Awards, realtor Daniel Lim is excited to continue achieving in this space. After all, Lim — an 11-year real estate veteran — is extremely well-versed with ECs.
“Keep Evolving, Keep Learning” defines Lim’s successful mid-career transition from a market research professional to a full-time property agent.
With over a decade of experience under his belt, Lim feels that it is now time for him to give back to the real estate industry by helping to groom the next generation of realtors. Starting with a small group of associates, Lim has the ambition of expanding his team and hopes his story can inspire a new batch of aspiring property agents.
Transitioning into a new industry
When Lim started off as a project agent with Huttons in 2012, he was splitting his time between international and local projects.
“When I first became a property agent, Malaysian properties were the in-thing and I was getting a number of enquiries about Malaysian properties, especially JB (Johor Bahru) properties,” Lim recalls. “As we were not taught in-depth about overseas properties during our Real Estate Salespersons course, my knowledge about overseas properties then was very limited.”
Despite not having firsthand knowledge, Lim displayed tenacity and resourcefulness to get the information he required to close the deals.
“I did not reject any of these enquiries. Instead, I sought help and learned from my project leaders about the procedures for marketing and selling Malaysian properties, including the rules and regulations in this segment,” he says.
It led to a well-deserved breakthrough for Lim as he managed to close the first few deals in his budding real estate career. This experience taught Lim the value of going the extra mile, which has since become a staple of his service philosophy.
Before demand for international projects started to taper, Lim was already exploring other segments. He was drawn to ECs, as they share similarities with the international projects he was already familiar with.
“Overseas properties and ECs don’t require ABSD (additional buyer’s stamp duty), so it felt like a natural transition for me,” Lim shares. “Also, I realised that very specific knowledge is required to advise clients on these niche areas and not every agent is well-equipped with the expertise to do so.”
Seeing this gap in the market, Lim started to specialise in ECs. Thanks to his background in market research, Lim was able to quickly amass knowledge about the EC segment, while consistently familiarising himself with the rules, regulations and requirements when closing property deals.
However, in 2013, barely a year into his new career as a full-time property agent, the Singapore government introduced ABSD. Where others viewed this as a challenge for the industry, Lim instead saw opportunities, and he continues to adopt this mindset today.
“The new wave of younger Singaporean buyers is coming into the market,” Lim explains. “Their parents are more educated, and they are using this opportunity to not only add to their real estate portfolio, but also help their children secure property and plan ahead for the future.”
Lim: Every deal, big or small, rental or sale, has allowed me to evolve as an agent and understand the market better.
That has helped me to identify customer needs and position myself as the go-to realtor when it comes to ECs.
Carving out a successful niche
As regulations and market trends evolve, Lim believes that agents must adapt by developing their soft skills and knowledge accordingly.
Despite his market research and analytical expertise, Lim does not focus purely on technical know-how. He also sees himself as a facilitator who holistically considers the client’s interests and needs. This often requires a deeper appreciation of the practical aspects and considerations that his clients might have.
“It’s not just about studying floor plans, layouts, or memorising fact-sheet details,” Lim says. “I also think about how the developer has added value to the unit with their design decisions and effectively communicate that to my clients.”
Compared to first-time homeowners, a family looking to upgrade may have other concerns. These include childcare, schooling their kids, or caring for elderly parents. Lim carefully balances these competing demands to ensure the property meets his clients’ needs and goals.
Lim appreciates the significance of his role and believes agents must stay up to date on matters related to real estate.
“A property agent’s role is now more like a trusted adviser to our clients. Hence, we need to have some knowledge and skills of not just a realtor, but also that of a banker, lawyer and tax planner,” Lim explains.
Lim recalls a client who was planning for her son’s Primary 1 registration. “She approached me because her banker only had knowledge of mortgages and was ill-equipped to advise her on other aspects of managing her property,” he relates.
He proceeded to map out various possible options for the client to consider, while explaining the pros and cons to aid their decision-making.
Naturally, the client was extremely grateful for Lim’s professionalism, particularly the patience he showed in understanding her needs in detail. It was par for the course for Lim, who continues to update his knowledge on tangential aspects to property, such as legal, finance and wealth management.
Lim gains immense satisfaction from providing recommendations that his client may not have otherwise considered.
“Whether it’s in the realm of real estate, finance or law, my value as an agent comes from my ability to match my clients’ requirements with the current rules and regulations,” Lim asserts. “I’m also forward-thinking and consider the future outlook, so my clients can navigate this market with confidence.”
Evolving to stay ahead and deliver value
Believing that real estate is evolving into equal parts science and art, Lim is confident he can further leverage his skills in market research and sales to preempt and address any client concerns.
“Our job is not to choose for the client, but rather present them with the best possible options to help them make the right decision,” he emphasises.
In land-scarce Singapore, notwithstanding short-term market fluctuations, Lim feels that property will always have demand — whether it be for own stay or investment.
Furthermore, ECs are drawing appeal because they are less location-dependent than other developments. While he is bullish, Lim also cautions that the limited EC supply means that buyers should avoid sitting on the fence for too long.
More importantly, Lim dispenses the same advice to both clients and new agents alike: Take a chance and be open-minded to consider all options.
“I’ve had clients who thanked me for proposing post-launch ECs as opposed to new-launch ECs. They were finally able to get their dream home without having to deal with the 30% quota on second-time applicants,” Lim shares.
“With the constantly evolving compliance and market trends, many new agents and clients believe they need to first know all the answers and prepare thoroughly before entering the market,” he says. “Having the courage to take the first step is actually far more important.”
Lim strives to inculcate his service philosophy in his team of junior associates as he begins grooming the next generation of agents.
“Every deal, big or small, rental or sale, has allowed me to evolve as an agent and understand the market better,” Lim says. “That has helped me to identify customer needs and position myself as the go-to realtor when it comes to ECs.”
For more information,
Contact Daniel Lim | 81893799
Branch Division Director (R044091H)
ERA REALTY NETWORK PTE LTD
See Also:
Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools
New Launch Condo & Landed Property in Singapore (COMPLETE list & updates)
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