OrangeTee has announced its intention of transforming their business into a TechProp company at their annual OrangeTee Business Conference 2019.
Technologies like AI, robotics, IoT, blockchain, and immersive experiences are changing the basis of competition in every industry, including the real estate industry.
Image credit: Orange Tee
As such, OrangeTee believes that the only way to “future-proof” the business, will be to transform into a TechProp company – a term that is probably not heard by many, or even for the first time, not a “PropTech” company.
Steven Tan, Managing Director, OrangeTee & Tie said, “The difference is based on the origin of the underlying organisation. PropTech companies usually focus on narrow functions or segments with high friction level or those under-served by traditional real estate companies. Their aim is to provide a better experience using digital technologies to reduce costs, increase revenue and remove friction. Hence, many Proptech companies are also the disruptors of our industry.”
Alternatively, a TechProp company is one which refers to the traditional real estate companies which is able to transform its business by accelerating innovation, building new skills, participating in the ecosystem and disrupting themselves to come out stronger in this digital age, he noted.
Steven Tan further added:
“In an era of startups, digital disruptors and online everything, traditional established companies don’t have to take a backseat and get left behind. Instead, they can face and fight the competition, and do things a notch better with their experience and expertise, which fly-by-night newcomers may not have. We have many advantages over PropTech companies, such as our scale with more than 4,200 agents, stronger brand recognition, a wide spectrum of services, reliable partnerships, solid domain experience and expertise.
“Most importantly, we have the ability to provide personalised services with a human touch. We are confident that our first-mover advantage in digital transformation will give us the edge to become the first TechProp company in Singapore or even the region.
“If OrangeTee as a whole, as a TechProp company, can continue to add value along the whole customer journey, we will be able to enjoy greater growth and it will be much more difficult for the potential disruptors and competitors to take away our market share.”
In keeping with its business transformation, OrangeTee will be launching “Auto-Website”, which it says will be a potential game changer in the real estate industry powered by technology. Auto-Website will be a key feature of Agent App to help boost agents productivity and performance digitally by allowing agents to launch website(s) in 3 steps. Agents also not limited to the number of website(s) they can launch.
OrangeTee has also launched “NewsFeed”, an internal communication channel within OrangeTee’s Agent App which will allow its agents to rely on a single source of truth from the Agency. The company promised to disseminate all critical and relevant information through this feature.
As part of efforts to reach out to a new generation of digital-first consumers, the partnership will see all property listings and verified reviews of OrangeTee & Tie agents made available on DBS Property Marketplace. ‘OrangeTee Properties’ is a consumer-facing listing portal that hosts all OrangeTee & Tie agents’ property listings, while ‘Property Agents Review’ is the first review portal of its kind by a property agency in Singapore that allows customers to provide transparent and verified reviews to its property agents after every successful transaction.
Both listing and review portals will be integrated with DBS Property Marketplace and this will give property seekers on the marketplace more choices and a greater peace of mind when engaging agents.
This collaboration is designed to empower users and to provide for them a holistic customer journey to make smarter decisions on real estate matters. With a carefully designed user interface and experience by DBS for their property marketplace and the additional database of listings and reviews from OrangeTee & Tie, users will be able to plan, search and own their dream home seamlessly.
OrangeTee transform agents learning with mobile eLearning platform partnership with KPMG in Singapore. OrangeTee will provide the domain knowledge and content while KPMG Business School (KBS), the flagship executive education institute of KPMG in Singapore, will provide the eLearning platform, which will be integrated within OrangeTee’s Agent App by 2Q19.
The partnership will digitise OrangeTee’s classroom Continuing Professional Development (CPD) courses into eLearning to support its agents with on demand and continuous learning to stay relevant in Industry 4.0. For everyday users (agents) of OrangeTee’s Agent App, this means significantly more effective training time and increased productivity.
Instead of going to their office premise to attend seminars and courses, the collaboration with KBS will allow real estate agents to access digital eLearning material anytime, anywhere. As this is an industry-first initiative, OrangeTee will identify CPD courses (CPD) to be hosted and taught via the eLearning platform after accreditation from the Council for Estate Agencies is obtained.
As part of its transformation to be a TechProp company, OrangeTee will also be working with MVL Foundation Pte. Ltd. (Mass Vehicle Ledger, MVL), the company behind blockchain-based ride-hailing application TADA in Singapore, to empowerOrangeTee & Tie agents to enhance their customer service capabilities.
Through this partnership, OrangeTee & Tie agents will be able to enjoy TADA’s ride-hailing services through Agent App, giving them access to TADA’s 28,000 vehicles, where they can book a ride for themselves or their clients, e.g. concierge service for new projects show flats or open houses.
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