Adapting to changing consumer needs in an evolving property market
By Justin QuekIn today’s property market, home buyers in Singapore are more informed and empowered than ever, driven by greater access to technology and information. With consumer demands shifting towards convenience, efficiency and professional guidance, they now seek personalised solutions that cater to and align with their changing needs.
Recognising the evolving property landscape means focusing on shifting consumer demands and behaviour, underscoring the importance of supporting and empowering consumers in navigating these changes.
This shift in consumer behaviour makes it a necessity for property agents to elevate themselves beyond their traditional role, becoming trusted life advisers who prioritise personalised solutions to meet the constantly changing needs of their consumers.
By bridging expertise, agents are helping buyers and sellers save time and navigate complex decisions with ease, putting the consumer’s changing priorities at the heart of their service offerings. This further reflects a broader industry trend towards prioritising consumer needs and adapting to the changing dynamics of the property sector.
Traditional buying, selling, and renting properties are not enough these days. The agent's role needs to evolve to adapt to the changing property landscape with clients now seeking trusted advisers who have market expertise, understand their long-term goals, and offer holistic planning.
Buyers have more options with some opting for minimal agent involvement in simple deals, while other home buyers prefer full-service support.
Property agents evolving into “life advisers”: Supporting clients beyond transactions
Propelling agents to adapt to the evolving needs of consumers, this shift transforms property agents into more than just intermediaries facilitating transactions. Instead, they need to evolve into becoming trusted “Life Advisers” who offer comprehensive and tailored advice to help clients navigate property matters and broader life decisions.
Consumer-centric education and personalised guidance are becoming indispensable in today’s real estate market. Property ownership decisions are often complex, involving personal and financial considerations, so advisers must stay informed about industry trends and develop specialised expertise to offer tailored solutions.
The instances are aplenty. Young couples may need guidance on financing options aligned with their budget and long-term goals, particularly with the Enhanced CPF Housing Grant. Retirees looking to downsize need help assessing their lifestyle needs and developing the next steps after selling.
Meanwhile, high-net-worth clients often have more complex needs that extend beyond property, including integrated wealth and health planning and as such, property agents must have a broad understanding of both residential and commercial properties and be able to connect their clients to solutions beyond their specialisation.
Advisory services will be most valuable in markets with asymmetric information, where specialists can offer reliable, tailored advice and effective execution through segment specialisation. Looking further, agents can continue adding value to clients’ lives long after securing the property deal.
Leveraging digital tools and data insights
In today's era of AI and digital transformation, the adoption of AI reshapes how agents, sellers, and buyers interact and how daily operations are managed.
Trusted advisers will need to embrace technology to further stimulate transactions, using the time saved to focus on relationship building and fostering trust with clients.
Technology and government regulations are driving structural shifts in properties, creating opportunities and challenges.
Singapore is a regional hub for Proptech in Southeast Asia, with over $1.3b invested since 2007 and over 120 Proptech startups launched from then to 2021.
The advancements in the property sector will focus on streamlining research and enhancing transaction efficiency, enabling quicker decision-making and execution. Despite global economic challenges, Singapore's market has shown resilience.
Private house prices have risen for 12 consecutive quarters, reflecting strong demand amid increasing interest rates and inflation. The government’s land sales strategy and significant transactions in prime locations further fuel investments.
As Singapore's property market continues to evolve, the role of property agents will need to place the needs of clients at the forefront and deliver relevant value.
The next generation of agents must go beyond merely simple intermediaries as they emerge as "Advisers" and community connectors, guiding clients through significant life decisions while providing long-term, tailored solutions to help them through different stages of their lives.
To stay relevant, future agents must leverage digital tools and data insights, offering transparent, efficient ways of gathering intelligence, but also leverage on that time saved from efficiencies to develop more personalised experiences. By embracing technology, they can better navigate the changing Singapore property landscape, more importantly adapting to engage with the diverse and evolving needs of today's consumers.