OrangeTee believes the best way to beat disruption in the real estate industry is to transform.
SINGAPORE – 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, the blockchain, and immersive experiences are changing the basis of competition in every industry, including the real estate industry. 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 underserved 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, TechProp companies refer to the traditional real estate companies that are able to transform their business by accelerating innovation, building new skills, participating in the ecosystem and disrupting themselves to come out stronger in this digital age.”
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.”
New Technological Initiatives
Agent App: Auto-Website
OrangeTee will be launching “Auto-Website”, 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 a website(s) in 3 steps. Agents also not limited to the number of website(s) they can launch.
Steven Tan further added, “Of course, we keep the option of customisation open which means that for those experienced and tech-savvy agents, they can still customise the websites’ URL, colour designs and even its content.”
Agent App: NewsFeed
OrangeTee has also launched “NewsFeed”, a powerful internal communication channel within OrangeTee’s Agent App.
Steven Tan said, “In today’s competitive environment, speed and accuracy of information communicated are of utmost importance – That’s why mobile messenger platforms have become increasingly important in our daily lives. Yet, ironically, as there are increasingly more of such platforms available which allow multiple interactions between every individual, much essential information may not be able to prompt required attention or may even be totally missed out along the way. With NewsFeed, agents can now rely on a single source of truth – the company will disseminate all critical and relevant information through this feature.”
Article contributed by OrangeTee.