The Real Estate Industry Transformation Map (ITM) was launched in February 2018 to provide a roadmap for the transformation of the real estate industry to be future-ready.
The real estate industry has been facing many challenges including slowing manpower growth, new technologies disrupting traditional business models and rising consumer expectations.
The ITM has two main themes:
- Embrace innovation and leverage technology
- Strengthen professionalism and upskill the workforce
The initiatives shall focus on transforming the facilities management (FM) and property transaction services sectors to be future-ready.
What can you expect
The CEA is leading a new Digitalised Property Transactions Workgroup to move the industry towards seamless, end-to-end, efficient and secure transactions for customers.
As part of this push, the Workgroup is trying to make it easier to access Government property-related data. In addition, this also enables the firms to automate administrative processes such as time-consuming due diligence checks which involve data from various ministries. HDB, SLA, and MOM will enable this data sharing in the latter part of 2018. Digitalised contract templates and checklists will be rolled out by early-2020s.
The CEA will publish property transactions closed by agents, starting with HDB residential transactions by end-2018 and private residential transactions by end-2019. In the long term, the CEA will also publish the ratings of each agent for greater transparency.
The CEA has also collaborated with NTUC LearningHub to introduce a real estate-specific SkillsFuture for Digital Workplace (SFDW) programme. The programme will equip agents with skills to handle the changing digital economy.
Where Rejig comes in
In view of these industry changes, Rejig is excited to announce that we are developing a mobile app that can be download by the agent, tenant and landlord, enabling the onboarding, referencing, agreements and inventory check-in/out processes to be executed and managed all on a single platform. This will definitely make the leasing process more seamless, efficient, secure and transparent for all stakeholders.
Why wait? Sign up for our pilot here!