The property industry still needs agents: APAC Realty CEO

With more people turning to YouTube and social media for information about properties and using new platforms such as the Housing and Development Board (HDB) Flat Portal, some real estate agencies may fear for their livelihoods. 

That is not the case for ERA Singapore, says APAC Realty’s Chief Executive Officer Marcus Chu.

In recent years, APAC Realty – which operates a real estate brokerage in Singapore under the ERA brand – has embraced technology, viewing digital tools not as threats but assets to support its agents and enhance their work. 

He explains: “The property industry still needs agents, provided we value-add to our client-services. We have the experience and expertise, including in navigating housing policies, cooling measures, fees such as stamp duties, and much more.”

The property industry still needs agents, provided we value-add to our client-services. 

“Furthermore, property is a big-ticket item and an asset, not a piece of merchandise like a $200 pair of shoes. Even in a single development, the make-up of units available is heterogeneous and no two units are exactly the same."

"On top of that, your needs may differ from those of other people, so you’ll need someone who can provide that personal touch and give you tailored recommendations that matches your priorities and circumstances. Digital tools enable us to deliver on this more efficiently.”

Chu points to the SALES+ application that ERA Singapore developed for its agents, to keep them at the forefront of the industry. 

The SALES+ app was designed to allow its agents to become resilient, adaptive and responsive so they can navigate market shifts, such as the Real Estate Transformation Map. 

It equips the agents with powerful tools, including in-depth market data and analytics, financial calculators, and AI-powered customised property reports, to help consumers make informed decisions. 

They can also use it to submit documents electronically, and gain insights about their marketing campaigns’ effectiveness and sales performance to hone strategies, among the application’s many other functions. 

Chu says that this assistance benefits the firm too: “We strive to empower our agents to achieve their aspirations, thrive in their careers, and continually grow. By helping them save time, reduce costs, and increase their earnings, we create opportunities for them to succeed and build a future-proof career with ERA."

We strive to empower our agents to achieve their aspirations, thrive in their careers, and continually grow. 

ERA Singapore also organises digital marketing classes for its agents that delve into social media marketing, equipping them to reach more people. 

It has also launched RealtyWatch, a property transaction monitoring platform for the public. “We are only at the beginning of our evolution, and will continue to invest in digital innovation,” he shares. 

Sharing the fruits of success

As ERA Singapore rolls out new software, it is also focusing on its equally important ‘heartware’. Chu elaborates: “Having a good leadership team and management team is the foundation of building a great company.” 

After he became the firm’s chief executive officer in 2021, he took steps to elevate outstanding employees and encourage staff to contribute to its growth. 

He appointed a team of agency leaders who are empowered with the autonomy to assemble and groom their own groups of real estate agents in-house, and to participate in company level management meeting where strategies and policies are derived.  “Each of them has the capability to start their own company, and I wanted to recognise that.”  

Chu believes in the collective effort of both management and agency leaders team to build the company with a common vision. “Our vision is to be the leading real estate agency in Asia Pacific providing evolutionary solutions to consumers and agents.”

Our vision is to be the leading real estate agency in Asia Pacific providing evolutionary solutions to consumers and agents

He also introduced a Performance Share Plan (PSP) to recognise the contributions of key management staff and agency leaders by granting them a portion of the company’s shares. 

This initiative, implemented without cost to the recipients, reflects the company’s commitment to fostering a sense of shared ownership. 

He explains: “As shareholders, even in a minority capacity, you now have a stake in the business. Together, we share in the growth and success of this organization.”

“It is also fair as the company’s success depends on the agency leaders and management team too, not just the Chief Executive Officer. 

His appreciation for the company’s staff is informed by his own experience. Apart from a few years when he left to build his own real estate sales team, he has been with the firm for almost three decades, since 1996, starting as a real estate agent himself. “I have gone through the entire journey, from salesperson to team leader to corporate staff to management.”

I have gone through the entire journey, from salesperson to team leader to corporate staff to management.

He emphasises: “I am only the Chief Executive Officer because my predecessor gave me the opportunity, and my fellow teammates and agents supported it. I believe in transformative leadership, inspiring others to reach new heights, discovering their personal best and achieving breakthroughs in their lives. My wish now is for us to have the common mission to drive the business forward and upward together.”

A global brand, trusted by generations

This unity will be more critical than ever as APAC Realty looks to expand its footprint regionally and beyond. 

It already owns the exclusive ERA regional master franchise rights for 17 countries and territories in Asia Pacific, and currently operates in 13 of them via its franchisees – some of which APAC Realty has acquired a stake in. 

Chu explains the strategy: “Real estate is inherently a local business. You need trustworthy agency owners who possess deep expertise in their specific markets.”

Real estate is inherently a local business. You need trustworthy agency owners who possess deep expertise in their specific markets

“When a franchise does well, we offer to buy stakes in it. That’s how we have significant stakes in ERA in other countries, including Indonesia, Vietnam, Malaysia and Thailand. 

This year, in Indonesia, we acquired the top broker in Jakarta and are looking into the other top-performing brokers in other parts of the country,” he shares. 

ERA Singapore currently has approximately 9,200 agents, representing 1 in 4 real estate agents in the country. 

This significant presence translates to 42.1% of Singapore’s sales transactions, as reported in its half year results on 8 August 2024. 

In the Asia Pacific region, ERA operates with nearly 25,000 agents across 593 offices. Together, agents from ERA Asia Pacific account for 57.4% of ERA's global network of real estate agents.

In October, ERA Asia Pacific signed a memorandum of understanding with United States-based NexUS Global Realty to expand cross-border real estate transactions. “With our networks, our partnership will enable us to offer premium solutions to homeowners and agents from both markets, ensuring a seamless navigation of international real estate transactions.”

Chu notes that ERA was founded in the United States in 1972, and every ERA office or branch worldwide is part of a global story. 

One of our unique selling points has always been that we are an international brand. When people from Europe, the United States or anywhere else in the world come to Singapore, they know ERA.” 

“I’m also proud of our longevity, and the trust that people have in us. ERA Singapore has been around for 42 years now.” When ERA Singapore engaged public relations firm Edelman to survey consumers’ perceptions of real estate agents and agencies in 2022, ERA was rated highest in the Edelman Trust Index among the top 5 real estate agencies in Singapore, hence ERA’s current tagline: “Trusted by Generations.”

I’m also proud of our longevity, and the trust that people have in us. 

This belief and loyalty runs deep within the firm too. Chu highlights: “I have teammates who are ERA agents, and their children have also chosen to become ERA agents. Over the past four decades, we’ve earned the trust of our customers, staff, and agents—a trust that is deeply valuable to our entire company. My goal is to build on these strengths and continue driving our company forward and upward.” 

About APAC Realty

APAC Realty is a leading real estate services provider, holding the exclusive ERA regional master franchise rights for 17 countries and territories in Asia Pacific. Through its ERA franchisee network, the Group has one of the largest brand footprints in Asia with close to 24,200 trusted advisors across 623 offices in 13 countries and territories as at 30 June 2024. ERA Singapore is the largest ERA Member Broker globally by transaction value. APAC Realty is listed on the Mainboard of the Singapore Exchange Limited since 2017. 

The company’s website is https://apacrealty.era.com.sg/

About kopi-C: the Company brew

kopi-C is a regular column by SGX Research in collaboration with Beansprout that features C-level executives of leading companies listed on SGX. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.

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