The Council for Estate Agencies (CEA) has partnered with the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) to introduce new pre-approved digital solutions under the SMEs Go Digital programme for the real estate agency sectors. These solutions are then eligible to receive up to 80 percent funding support from the Productivity Solutions Grant (PSG).

Apart from the specific solutions under the SMEs Go Digital Programme, generic digital solutions which cut across different industries (such as those pertaining to customer management, financial management and inventory tracking) and may be relevant for estate agents, are also available for adoption with PSG funding support.

Sector-specific digital solutions for Real Estate Agency

Presently, there are two digital solutions pre-approved for the real estate agency industry, and both are cloud-based document management platforms for estate agents.

Redoc by Real Estate Doc Pte Ltd

Launched in Dec 2020, Redoc is a smart cloud-based document management platform. It enables users to:

·         Fully automate sales processes

·         Close deals faster with a complete digital workflow

·         Manage documents and inventory flexibly

·         Get real-time data insights on business performance.

Redoc is available in packages for up to 40 users.

RealtyPromote by CommercePromote Ptd Ltd

Launched in May 2021, RealtyPromote is a cloud-based, enterprise-level agency management solution. It enables users to:

·         Manage transactions (e.g. e-contracts, property transaction-related documents)

·         Manage finances (e.g. billings, commission payouts)

·         Manage compliance (e.g. complaints, continuing education)

·         Generate reports (e.g. agent performance, sales & invoices report)

Other solutions pertaining to transaction records submission and due diligence checks for property transactions are expected to be included in the programme in the near future.


Generic Digital Solutions

As mentioned above, generic digital solutions that would still benefit the real estate agency sector would also be eligible for PSG funding.

To date, property agencies have received PSG funding for the following:

 ·         Packages that provide for business-grade laptops with collaborative tools and endpoint protection for property agencies to work remotely and securely.

·         Cloud-based accounting solutions that provide the necessary features for accounting and sales management.

·         Video conferencing tools to allow users to participate in virtual meetings and engage in chats and polls via web browsers and mobile applications.


What is PSG funding support all about?

As announced by the Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, during Budget 2021, the Government has enhanced the PSG to encourage companies to continue their digitalisation and productivity upgrading efforts.

From 1 April 2020 to 31 March 2022, eligible estate agents may receive up to 80 percent funding support for qualifying costs. The funding support will revert to 70 percent after 31 March 2022.

Each estate agency is subject to an annual grant cap of $30,000 for digital solutions supported by ESG, starting on 1 April and ending on 31 March the following year.

The funding support covers qualifying/supportable costs such as the purchase/lease/hire cost of the IT solution package or equipment. The funding support does not cover other related costs such as administrative fees and charges (e.g. for delivery and installation), and recurring charges such as maintenance costs or annual subscription fees.


Eligibility

To apply for the PSG, property agencies must meet the following eligibility criteria at the point of application:

·         Registered/incorporated and operating in Singapore.

·         Have at least 30% local shareholding.

·         Company’s Group annual sales turnover must not be more than S$100 million, or Company’s Group employment size must not be more than 200 employees. (Note: This employee criterion does not refer to your real estate salespersons who are associates of your company.)

·         Purchase/lease/subscription of the IT solution/equipment/consultancy service must be used in Singapore.

·         Must not have:

·         Made any payment to a supplier, vendor or third party in relation to the purchase/lease/subscription of the IT solution/equipment/consultancy service.

·         Signed any contract with a supplier, vendor or third party in relation to the purchase/lease/subscription of the IT solution/equipment/consultancy service.

How to apply


· Visit GoBusiness to access the list of pre-approved digital solutions for the real estate agency industry and identify relevant digital solutions that best suit your business needs

·         Get a quotation from the pre-approved vendor

·         Submit an application on the Business Grants Portal (BGP). Property agencies will need to have a CorpPass account to transact on the BGP