Why Is News Important for Real Estate Agents
Singapore’s online news landscape is constantly evolving, with Telegram news broadcasting channels as well as various social media platforms like Facebook, YouTube, LinkedIn, Instagram and the latest addition – TikTok.
But with so many kinds of news coming from all directions, how can real estate agents, like yourself, sort through the influx of information to find what you're looking for? Or better yet, why should you?
Here’s a few great reasons why you should be keeping an eye out for property related news – if you haven’t already been doing so!
1. It affects a buyer’s choice
As a realtor, it’s important to consider the varying factors that affect your client’s buying decision – one of which includes news.
Why?
The answer is simple really – news has the ability to influence the selling rates and even price tags on homes.
For example, back in 2021 Singapore’s property prices climbed at a fast pace, hitting a 3-year high, with sales quickly rebounding in both the private and public housing sectors amid Covid-19 lockdown and restrictions. Along with this, local central banks were even offering cheaper loans with lower interest rates for those looking to buy properties during that period.
At that point, the housing market went into a frenzy. Anyone who was watching over it for an opportunity to buy, were on the hunt and realtors were selling homes fast. In fact, analysts even report this property demand is unlikely to dampen despite the recent rise in mortgage rates.
So yes, while property prices are not as sensitive to the news compared to stock prices, it still pays (literally!) to keep up with the latest news that influence property transaction rates.
2. It helps you understand the economy
A key factor affecting real estate value is the overall health of the economy.
Global economic uncertainties, job losses, growing inflation and interest rates, as well as rising construction costs are all part of the many factors that sway the market.
For instance, if the unemployment rate is high at that moment, it’s unlikely that people have the financial capability to cover their mortgage loans. Normally this would mean you can expect to see a drop in home buying intent.
However, if there is ’genuine’ demand from homebuyers, property sales may even defy a global property downturn despite high inflation and interest rates.
So, what does this mean for you?
By understanding the economy, you can acquire deep market knowledge and smarter insights on when it's time to upsell your condos or when your customers would best benefit from locking down a property.
2. It paints you as an expert
It takes a lot of expert knowledge to help buyers make informed decisions during their purchases. But when you’re equipped with the latest news in the industry, you can do just that.
From leaving a favourable impression when you offer clients information they weren't aware of, to appearing professional and well-prepared, this knowledge will boost your trustworthiness and dependability in their eyes.
And let’s be honest, as a realtor, your reputation is everything in this field.
But that’s not all!
Reading the news can also help you understand and keep up with the latest real estate terminologies. Now this point is especially beneficial for the beginners. So, instead of going in blind or asking someone to share their knowledge, you can easily pick up on what varying abbreviations like PLH, SIBOR, or SORA mean.
Remember, there’s only one chance to make a good impression on your customers. You definitely don’t want them to leave thinking that you’re an amateur.
3. You can get better tips to sell your homes
Top real estate performers are often specially featured in the news and commended for their performance. This provides you with the perfect opportunity to learn from their stories and experiences.
For instance, in an account shared by Eugene Wong of ERA, he revealed how analyzing customer behaviours helped him close his very first deal. Eugene then went into detail on how appealing to his client’s Buddhist faith helped him sell the house. His transaction was even a record high for Clementi at the time, emphasizing the importance of what observing every little detail can do for you as an agent.
Just like this story, keeping up with property news will offer you many more insider tips and tricks that can make navigating the waters of Singapore's real estate a little easier.
4. You discover the ‘in’ thing in SG’s property market
Aside from knowing which hot properties are available, real estate news also helps you acquaint yourself with the latest real estate market trends.
For example, recent emerging trends in commercial and residential buildings include the accommodation for hybrid work spaces as well as sustainable homes. With remote working made widely available to employees, some companies are downsizing their office and even looking to transform them into collaborative workspaces.
In addition to that, recent government projects like Green Mark 2021 have also been working towards creating environmentally-friendly work and residential spaces by leveraging smart technologies like Internet of Things (IoT), analytics, and AI.
This means in terms of residential estate, you can expect to see a rise in BTOs and 1-Bedroom or 2-Bedroom condo sales. As such, incorporating clever solutions to maximize space in your virtual or physical staging can help these environmentally conscious homeowners picture living in the condo.
In a nutshell, if you know what’s trending, you can foresee subtle but significant changes in the industry that can help you both sell homes better and quicker. This will also be a huge advantage to newcomers who have yet to decide if they want to specialize in selling commercial or residential real estate. What's more, you can even use this information to decide if it will be more worth it to focus your marketing efforts on new launch condos or resale flats.
And there you have it - our top reasons for why every realtor should be using the news to dominate the property marketing industry.
Interested in taking your trade to the next level? Get updated with the latest news to help you prepare and anticipate possible market changes with 8ambrief! Get in touch with us today and we’ll keep you informed with the latest real estate news on your districts of choice at 8am every day.
