Press Release

ORANGETEE ELEVATE CONVENTION 2024

Speech by CEO: Justin Quek

Friday 12 April 2024 

A very good afternoon to: 

• Guest of Honour Mr. Desmond Lee, Minister for National Development & Minister-in-charge of Social Services Integration 
• Our esteemed associates, partners and sponsors, and my fellow colleagues

Thank you all for joining us this afternoon. We are extremely thankful to all on the ground for their support and hard work in making this day happen. Thanks to all of you, we have started 2024 on a solid footing, having gone through a comprehensive brand refresh to steer ahead with a new trajectory, along with a new leadership team. OrangeTee is here to help you Find Your Place.

2023 was a year of challenge for us, with continued moderation across all segments of the market. Having said that, this moderation is in alignment for us to achieve a healthier and more sustainable market in the long run. While prices have continued to see steady growth over the last few years since exiting COVID, we have also seen private sales volumes come down and inching closer to the 10-year average of approx. 23,000 transactions, with just 21,931 transactions in 2023. The new sales volume in 2023 was at its lowest volume in the last decade with just slightly over 7,000 transactions. The 10-year average is 10,272 units per annum.

2023 was also a year of change, with the emergence of new technologies, like generative AI; and augmented reality becoming more mainstream. The introduction of such technologies can be intimidating, but together, we can embrace these changes and learn to use them to our advantage. 

2024 is our year. The year where OrangeTee effects the changes needed to stay relevant and valuable to our clients and agents. The times we live in are not plain sailing to say the least; global economic activity remains slow, financial conditions remain tight and geopolitical rifts continue to stunt economic prospects. That said, the more we iterate and future proof ourselves, the better placed we are to withstand the headwinds.

Evolving our business to meet the changing consumer needs 

OrangeTee has undergone a strategic repositioning to meet the evolving needs of today’s real estate consumers. While we spend much of our effort making sense of the market through transactions, at the heart of this market is made up of people. Therefore, being able to understand people is the bedrock of any successful and sustainable company to thrive in a market. Couple this with OrangeTee’s heritage and reputation as a tech-driven agency, and we will continue to uphold these values to stay ahead of the curve.

We have witnessed a dynamic shift in consumer trends with a much younger buyer demographic in recent times. In contrast, OrangeTee features a more experienced and tenured sales force. Therefore, it is essential for us to innovate and keep the salesforce relevant to the dynamic buyer demographic. We can achieve this by increasing our exposure and engagement in the exploratory stages of the modern consumer, as the journey of home ownership and investment starts much earlier today, and with minimal human interaction.

While the young may seem to be the most apparently active in the market today, we also anticipate another major shift with the inversion of our population pyramid, our aging population. Recognising that their needs will differ from younger buyers, we must provide tailored solutions that cater to their unique aspirations and concerns. The narrative of upgrading and making more money is unlikely to be in the headspace for them, and we must be ahead of the curve to help them maneuver what could potentially be a golden chapter of their lives. We must understand the opportunities and alternatives in this next golden chapter, beyond simply transacting their real estate. 

OrangeTee’s vision is to make real estate understandable and accessible to all, ensuring that everyone can find their rightful place in the world. To achieve this, our mission is to provide a platform of expertise and care, guiding individuals through the complexities of real estate with assurance and support. Whether our customers are upsizing, downsizing, or finding their first home, it is our duty to help everyone find their place in the world with ease.

Empowerment through enhanced learning and professional development 

With a higher median age of salespersons at OrangeTee, we want to leverage on that wealth of experience and expertise of our tenured salespersons, to mentor the next generation of the young and energetic. As one of the longest-standing real estate agencies in Singapore with a highly experienced workforce, we will not be complacent and continue to widen and deepen our training curriculum for all to upskill. Aside from this, we will also be looking at building more platforms for mentorship and transference of knowledge across our different generations of associates.

While the focus of most traditional agencies has been traditionally on prospecting and transactions, the sales cycle and consumer today require a different approach. The modern customer is more empowered today with an abundance of data and insights, and may at times know even more than agents.

To empower advisers through a platform of learning and development, we need to invest in continuous upskilling to ensure we stay relevant and reliable. This aligns perfectly with Forward Singapore’s vision of imparting lifelong learning for all. We see the role of agents evolving to become trusted advisers, who will be able to provide comprehensive guidance and personalised solutions. With continual professional development, we can continue to extend the age of productivity, and leverage different age demographics to upskill to value-add to our customers.

Aside to the pending increase in CPD hours of 16 hours per annum commencing this October 2025, OrangeTee has already embarked on expanding its training curriculum in 2024 beyond our internal capabilities, partnering up with external providers such as Nanyang Polytechnic, SingCapital and as of this morning, iQuadrant, to upskill our salespersons across varying domains.

Embracing technology to increase productivity and deepen engagement  

In embracing technology, we are not afraid that it will be here to replace our role, but to enhance and complement it. As part of the 2025 Real Estate Industry Transformation Roadmap, we are constantly to digitalise and promote technology usage in our business.

A key aspect of our tech strategy is harnessing the power of AI as one of our pillars of customer centricity, while enhancing agents' productivity and value. AI-powered tools can automate repetitive tasks, such as scheduling appointments or generating reports, freeing up agents' time to focus on building relationships and providing expert advice to clients. By doing so, we can create an ecosystem to connect the dots across the various platforms of marketing and services, to ultimately enhance the customer experience. All this while ensuring our associates are kept in the loop of knowing how and when to engage, with the aim of fostering more intuitive and intelligent touchpoints with their clients. 

I shall leave the reveal of our latest initiatives to Christine and Keith, who will be coming on stage shortly after this to share the specifics.

Closing

As we navigate the ever-evolving real estate landscape, we must not lose sight of our key stakeholder–our people.  While machines and automation streamline our processes, we view this as an opportunity to elevate the quality of our professional service and engagement. 

With the ever-growing presence of technology within our industry, OrangeTee is committed to enhancing the human touch rather than diminishing it. By being intuitive with the markets and gathering intelligence, we will ensure our competencies and capabilities meet the diverse needs of all our customers over time. 

Let us continue to uphold OrangeTee's legacy as a client-first tech-driven agency, serving our clients with integrity, intelligence, and innovation. Together, we can navigate today’s challenges and opportunities in ensuring sustainable success and satisfaction, for all to find their place with OrangeTee. Thank you.