At the 20th ASEAN Valuers Association Congress on Sept 12, minister for national development Lawrence Wong said that while the real estate industry has not yet seen major disruption by digital innovations, signs of change are evident. There are more online platforms for consumers and more are viewing properties online.

The real estate industry needs to improve how it meets the demands of consumers, and offer greater convenience and an array of digital services at a lower cost, says Wong. This can be achieved by developing sophisticated digital platforms. Agents’ productivity can be improved by developing advanced user friendly platforms with automated features to handle administrative work. This can also offer more convenience to consumers.

Industry associations should take the lead to coordinate industry-wide standards and processes to facilitate new technology adoption, says Wong. The ‘Real Estate Industry Transformation Map’ that is being developed will help facilitate the upcoming changes.