Special Feature

David Tang: Beyond achieving a million in commissions

November 28, 2024 3:00 PM SGT

Tang: Success isn’t just about financial gain. It’s also about making a positive impact on the lives of my clients and fostering a positive work environment where my team can flourish (Photo: David Tang/SRI)

Most realtors dream of achieving $1 million in commissions within a year. David Tang, associate division director of SRI, accomplished that feat in just a month, which earned him SRI's inaugural Emerald Pegasus Award last year — for being the first to achieve a seven-digit monthly commission.

"Last year was a breakthrough year for me," says Tang. The commission of over $1 million that he earned in March 2023 was across multiple deals that spanned almost the entire spectrum of the residential market: from a resale maisonette in Sunset Way that changed hands for over $1 million, which set a new record for HDB resale flats in the neighbourhood; several private condos — a mix of new launches and resale units — as well as several bungalows.

Some deals took less time, while others took several months. According to Tang, one of the most drawn-out deals took four years of patience and tenacity in following up with the client before it was completed that month.

This year, he celebrates his 10th year as a realtor.

SRI Millionaire Night celebrations with Managing Partner, Bruce Lye and CEO, Thomas Tan (All photos by David Tang/SRI)

The early years

Tang's path to real estate was unconventional, shaped by personal hardship and a quest for stability.

Fresh out of university, he faced the harsh reality of his father’s cancer diagnosis, which forced him into retirement. As the only child, Tang had to step up and be the family’s sole breadwinner — a daunting task for a 24-year-old.

"I needed something that could make me a decent income while allowing me the flexibility to care for my father," he explains. “In those circumstances, a corporate role would not have worked.”

He entered the industry at a challenging time, marked by the cooling measures introduced a year earlier. Tang’s difficulties were compounded by a lack of mentorship, as his recruiter left the industry for personal reasons shortly after he joined.

Tang was invited as a guest speaker at an agent summit in 2024.

His first year in the industry was humbling, with results so modest that he did not need to pay any income tax.

“I felt very lost and didn’t know what to do,” shares Tang. “There were times when my bank account balance could only last me one or two weeks, and then I was flat broke. Giving up wasn’t an option I had.”

The early years were some of the most challenging for Tang. His career finally took off after he joined the Ken Low Group (KLG) in 2016. “For once, I was part of a team of like-minded, ambitious individuals who were generous with sharing knowledge and real-time market information. I had resources at my fingertips and plenty of training sessions that helped to accelerate my learning,” says Tang.

Not surprisingly, Tang followed suit when Ken Low moved to SRI in 2018 as a managing partner. “Besides Ken, I also now find mentors in industry leaders like Bruce Lye and Benson Koh, and I can leverage their decades of experience and benefit from their wise counsel. Their constant support and encouragement in this industry have been a springboard for my growth as a realtor. I could not be more grateful.”

Tang was ranked second among SRI's Top Producers in 2023. He received the award from Minister of State Dr Muhammad Faisal Ibrahim and CEO Thomas Tan.

Catering to high-net-worth clients

Since 2019, he has also moved up the totem pole, handling bigger-ticket deals, especially in the landed housing segment. One of the biggest deals he is handling is an off-market Good Class Bungalow (GCB) near the Botanic Gardens with a $70 million price tag.

To better serve the high net-worth clients in the upper echelons of the housing market, Tang took a course on family office planning under the Wealth Management Institute founded by GIC and Temasek last year. He is now a certified family office advisor. "It helps me add value to my clients as I understand the intricacies of their needs better and can guide them in setting up a family office in Singapore," says Tang.

Even high-net-worth individuals could benefit from sound and commercially-driven advice on issues relating to real estate, Tang notes. Some may be empty-nesters living in a house that is now too big for them and are considering right-sizing. Others think of legacy planning or helping their children buy their first home. "They have the same needs, fears, and worries as other people," says Tang. "It's just on a different scale and price threshold."

Celebratory yacht cruise with David Tang Associates.

According to Tang, many buyers behind the landmark deals in Singapore's luxury residential market remain Chinese nationals, even though they now buy as Singapore permanent residents (PRs) or citizens. This has been a marked trend since the last round of property cooling measures in April 2023, when additional buyer's stamp duty (ABSD) for foreigners buying residential property doubled to 60%.

Prices in the landed housing market have remained resilient, says Tang. Given his specialisation in the landed housing segment, he has been appointed by developers and individual owners to handle the sale of new and resale landed homes. They range from terrace and semi-detached homes to GCBs in the prime districts of 10 and 11, especially the Bukit Timah-Dunearn Road enclave, such as Kheam Hock Road, Sixth Avenue and Watten Estate.

Tang conducting a training session for new RES at SRI’s signature Jumpstart Programme.

Nurturing a team of talented salespersons

Tang understands the difference a good mentor makes. Today, the eponymous David Tang Associates has 15 agents, a jump from 10 last year. Most of them are in their early 30s. "I'm looking for people who have initiative and integrity and are hungry for success," he says.

Believing in giving back, he invests significant time and effort in mentoring his team. He conducts regular company-level training, equipping them with the skills and knowledge needed to succeed in this competitive industry.

“Success isn’t just about financial gain,” says Tang. “It’s also about making a positive impact in the lives of my clients, improving industry standards, fostering a positive work environment where my team can flourish and reach their full potential, and being a steady and dependable provider to my family. It’s being able to uplift and enrich lives apart from my own. That is my goal every single day.”