This article first appeared on CEA Singapore: https://www.cea.gov.sg/news-publications/ceanergy-blog/industry-spotlight/veteran-commercial-property-expert-on-a-life-long-learning-mission
Nov 2024 – 4 min read
Entrepreneur, Key Executive Officer (KEO), author, mentor, trainer and YouTuber – and a certified specialist with knowledge of data centres to boot.
PropertyBank Pte Ltd Executive Director Edith Tay keeps herself busy with multiple roles and activities while winning awards too!
Her latest accolade: The Salespersons Achievement Award (Platinum) Award at the recent Singapore Estate Agents Association (SEAA) Awards 2024.
Edith’s entrepreneurial journey began when she was inspired to start PropertyBank in 2010, after several years as a real estate salesperson (RES) in the commercial/industrial market in companies like Sembcorp, Knight Frank and DTZ.
She said: “The turning point came when I realised there was a significant gap in the market for specialised commercial and industrial property services. Many businesses and investors were navigating this space without the right guidance, and I wanted to fill that void.”
To her, it was about creating a firm that not only understands that market, but also tailors its approach to meet the unique needs of each client.
Additionally, PropertyBank differs from a typical estate agent (EA) in that it offers two employment options to cater to the varying needs of its RESs: Employment and Associate scheme.
The PropertyBankers – as her team members are fondly called! – on the Employment scheme are full-time employees with CPF benefits, while those who join on the Associate scheme are on similar terms as those in other EAs.
No matter which employment option an RES is on, Edith says PropertyBank is committed to the long-term growth and professional development of their people.
“Knowledge is power for our PropertyBankers! We train our people extensively on-the-job to enable them to run property deals for business users and investors.”
With over 25 years of experience in the real estate sector, Edith has witnessed plenty of ups and downs in the industry. Memorable moments include helping a client in the fashion line to strategise and overcome warehousing and retail outlet challenges brought about by the COVID-19 pandemic.
On a personal note, Edith shares that the daily lives of RESs are not quite as extravagant as what most people think.
“Many of us are not what most consumers see on the media, boasting flashy cars or big cheques, etc. We are also parents and children who have to take care of our families and parents at the same time as we work hard at doing well in our profession.”
To her, the significance of the SEAA Award goes beyond the recognition of her hard work.
“The Award wouldn’t have happened without the immense trust that our clients have placed in us. And of course, credit goes to our PropertyBankers too!”
What do you credit for your success in the real estate agency industry?
Success in the real estate agency industry isn’t just about closing deals; it’s also about building lasting relationships.
I credit my success to a combination of deep industry knowledge, a passion for problem-solving, and a genuine interest to help our clients achieve their goals, be it addressing the real estate-related issues that they face, or to improve their gains!
It’s also about understanding the business needs and their challenges, being open to hearing their viewpoints, and always looking for ways to add value to them.
How different is the commercial real estate market from the residential market?
We serve both occupiers and investors in the commercial and industrial real estate market, and it is fundamentally different from the residential market in terms of investment dynamics, risk factors, and client expectations.
Commercial and industrial properties often involve higher stakes and longer commitment periods. The decision-making process is more data-driven, and there’s a need for a deeper understanding of business operations and market conditions.
The impact of a wrong decision made can adversely affect a corporation’s P&L (profit and loss). Residential transactions, on the other hand, tend to be more emotional and lifestyle-oriented.
For those RESs who are new to the commercial real estate market, I recommend learning from courses like the certificate courses offered by SEAA.
It is not just about the property types, it’s also about the regulations and the industry specifics. So stay updated on market trends and regulation changes, and don’t be afraid to ask questions. Building relationships with business owners and other industry professionals is a must.
Most importantly, one must be patient. Commercial deals can take longer to close, but with persistence and a client-first mindset, success will follow!
You are the author of a book, ‘Property Blueprint for Businesses’, and you also create content for the YouTube channel “PropertyBank SG”. Why did you embark on these projects, and what did you hope to achieve?
I started these projects with the aim of simplifying commercial real estate for businesses and investors. The book and the YouTube channel are platforms to share insights, educate, and empower others to make informed decisions.
I wanted to break down complex concepts into digestible information, making it accessible to people who are either looking for workplaces or are interested in non-residential property investments.
My hope is that these resources inspire confidence and encourage more people to explore opportunities in the commercial and industrial property market.
In your opinion, how can RESs stay future-proof in the face of technology disruption and increased expectations from property consumers?
I believe we must embrace technology rather than fear it. Leveraging tech tools for data analysis, market research, and client engagement can enhance our effectiveness and efficiency.
Additionally, we need to focus on continuous learning and adapting to changing consumer expectations. Providing personalised, value-added services that technology alone cannot offer is key.
Building strong, trust-based relationships will always be a differentiating factor in our industry.
As an SEAA trainer and PropertyBank’s KEO, what is your personal philosophy when it comes to continuing professional learning and development?
My personal philosophy on professional development is simple: Never stop learning!
Change is the only constant, and staying ahead means continuously expanding your knowledge and skills. I believe in lifelong learning, whether it’s through formal training, mentoring, peer-learning, or staying curious and open-minded.
At PropertyBank, we foster a culture of continuous improvement, and we have implemented a buddy system to encourage each other and to enable accountability in learning.
