Despite twice massively trimming its agents’ headcount during the last one year, in an effort to enhance professionalism in its ranks, PropNex is pleased to reveal that such measures have actually paid off.
Year-on-year, revenue for the last three months—February, March and April—have been higher, with increases of 1.5%, 16.0% and 15.5% respectively. Revenue has also been climbing month-on-month for these last three months, up 23.5% in March from February and up 19.1% from March to April.
“This is a promising sign,” says PropNex Corporate Communications Manager Adam Tan, “and tells us that our continued efforts to uphold the highest standards of professionalism are reaping results.”
Mr Tan reveals that PropNex has amicably terminated thousands of agents since last year, mainly through two major termination exercises held in July 2008 and January 2009. The real estate agency, one of Singapore’s most trusted by consumers, now has a strength of over four thousand agents.
He explains that the terminations were a necessary move as part of PropNex’s efforts to maintain the utmost professionalism amongst its agents.
“We implemented many new initiatives, such as compulsory Professional Indemnity insurance for all agents, for our consumers’ protection, as well as Continual Professional Development, to ensure that all our agents regularly kept abreast of the market and skill sets needed to provide the best service to our clients.
“We have introduced new training courses, such as PropNex Brand Promise and Customer Win-Win, which help develop our relationship with our clients and improve our service delivery.”
In addition to their recent increased foothold in the private property secondary market, which stands at a 34% market share, Mr Tan also attributes their recent branding campaign as a factor of their increasing success.
“We embarked on a first-ever concerted branding campaign across all media,” says Mr Tan. “We had SMRT in-train panels, AsianOne leaderboards, print advertisements in Reader’s Digest and radio airtime as well.
“Our main message was that clients got a golden standard of service when they engaged PropNex,” he says, adding that PropNex was proud to be the first and only real estate agency in Singapore whose every agent was covered by Professional Indemnity insurance. He concludes: “By reiterating this fact, in addition to all our other service initiatives, we are instilling greater consumer confidence in a largely unregulated industry.”
