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RealCommercial app launched to help SMEs buy commercial properties

by • September 19, 2019 • PropTechComments (0)152

RealCommercial to help property agencies transform their business models and processes via digital solutions

RealCommercial

RealCommercial will help SMEs with their purchase quickly and conveniently. UOB worked with SoReal to bring together the various partners in the commercial property ecosystem to streamline the commercial property buying process. With RealCommercial, SMEs will be able to buy their desired property with more confidence.

United Overseas Bank (UOB) and SoReal Prop Pte Ltd (SoReal), a property technology firm, today launched Singapore’s first all-in-one commercial property solution to feature an instant valuation service that is recognised by a bank. The solution, known as RealCommercial, makes it faster and easier for small- and medium-sized enterprise (SME) owners to buy their ideal office, warehouse or retail space – from searching for and valuing the property to obtaining a bank loan. In 2018, there were more than $8 billion worth of transactions in Singapore’s commercial
property market.

According to a survey by UOB, one in two SMEs plans to invest in fixed assets including buildings and factory premises. After finding a suitable property, SMEs need to obtain a reliable valuation for their loan application – a process which currently takes up to seven days3 within the industry, thus extending the time required to complete the purchase. However, UOB’s digital valuation service provides SMEs with a bank-backed valuation in under a minute, enabling business owners to fast track the buying process by proceeding with their loan application straightaway.

In addition to instant valuation, SME owners can see immediately the loan quantum for which they qualify based on their average monthly cash flow or affordability. The SME owner then uses their CorpPass to log into MyInfo Business, integrated within the solution, and the online application form will be automatically filled in with their company details.

Mr Mervyn Koh, Country Head of Business Banking Singapore, UOB, said, “From our experience in helping SMEs purchase their ideal commercial property, we know they want certainty and speed in the process. This means not having mismatched expectations in the property’s valuation or the loan quantum, both of which could lead to the SME not being able to secure their desired property.”

“To help SMEs with their purchase quickly and conveniently, we worked with SoReal to bring together the various partners in the commercial property ecosystem to streamline the commercial property buying process. With RealCommercial, SMEs will be able to buy their desired property with more confidence”.

The launch of RealCommercial builds on the Bank’s efforts to help property agencies transform their business models and processes via digital solutions and also supports the real estate industry’s transformation under the Industry Transformation Map. The Bank launched the first fully digital loan solution for homebuyers in August last year, reducing the time needed to apply for home loans from an average of 2.5 days to 15 minutes.

Helping real estate agents transform their business models and processes 
The service will also help property agents to provide faster turnaround and better customer experience as they serve SME buyers. SoReal supports more than 200 property agencies, including the four biggest agencies in Singapore – ERA, Huttons Asia, OrangeTee & Tie and PropNex – which represent 72 per cent of all agents.

Mr Thomas Tan, President of Singapore Estate Agents Association said, “In today’s digitally-connected world, there is increasing expectation for services to be provided on demand. As such, the real estate industry must also innovate to ensure that we have the right business models and processes to meet customer expectations. The launch of RealCommercial equips property agents with digital tools that are essential to providing their SME buyers a more efficient and customer-centric experience. We are glad to have UOB’s continued support as we step up our efforts to transform the real estate industry.”

The RealCommercial mobile app can be downloaded from the Google Play and the Apple App Store.

Do you know enough about how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.

The iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

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