According to the Prime Minister’s Office website, “Singapore strives to be a Smart Nation, in which our people are empowered by technology to lead meaningful and fulfilled lives. Government agencies facilitate this by sharing extensive real-time data in the public domain. This way, anyone can access the data resources and participate in generating solutions to real challenges.”
We understand how smart phones empower us but what is all this talk about Big Data and Artificial Intelligence (AI)? Smart Nation sounds good but what does it really mean to you and me?
I don’t know about other aspects of Singapore life, but I do know that Smart Nation means three things for property.
First, it means improved market standards.
Second, Smart Nation means a more professional and value-add real estate industry.
Third, it means a better public (or consumer) experience with the property market.
Improved Market Standards
When Government opened up its databases, it sets off a chain-reaction in innovation in the real estate industry. Now technology companies can collect millions of data points (i.e., Big Data), clean and process them into useable information (i.e., AI), and then instantaneously distribute the results to market participants via Internet or smart device.
What does this mean for you? You can get a free, instantaneous, neutral, objective, computer-generated value on your home called X-Value.
What does this mean for the property market overall? It now has a pricing standard in X-Value. This means buyers and sellers can benchmark the listing price of a home against X-Value and negotiate a fair price. Homes can transact sooner and more efficiently. Banks can mark-to-market their loan portfolios using X-Value and better assess risk. Judges can benchmark valuations being contested in court against X-Value.
More Professionalism
Technology doesn’t replace middlemen like real estate agents and valuers but it does require them to up their game. Mr. Lawrence Wong recently spoke at an ERA real estate conference and advised agents “to focus on service and new ways to add value.”
He said that clients are “looking for an agent who can give them sound, reliable, and professional advice.”
Technology is enabling agents to provide that sound advice. For example, I recently learned of one valuer who teamed up with a real estate agent to save their client almost $10 million off the listed price of a commercial property. The dynamic duo used big data and analytics to demonstrate that the property was mispriced and presto: a willing buyer and seller agreed on the deal.
Today, clients expect their real estate agents and valuers to know how to evaluate information and then translate it into sound advice and a fair deal. It is no longer enough to be a door-opener. Now an agent must be a professional adviser who has mastered technology. This has, and will continue, to lead to the further professionalization of the industry.
Where to start? Technology has bettered the homeowner, buyer, renter, and seller experience so much in the last five years, it would be impossible for me to list all the improvements. I could mention virtual technology that allows buyers to walk through a home from the comfort of their sofa. Or I could mention mapping technology and short-listing capabilities. I could highlight location-based search. Or I could direct you to SRX.com.sg/myPropertyTracker where you can receive a free monthly update on the value of your home.
Instead, in the remaining space, I will give you a preview of next generation of property technology, which will actually be available next week via your agent. It’s an Artificial Intelligence (AI) chatbot called SEVI and acts as an agent’s personal assistant. Sevi helps your agent serve you better by personalizing your home search, evaluating property, valuing a home, and initiating a transaction using Big Data and AI. Sevi learns as she interacts with you and helps your agent construct better advice and solutions for you.
In summary, Smart Nation is making the property market more efficient, transparent and accessible to consumers and professionals alike. Sevi is the latest in technology for a Smart Property Nation but she is certainly not the last. 
Sam Baker is co-founder and CEO of SRX Property. For more examples of real estate technology innovation, visit SRX.com.sg.