SMEs Go Digital Programme: Real Estate Agency Industry Gets New Pre-Approved Digital Solutions Eligible For PSG Funding

SMEs Go Digital Programme: Real Estate Agency Industry Gets New Pre-Approved Digital Solutions Eligible For PSG Funding

SMEs Go Digital Programme: Real Estate Agency Industry Gets New Pre-Approved Digital Solutions Eligible For PSG Funding


The Council for Estate Agencies (CEA) has partnered with the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) to introduce new pre-approved digital solutions under the SMEs Go Digital programme for the real estate agency sectors. These solutions are then eligible to receive up to 80 percent funding support from the Productivity Solutions Grant (PSG).

Apart from the specific solutions under the SMEs Go Digital Programme, generic digital solutions which cut across different industries (such as those pertaining to customer management, financial management and inventory tracking) and may be relevant for estate agents, are also available for adoption with PSG funding support.

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Sector-specific digital solutions for Real Estate Agency

Presently, there are two digital solutions pre-approved for the real estate agency industry, and both are cloud-based document management platforms for estate agents.

Redoc by Real Estate Doc Pte Ltd

Launched in Dec 2020, Redoc is a smart cloud-based document management platform. It enables users to:

·         Fully automate sales processes

·         Close deals faster with a complete digital workflow

·         Manage documents and inventory flexibly

·         Get real-time data insights on business performance.


Redoc is available in packages for up to 40 users.

RealtyPromote by CommercePromote Ptd Ltd

Launched in May 2021, RealtyPromote is a cloud-based, enterprise-level agency management solution. It enables users to:

·         Manage transactions (e.g. e-contracts, property transaction-related documents)

·         Manage finances (e.g. billings, commission payouts)

·         Manage compliance (e.g. complaints, continuing education)

·         Generate reports (e.g. agent performance, sales & invoices report)


Other solutions pertaining to transaction records submission and due diligence checks for property transactions are expected to be included in the programme in the near future.


Generic Digital Solutions


As mentioned above, generic digital solutions that would still benefit the real estate agency sector would also be eligible for PSG funding.

To date, property agencies have received PSG funding for the following:

 ·         Packages that provide for business-grade laptops with collaborative tools and endpoint protection for property agencies to work remotely and securely.

·         Cloud-based accounting solutions that provide the necessary features for accounting and sales management.

·         Video conferencing tools to allow users to participate in virtual meetings and engage in chats and polls via web browsers and mobile applications.


What is PSG funding support all about?

As announced by the Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, during Budget 2021, the Government has enhanced the PSG to encourage companies to continue their digitalisation and productivity upgrading efforts.

From 1 April 2020 to 31 March 2022, eligible estate agents may receive up to 80 percent funding support for qualifying costs. The funding support will revert to 70 percent after 31 March 2022.

Each estate agency is subject to an annual grant cap of $30,000 for digital solutions supported by ESG, starting on 1 April and ending on 31 March the following year.

The funding support covers qualifying/supportable costs such as the purchase/lease/hire cost of the IT solution package or equipment. The funding support does not cover other related costs such as administrative fees and charges (e.g. for delivery and installation), and recurring charges such as maintenance costs or annual subscription fees.


Eligibility

To apply for the PSG, property agencies must meet the following eligibility criteria at the point of application:

·         Registered/incorporated and operating in Singapore.

·         Have at least 30% local shareholding.

·         Company’s Group annual sales turnover must not be more than S$100 million, or Company’s Group employment size must not be more than 200 employees. (Note: This employee criterion does not refer to your real estate salespersons who are associates of your company.)

·         Purchase/lease/subscription of the IT solution/equipment/consultancy service must be used in Singapore.

·         Must not have:

·         Made any payment to a supplier, vendor or third party in relation to the purchase/lease/subscription of the IT solution/equipment/consultancy service.

·         Signed any contract with a supplier, vendor or third party in relation to the purchase/lease/subscription of the IT solution/equipment/consultancy service.


How to apply

·         Visit GoBusiness to access the list of pre-approved digital solutions for the real estate agency industry and identify relevant digital solutions that best suit your business needs

·         Get a quotation from the pre-approved vendor

·         Submit an application on the Business Grants Portal (BGP). Property agencies will need to have a CorpPass account to transact on the BGP

For step-by-step guide covering application submission, Letter of Offer acceptance, and claims submission, click
here.


Read also: Step-by-Step Guide On How To Make a Claim Under The Productivity Solutions Grant 2021 Edition


FREQUENTLY ASKED QUESTIONS (FAQS) ON THE SMEs GO DIGITAL PROGRAMME: NEW PRE-APPROVED DIGITAL SOLUTIONS FOR THE REAL ESTATE AGENCY INDUSTRY


Overview

 1.  What is the SMEs Go Digital programme for the real estate agency industry?

The SMEs Go Digital programme for the real estate agency industry aims to help estate agents (EAs), especially the small and medium-sized EAs, use digital technologies and build stronger digital capabilities to raise productivity.

There are two types of pre-approved digital solutions available, namely, solutions that are specific to the real estate agency industry (known as sector-specific solutions), and generic solutions that cut across industries (e.g. in the areas of customer management and financial management). Eligible EAs will be able to adopt both types of digital solutions with funding support from the Productivity Solutions Grant (PSG) administered by Enterprise Singapore (ESG).


 2.      How much funding support can EAs receive from the PSG?

As announced by Mr Heng Swee Keat, Deputy Prime Minister and Minister for Finance, at Supplementary Budget 2020 on 26 March 2020 and Budget 2021 on 16 February 2021, the Government has enhanced the PSG to encourage companies to continue their digitalisation and productivity upgrading efforts. From 1 April 2020 to 31 March 2022, eligible EAs may receive up to 80% funding support for qualifying costs. The funding support will revert to 70% after 31 March 2022.


3.      What does the funding support from the PSG cover?

The funding support covers qualifying/supportable costs such as the purchase/lease/hire cost of the IT solution package or equipment. The funding support does not cover other related costs such as administrative fees and charges (e.g. for delivery and installation), and recurring charges such as maintenance costs or annual subscription fees.


4.      Does my EA have to pay for the IT solution or equipment upfront?

Yes. EAs which purchase/lease/hire any IT solution package or equipment under the SMEs Go Digital programme will have to make payment upfront. Eligible EAs will be reimbursed up to 80% of the qualifying/supportable costs, usually within two months of the claim application.


5.  Can my EA claim funding support from the PSG for maintenance costs or annual subscription fees for the IT solution or equipment?

No. The funding support from the PSG does not cover recurring charges such as maintenance costs or annual subscription fees.


6.  Are real estate salespersons (RESs) regarded as employees of an EA under the eligibility criterion on Company’s Group employment size?

RESs are not considered employees of an EA, unless they are working under a full-time employment contract with the EA.


7.      Is there a grant cap for the PSG?

Each EA is subject to an annual grant cap of $30,000 for digital solutions supported by ESG, starting on 1 April and ending on 31 March the following year. EAs which have fully utilised their grant caps will not be eligible for further support within the validity period of the grant cap. EAs can apply for the PSG for new digital solutions in the next period when the grant caps are refreshed. EAs are encouraged to plan the use of the PSG for their adoption of digital solutions.


8.  My EA has received funding support from the PSG for COVID-19 continuity measures. Will it still be eligible for funding support from the PSG under the SMEs Go Digital programme?

Yes, the two are separate funding support schemes. Under the SMEs Go Digital programme, EAs are eligible for funding support from the PSG as long as they have not fully utilised their annual grant cap of $30,000 within the validity period, which starts on 1 April and ends on 31 March the following year.

For more FAQs on the PSG, including on eligibility, application, PSG equipment and IT solutions, Business Grants Portal and CorpPass, change requests, acceptance of Letter of Offer, claims, and withdrawal of grants, please visit ESG’s webpage.



Read also: 2021 [PSG Approved] - Top HR & Payroll Software for Singapore SMEs


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