Harnessing the benefits of information transparency with YungChing Realty Group
The company wins in this year’s Asian Technology Excellence Awards.
The real estate landscape is a very competitive marketplace, with the zero-sum game dominating the field. In order to break from the traditional zero-sum experience in real estate, YungChing Realty Group developed the Real Estate Agent Joint Sale Platform, and in doing so, won the Taiwan Technology Excellence Award for PropTech - Real Estate at the 2023 Asian Technology Excellence Awards.
The awards programme recognises the successes that businesses in Asia have enjoyed in integrating emerging tech into their operations to bring in better results and customer experiences, and YungChing distinguished themselves with their platform’s ability to provide an avenue for transparent and real-time information exchange between various stakeholders in the industry.
Real estate agents from different franchise stores can collaborate with other members, from sharing housing information and cooperating in property viewings to even facilitating transactions and profiting from their contributions.
This helps break the traditional zero-sum situation in place within the real estate agent industry of Taiwan, where franchise stores act as independent legal entities which therefore compete against each other. The zero-sum game in the real estate agent industry of the country even pits agents within the same store to compete with one another. It inevitably results in a lack of information transparency, low transaction efficiency, a fragmented market and transaction disputes.
By establishing a fair and standardised cooperation guideline, the platform was able to shift the focus from individual success towards collaborative efforts, improving information transparency and transaction efficiency regarding real estate transactions. This has also resulted in a more cohesive market with fewer transaction disputes, unethical practices, and agent conflicts that spill over towards the overall industry reputation.
With the help of contracts and regulations to establish the guidelines for joint sales within their franchise stores, YungChing designed and launched the platform during the first quarter of 2021, resulting in enhanced transparency, real-time information availability, and joint sale fairness right from the get-go.
Since the launch, the number of property transactions facilitated through collaboration amongst different real estate agent companies increased by nearly 40% and the number of sale days through Joint Sales for different franchise stores to complete real estate transactions has been reduced by 26%. After the platform’s release, YungChing Realty Group was able to grow its portfolio of stores from 1,300 to more than 1,600, signifying a 23% spike in growth. This success can be partly attributed to the advantages provided by YungChing Realty Group's Real Estate Agent Joint Sale Platform.
This result proves that the zero-sum game can be eliminated without adverse effects within the industry and that the industry as a whole can benefit from transparency, collaboration, and efficiency when it comes to property transactions and customer satisfaction.
Thanks to the growth and success offered by the Real Estate Agent Joint Sale Platform, YungChing Realty Group is positioned to be a leading player within the real estate agent industry of Taiwan. They are also positioned as a culture innovator, breaking from the traditions set by the zero-sum game and even redefining the rules of the real estate agent market within Taiwan.
The Asian Technology Excellence Awards is presented by Asian Business Review. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at [email protected].