In 2020, the housing market was severely impacted by the pandemic. However, the demand for residential property remained high. In the context of low-interest rates, sufficient market capital, and expanded investments by Taiwan businessmen, the housing market gradually recovered. For Sinyi Realty, implementing community engagement services, accompanying community residents, promoting technology integration applications, ensuring transaction security for consumers, and optimizing the service experience are the present issues warranting further attention.
Overall Environment and Organizational Operations
Short-term Impact of the Pandemic on the Housing Market and the Expected Stable Development in the Long Term
At the start of 2020, the pandemic affected the trade volume in the housing market. In Q2, the pandemic spread slowed and the government implemented economic stabilization polices, including cutting the interest rate and rolling out relief packages. These measures vitalized the housing market and returned it to its original growth trajectory. In addition to a reflux of demand for properties, increased corporate investment in Taiwan spurred trade in the commercial real-estate market. This resulted in the number of real estate transactions exceeding 326,000, which was 8.8% annual growth and the highest growth since 2014.
The recovery of the housing market in 2020 increased transaction prices and volume. To stabilize the housing market’s structure and protect the rights of home buyers, by the end of 2020 the government had implemented selective credit control policies and relative management policies to prevent housing speculation. Through this, the government ensured the stable, long-term development of the housing market through maintenance of natural supply and demand.
In 2021, the overall housing market remains in recovery. Given the stable demand for residential properties and the government polices established to inhibit short-term investments, housing prices are expected to remain stable. However, the spread of the pandemic in May 2021 prompted the Taiwanese government to raise the COVID-19 restrictions to Level 3, greatly affecting the transaction volume in the housing market in the short term. Given the active pandemic preparedness attitude of the public and the national vaccination process, the housing market is expected to return to its original stable transaction volume and prices as the pandemic slows.
Implementing Community Engagement Services and Improving Digital Service Experience
The core principle of the Sinyi Realty brand, namely trustworthiness, remains steadfast as our top priority. Because of the increased use of digital technology in daily lives due to societal development, Sinyi Realty has expanded its services to include residential living services, has resolved various issues in local communities, and has satisfied the living demands of clients and residents.
Sinyi Realty has further enhanced its community engagement capacity; the functions of this capacity have been most strongly revealed during the pandemic. Because of the influence of the pandemic, Sinyi Realty now requires every staff member to maintain hygiene, wash their hands, wear a facemask, and perform various pandemic prevention tasks. Some branch stores actively provide local communities with pandemic prevention equipment, promote correct pandemic prevention concepts, and provide chairs for older community residents waiting in line to purchase facemasks, thereby providing care to the community. Additionally, Sinyi Living promotes professional disinfection services that protect the health of community residents. Technological development alters consumer habits. In particular, consumers generally place focus on the service experience and simple transaction procedure. The pandemic has accelerated the trend for digital transformation. Therefore, Sinyi Realty has changed its client service methods and now employs an office-to-office business model to improve online service quality. By optimizing the procedures for remote client reception and online house viewing, Sinyi Realty has improved the intuitiveness and practicality of the mobile interfaces and tools for house viewing. Additionally, the possibilities of combining real-estate technology with artificial intelligence have been explored to accelerate the integration of technological applications. In 2020, Sinyi Realty released the DiNDON smart house-viewing service. This service employs a 3D simulation of the interior design of a house to overcome the existing limitations during house viewing and to enable clients to simulate their ideal house design.
Given the product characteristics of real estate, regardless of the digital channels available for presenting properties to clients, clients must ultimately enter the physical service environment. Therefore, providing clients with a safe and secure space for the transaction process remains the core service quality of real estate agents. A real estate agent’s attitude, professional knowledge, and market experience play key roles in completing property sales. By upholding the “People first” philosophy, Sinyi Realty continues to recruit professional service personnel and cultivates them with proper concepts and attitude, thereby ensuring its long-term growth in the real estate industry.