How selling my property turned me into an entrepreneur

The last 12 months have been remarkable for me for many reasons. I sold my first property. I quit my handsome-paying job at a bank and became an entrepreneur.

To say my life changed a tad bit would be an understatement. But it all started out with a strong belief and conviction that I could change things for the better.

It started last year when I wanted to sell my apartment.

I hired an agent to help me manage the process. It took over four months to find a suitable buyer, with my apartment simply advertised on various property websites in Singapore. I had to constantly chase my agent for updates and news from interested buyers.

I was left scratching my head – surely there was more he had to offer for a fee of $20,000. I would gladly pay for services that make my life better and make the process convenient. However, this was neither and I found the overall experience disappointing.

Although I didn’t get the level of service and information from my agent, I spent considerable time doing research on recently transacted property prices using government databases.

In the process, I also gained valuable insights into how property transactions took place in Singapore, and how there was so much more that could be done to make the process simple.

My home sales process sparked off a thought process that property transactions can and should be made simpler. That’s why I started Averspace, a digital mobile property app that helps you buy, sell or rent property directly.

I was baffled that technology hasn’t simplified the process of buying, selling and renting homes even more than what we see today.

My background in banking had given me a solid grounding into processes, and I leveraged that to design a system that was more transparent and convenient. There is no doubt that the property market will evolve further in the future as we integrate technology even more into our lives, and I started to see how we could already start making a difference.

In this age of digital technology, most of the information is easily available on various websites. I can easily find out about the local infrastructure, shopping centres, proximity to public transportation and MRT lines. I can easily read about the various industry trends. I can find out about the historical transaction prices of various properties through government websites.

Perhaps this is an industry that could be easily digitized to offer users greater control, easier search process and automated contract structuring.

Since no other platform was doing it well enough, I decided to jump into the bandwagon of entrepreneurs who ‘are crazy enough to think that they can change the world’.

I discovered that being an ‘entrepreneur’ is a mindset – you start looking for things to make better, and problems to solve. It’s a place I have enjoyed so far, as well as learnt a lot from. Here’s where I have had the biggest mindset shift – ideas that have helped me become a better entrepreneur.

1. Talk to more people

2. People like having control

3. Tell them a story

4. Sales will happen if you believe in your product

5. Be prepared