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Welcome to the debut episode of 'Her Bold Moves' Podcast!
The first guest for this podcast is Evon Tan. Evon was an equity analyst before coming on board with us at the end of 2020.
In this episode, she shared with us what made her take the bold move of switching from a stable corporate job to a realtor. What were her fears when making the switch? Were her family and friends supportive of her decision?
Evon chose to focus on the commercial segment. What were the challenges she faced in this niche segment? Will she advise someone new to the property industry to enter this segment? What words does she have for others who are also thinking of switching from corporate to real estate?
Let's hear from her!
Q: You were an equity analyst prior to joining us. Can you share with us what you were doing as an equity analyst?
Evon: For most of my corporate life, I was an equity analyst. My job entailed studying companies and markets to determine if we should buy or sell stocks for my clients. I covered mainly regional markets like China, Hong Kong, Taiwan, Korea, and India. For a short period of time, I also covered Singapore equities, specializing in real estate, so I analyzed developers like CapitaLand and Keppel Land.
Q: This job sounds very secure. What made you come to the real estate industry?
Evon: During the COVID period, my company, which was headquartered in Toronto, decided to cut costs, so they closed down the Singapore office. I was let go when they did the restructuring and thereafter decided to take a nice break for myself.
While being an equity analyst sounds like a secure and good-paying job, we worked very hard and long hours too. When COVID just started, I was working longer hours than before, attending calls from Asia, London, and the US.
I used to be a sportsperson, playing basketball when I was in school, but when I was in corporate, I rarely had time for sports. Now I do yoga every day for at least an hour, and I don't feel bad about taking time off to do my own things.
Q: You had offers to go back to the finance industry, which to me was the safest option. But you chose to come into the real estate industry, where there was no stable income and many uncertainties. What were your greatest fears then?
Evon: To be honest, I was a bit fearful about whether I could make it in the real estate industry.
There are so many real estate agents in Singapore. Most people have someone they know who is a property agent. And when they want to give a deal to someone, they give it to somebody they know.
I, myself, benefited from this as my first deal was for a friend who was looking for a property. But it is not a realistic strategy to depend on that unless you have a very good network.
Even personality-wise, I am not sure if I am suitable. For all my corporate life, I was in front of spreadsheets doing reports. I didn't have to do a lot of selling and talking to clients.
I remember when I first started, one of my friends told me her mum was very worried for me. She said:
Evon 很聪明、很能干。不过她都不爱讲话，怎么卖房子？
Viv: I spoke to many real estate agents. Many of them told me they are introverts, and they are not sure if they are suitable to be property agents. I always tell them that in our line, we are not selling something. We are sharing with others how we feel about the property and why it is suitable for them.
When we reframe how we think, it is easier, especially for introverts.
So, if you are an introvert and you are not sure whether you are suitable to be a real estate agent, let me assure you that you will be okay.
Evon: I think apart from talking, listening and observing are also very important.
I was helping one of my clients with her purchase. After a few viewings, I pointed out to her what she liked and didn't like about certain attributes of a house, which she did not notice herself. So sometimes it's good to have a third party to point out something which they might not have known themselves.
Q: In my opinion, you are an ideal outcome of Singapore's education system, advancing from a reputable school to earning your degree at NTU. When you decided to be a real estate agent, were your family and friends supportive of your decision?
Evon: Surprisingly, my mum was very supportive of my decision.
Before I was in equities, I was working as an auditor. The hours were crazy, and I was working till 3 a.m. and back at work at 8 a.m. frequently. Being an auditor in the Big 4 accounting firms was a natural and respectable progression for someone in the accountancy course. So I just continued with the job and the crazy hours.
When I decided to leave the job, I spoke to her and she was very supportive. She told me I was working really long hours, and my hourly rate was probably lower than someone working at McDonald's!
However, there are many perception issues that I have to deal with in my decision to come into the real estate industry. My ex-boss was puzzled. He feels anybody can be a real estate agent, but not everyone can do what I was doing.
Q: You have been here for more than 4 years. Are there any regrets or anything you would have changed if we were to go back in time?
Viv: Just to give you the context of this question: Recently, I met with a realtor with three years of experience, and he told me he regretted coming into the industry. He was in a similar industry to yours. He wants to go back now but finds it difficult to get a similar job.
Evon: It's a different kind of life that I am leading now. To frame it simply, I wake up every day, happy to wake up and do what I like to do. I have more control over my time, and I don't have to wake up going to do some routine work that doesn't matter much to me or add much to my life.
Occasionally, when I catch up with my former colleagues or when headhunters reach out to see if I'm interested in returning to the industry, I realize I can't picture myself going back to an office job.
Q: You chose to focus on the niche commercial market. Was that something you already wanted to do when you first entered the real estate industry?
Evon: When I first started, I was a newbie trying my hand at a few different things to figure things out.
We have a shophouse team here led by James Yeow, who specializes in the shophouse market. He was very helpful and guided us through the process. As I was doing it, I realized this segment fits me very well.
You need to have good technical knowledge that is different from the usual knowledge that a real estate agent focusing on residential property has. When we speak to clients, they appreciate our expertise and professional advice that they might not find from their realtor friends or relatives.
So in that sense, it's easier for us to convert cold leads.
Q: Do you think it is advisable for brand new agents to enter the commercial segment?
Evon: Before we talk about entering the commercial segment, I think aspiring real estate agents have to first decide if real estate is the career for them.
Many people are enticed into the real estate industry because they feel it is easy money. For some, it might be the case, but for many others, we work very hard. Many times we have to do a lot and may not see the returns immediately. You can be easily discouraged.
We spoke to someone in the legal profession. She was looking to come into the real estate industry, but at the same time, she was also talking to people for a job back in her industry. She is very nice and professional, but it might be difficult for her to adapt to this industry. People might not give her the same respect here as what she has in her industry.
Real estate is unlike other professions, such as doctors and lawyers, where people respect you before they even speak to you. You have to earn your respect here.
Viv: I agree with you that people do not give the same kind of respect to the real estate profession as they do to other professions. But thankfully, throughout my years in real estate, I have encountered many clients who appreciate our hard work.
Evon: Returning to the question of whether new realtors should immediately enter the commercial sector, I don't think commercial is a more difficult segment. Both residential and commercial segments require learning. It's simply a more niche market where people aren't as familiar as they are with residential.
Q: What is the biggest challenge you have faced in the commercial market?
Viv: To me, one of the biggest challenges is that most listings are open listings. Everybody is competing with each other for tenants and buyers.
Evon: During my period focusing on the commercial sector, I observed that more agents are active in this area, and the open listings are becoming increasingly competitive.
In a sense, this is fair because you are competing in the open market. If you can successfully close several deals for a landlord, the landlord might decide to decrease the number of agents they use for future listings.
Additionally, with open listings, an agent must determine how to close the listing. If other agents are also advertising, how will you outpace them and identify the right buyer or tenant for your client?
Viv: Actually, that does not only apply to the commercial market. In sales, if we are just doing things the same way, why would we expect a different outcome?
I feel that succeeding in today's market involves creativity and standing out from the rest.
Q: People say that commercial markets are predominantly dominated by male agents. Do you agree?
Evon: I don't think there are more male agents than female agents in the commercial market. That perception probably arises because there are more male leaders in the commercial segment.
Viv: I feel gender doesn't make a difference in whether one can succeed in the commercial market. You are doing well; our teammate Gigi Wang is also doing well in this segment. So, female agents can also succeed in the commercial shophouse market.
Q: I agree with you that we don't see enough female real estate leaders in the commercial segment. You have been working in the commercial market for a few years now. Is that something you will consider doing?
Evon: I have benefited from the support and mentorship, so if someone is willing to learn and needs similar support, I will gladly provide it as long as it's within my means.
Q: You made the switch from corporate to real estate a few years ago. There are many people out there unsure if they should also make the switch, as there is no fixed income and it comes with many uncertainties. Do you have any words to say to this group of people?
Evon: I will advise them to consider carefully. Whether you're switching industries or changing jobs, any significant decision requires careful consideration.
Viv: Besides careful consideration, I think it also requires a great deal of courage to make a decision. I often say that if you don't act now, in three years you might find yourself wondering what could have happened if you had.
So instead of constantly wondering "what if," perhaps you should allow yourself a year to see if this works for you. If it doesn't work out, at least you have tried.
To me, I try not to have regrets in life.
Q: In 2020, we met up when you were deciding on a real estate agency to join. Why Navis and why our team?
Evon:
I found Stuart Chng online, and after speaking to him, I found him analytical and logical. He substantiates what he says with lots of data, and that was something that I liked.
At the same time, I look at other real estate leaders, and I do not agree with many things that they say. Also, certain things they said were not true, and that is not really something I want to go with.
So Stuart introduced me to you. I like you as a person. You were not pushy, and I feel I will not be put into a situation where I am forced to do things which I do not agree with.
After joining you, I benefited from your real estate knowledge and experience. It is quite illuminating to me sometimes because when we look at the same situation, we can have different thoughts. It expands my knowledge, and that is something I really like.
Viv: I always like to meet people individually to get to know them better before they join the team. To me, it's about the journey. We also want to make sure we can get along and that they are the right fit for the team.
We have come to the end of our podcast. Thank you Evon, for joining us today and sharing with us your journey from corporate to real estate!
Watch the full episode of the interview here!
Conclusion
If you are also considering switching from corporate to real estate, looking to enter the commercial real estate segment, or seeking a real estate career mentor to guide you in your career, click on the below to make an appointment with me.
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About 'Her Bold Moves' Podcast
In the first season of this podcast, we will invite guests from the real estate industry to share with us their lives, experiences and the bold moves they took to carve out their path in the industry.
Each episode features in-depth conversations, where we recount our personal journeys, challenges and decisions that shaped our careers.
Whether you are an aspiring real estate agent or an experienced realtor, we hope our stories can inspire you on your own journey!
Join us as we embark on this exciting exploration of lives transformed by the bold moves we take in our real estate career!