Sunday, 6 October 2024
OCBC launches financial wellness programme for property agents
OCBC has launched OCBC PartnerCare, the first comprehensive financial and personal wellness programme designed for more than 35,000 property agents in Singapore.
This is a strategic move to strengthen OCBC’s network of property agents, who are key partners contributing to a sizeable portion of its home loans business. Valued at up to $5,000 a year per agent, the programme comprises preferential home loan rates, discounts on Great Eastern insurance plans, bonus interest on referral fees credited to an OCBC 360 account and access to physical and mental wellness events. Over a third of property agents in Singapore who are already registered with OCBC for the purpose of making home loan referrals have been automatically enrolled and will therefore be the first to benefit from the programme.
Being self-employed, property agents may not have access to benefits and privileges that some organisations avail to their full-time employees. The comprehensive benefits of OCBC PartnerCare address this gap and the programme has thus received strong support from the property industry. Singapore Estate Agents Association and leading property agencies in Singapore, including the top two agencies by size of agency force PropNex Realty and ERA, have come onboard to promote the programme.
The programme leverages the diversified strengths of OCBC Group to provide a range of financial benefits across banking, insurance and trading. Personal wellness and other benefits round out the comprehensive package.
Sunny Quek, head of global consumer financial services, OCBC, said: “Homeownership is a significant milestone in life, and many often rely on property agents to guide them through the process. Property agents are therefore our key partners, working closely with our mortgage specialists to assist individuals who need a home loan. However, as property agents are self-employed, they often miss out on certain benefits. Hence, we introduced the OCBC PartnerCare programme to close this gap. The programme draws on the strengths of OCBC Group, including not just banking benefits, but also trading and insurance benefits. We will monitor the programme to ensure that the offerings meet property agents’ evolving needs, and if the programme is well-received, we will consider expanding the programme beyond property agents to even more of our partners.”
Adam Wang, president, Singapore Estate Agents Association, said: “OCBC PartnerCare is a welcoming and supportive programme. OCBC cherishes its partnership with property agents, recognising the value they add by referring clients to the bank. With OCBC PartnerCare, agents can now enjoy a range of benefits including preferential home loan rates, bonus interest when OCBC home loan referral fees are credited to an OCBC 360 account, access to market research resources, wellness events and a dedicated meeting place. This programme will be especially beneficial for agents who are new to this fast-paced industry and therefore need that extra support."
OCBC PartnerCare complements wellness programmes that property agencies have rolled out for their agency force and aligns with wider efforts to strengthen support for self-employed individuals in Singapore.
Ismail Gafoor, CEO, PropNex Realty, said: “OCBC PartnerCare is an innovative and holistic initiative. It complements PropNex’s commitment to support our self-employed real estate salespersons in their professional pursuits. With OCBC PartnerCare, real estate salespersons are aligned with similar benefits as OCBC staff. They can now enjoy various privileges from healthcare, insurance, trading and preferential home loan rates on owner-occupied properties.”
Marcus Chu, CEO, ERA Singapore, ERA Asia Pacific & APAC Realty, said: “At ERA, we believe in supporting our agents to achieve their fullest potential. Our core values are always to care for our people. This is aligned with OCBC. OCBC PartnerCare is a groundbreaking programme that strongly affirms the importance of property agents. This holistic programme addresses a whole range of needs, enabling agents to continue to flourish in their real estate careers. We are excited to see this positive impact and will continue to collaborate with our esteemed partner, OCBC.”
Yeena Liew, a property agent who has been in the industry for eight years, said: “Being self-employed property agents, it can be difficult to manage business expenses such as advertising, especially with irregular income flows. In the competitive real estate industry, newcomers are particularly susceptible to burnout.
OCBC PartnerCare is a comprehensive package that tackles these issues. Banking benefits such as preferential home loan rates and the bonus interest on agent referral fees will help to mediate business costs. Equally important is maintaining physical and mental well-being, and I appreciate that OCBC PartnerCare supports these aspects."
Re-disseminated by The Asian Banker
