In Conversation - Dennis Wee, Founder & Chairman of Dennis Wee Group

Dennis Wee first started its humble operations in 1993 with just 10 sales executives and has grown to some 2,500 executives today with the opening of a new office on the 3 Feb to mark your expansion. Could you tell us the secret behind your success?

Dennis Wee (DW): I think the secret behind our success lies in the fact that we run our business like a family unit. The family like culture allows us to bond and support each other . We are also built on principles , uphold the highest professional standards because we believe that we have a responsibility to help others in our real estate business.

DW: My goal is to instil fun in real estate. If you are not having fun in anything that you do, you tend to give up halfway especially during these trying times. I would also like to encourage more creativity in marketing and aim to emphasize on business ethics.

What would you consider Dennis Wee's biggest achievement in 2008 and what do you aim to achieve in 2009?

DW: 2008 was a challenging year so we decided to give our agents additional training to prepare them for the foreseeable challenges ahead in 2009, which in my opinion will be a very very challenging year. I recently sent out a memo to my employees urging them to work closely as a team and help one another beat this recession.

Being a homegrown brand, how does Dennis Wee differentiate itself from the "big boys" in the Property Industry who have a global presence i.e. DTZ, ERA etc.

DW: The bigger agencies promise a lot to attract talent but don't deliver on them in the end. We create a sense of belonging for our employees that is rich in culture. At Dennis Wee, we promise on what we can deliver on. We focus more on quality than quantity.

Do you have any intentions to further expand into other markets?

DW: We are currently present, on a small scale, in Malaysia and Vietnam where we are conducting basic training. If I was to expand operations, my next stop would be Indonesia because it nearby and the local language is somewhat similar to our Malay so it will be easy for communication.

With the credit crunch looming over every industry including the property industry, how does Dennis Wee intend to maintain its edge?

DW: My strategy would be to urge the seasoned agents to help out the new agents. We also plan to  give additional training in areas such as entrepreneurship and how to sell during the bad times. We are also providing our agents with motivational training to help them survive the depression that comes with a bad economy. I'm also hoping the government would step in to help out.

How do you think the government can play a part in this?

DW: I think the property market will drop a little bit more in 2009 . Especially after the Chinese New Year, there is a lot of speculation of retrenchment so people are more cautious and this will further soften the market. I think this will be the trend for the next 1 ½ years to 2 years before the market picks up again. If the government gives a bit of a "push" with policies such as the Deferred Payment Scheme than I think the property market can recover sooner.

Mr Dennis Wee Founder & Chariman of Dennis Wee Group

DW: I think condos will be hit the hardest especially in areas such as Nee Soon because it is far and not accessible. For luxury properties, if the developers price it right, sales will move.

Where do you see the best deals coming from e.g. landed vs. condo vs. HDB; new vs. resale;?

DW: Now is the time for the secondary market so I definitely see the best deals coming from resale. With regards to the new properties I think it depends on how the developers price it and also I think they can afford to wait a bit.

Fire sales were expected to pick up in 2008 but did not materialize. Do you see this trend picking up in 2009? DW:

Yes. I expect numbers to increase especially after March.

A recent trend has been noted whereby investors who bought units under the Deferred Payment Scheme in 2006/2007 are experiencing cold feet with the change in market direction and are desperately looking to walk away from their sales contracts. Is this a trend that you expect to see pick momentum? What advice would you give home buyers who are gearing towards this direction?

DW: In my opinion those who buy property under the Deferred Payment Scheme are not investors but speculators. I think they are choosing to walk away now because there are no other alternatives and they are in a desperate situation. In real estate it basically comes down negotiation between the buyer and the seller so in this case a compromise can be met between the developers and the home buyers.

How important a tool do you think online marketing is for the property industry?

DW: Online marketing is a great marketing tool and a good first step for home buyers to narrow down properties they are interested in. However, this must be complimented with a personal tour because after all, real estate is all about the "touch and feel."