Special Feature

Eugene Ow on property, retirement and wealth planning

May 10, 2024 5:30 PM SGT

Ow finds joy in collaborating with the younger generation, appreciating their enthusiasm and adaptable mindset, which indicate a readiness to be shaped for success.

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"The role of the modern agent has evolved into that of a consultant." — Eugene Ow

There has never been a better time to be a property agent in Singapore. Considering the headwinds in the property sector over the last year, this might seem like a strong sentiment. But Eugene Ow, senior associate group district director at PropNex Realty, is resolute in his assessment.

According to the latest figures from the Council of Estate Agencies, the number of property agents in Singapore has risen steadily year-over-year, despite the recent round of property cooling measures.

For Ow, this news is not so much validation as encouragement. Having experienced several property cycles throughout his illustrious career, the 18-year real estate veteran believes the influx of new agents bodes well for the future of his profession.

Like a rising tide that lifts all boats, a properly trained, younger workforce can continue to instil confidence and demonstrate the value of property agents in the local market.

Multiple award winner, Eugene Ow, received an award once again at the PropNex Convention 2024. (Picture: Eugene Ow)

Evolving into property wealth planning

In the property industry, where the only constant is change, agent and client relationships are no longer purely transactional.

As client needs have diversified amid tighter controls and interest rate fluctuations, agents today must be resilient and adapt to meet greater demands and higher expectations.

“The role of the modern agent has evolved into that of a consultant,” Ow explains. “They have to establish trust and authority to help clients explore property as part of their retirement and legacy planning.”

Ow, who heads EugeneOwDivision in PropNex, has a successful track record of helping clients with property wealth planning, and speaks from experience. The seasoned property investor and realtor was recently recognised as one of the Top 5% achievers at the PropNex Annual Convention 2024.

“Typically, clients who struggle with property as a wealth planning vehicle lack a clear understanding of their future,” Ow reveals. “I see myself as a facilitator, to help structure an affordable deal that allows them to leverage property to increase their net worth.”

Ow hosting a Lunar New Year Gathering with his team. (Picture: Eugene Ow)

Adopting a long-term approach to build wealth

Going on seven years strong as a property wealth planner with high-level insights into the local market, Ow has successfully enriched his clients, helping them achieve tremendous gains on their investments. Whether it is enabling the owners of a dual penthouse in Nassim Park to earn over $10 million on their resale or assisting a happy family to realise their dream of owning two properties, Ow adopts the long-term approach to help clients think and plan for their future.

“I encourage clients to set a goal of what they want their future asset value to be because that is ultimately their net worth,” Ow shares. “Whether it’s to restructure their property portfolio or to reduce risks, I customise bespoke investment plans, and tax and financing optimisation strategies, to help them achieve their financial goals.”

Being a seasoned property investor, Ow also aims to dispel common misconceptions that might deter others from improving their financial standing.

“When it comes to property, many of us are used to the buy-and-hold strategy because change is something that we may find uncomfortable or have difficulty understanding,” Ow clarifies. “The challenge is knowing when to move, especially once you’ve gained capital appreciation, to cash out and subsequently upgrade to a higher asset value.”

Ow also hosts other special occasions such as Christmas gatherings for his team. (Picture: Eugene Ow)

Seizing opportunities in Singapore’s property market

Speaking of change, Ow attests to the importance of being pre-emptive rather than reactive. The emergence of the affluent demographic in land-scarce Singapore has led to an accompanying increase in property values, creating pressure on current and aspiring homeowners.

“Unlike other countries in Southeast Asia, Singapore’s property market is still largely supported by local demand,” Ow explains. “It would be prudent for HDB owners to consider upgrading to private property, otherwise they may be priced out in the future.”

There is no one-size-fits-all approach to property investing, and achieving financial goals often requires an experienced realtor like Ow, who commands a firm understanding of the market.

“Generally, executive maisonette and executive apartment units will still appreciate further and can hold their value well compared to standard HDB flats,” Ow adds. “Ultimately, asset values rise in tandem with property growth, so getting to a higher asset class or value should still be the continuous goal, because it can lead to higher capital appreciation.”

Ow regularly conducts training sessions to ensure his team stays abreast of the latest information. (Picture: Eugene Ow)

Navigating change and preparing for the next generation

With change being a recurring theme for both clients and agents, Ow’s longevity and success in real estate are a testament to his resilience and adaptability.

Back in the early 2000s, when others in the industry were slow to capitalise on the disruptive advent of the internet, a forward-thinking Ow was harnessing digital marketing, pay-per-click and search-engine-optimisation campaigns to generate leads.

These strategies bore fruit for Ow, then a budding agent at ERA Realty Network. He was placed within the Top 50 in sales for the agency every year, and was even selected to be project-in-charge for notable developments such as Bartley Residences, Bartley Ridges, Commonwealth Towers, Park Place Residences and Piccadilly Grand, eventually helming a team of over 200 agents in his own division.

Despite his past success, Ow concedes that old systems and methods have not been spared by change either. “It’s tempting for older agents to fall back into the trap of reliving our glory days,” he states. “Fortunately, being a PropNex bootcamp facilitator is a constant reminder to align my heart and mind, ensuring that I don’t stay complacent and will continuously strive for more.”

Empowering the team through JTA's proprietary empowerment series training, led by Chief Trainer Ow and other JTA leaders. (Picture: Eugene Ow)

Grateful for strong mentorship and invaluable support from his clients, Ow is now ready to pass it forward.

“I’d like to express my deepest gratitude to past and current mentors who have guided me, and especially to my clients for their trust,” Ow states. “It’s been instrumental to my success. I wish to continue helping others to achieve greater milestones and share in their success.”

Today, Ow believes the proprietary Empowerment Series, under the tutelage of Jason Tan Advisory Group at PropNex, has enabled many current and incoming agents to offer personalised property planning services.

He enjoys working with the younger generation, as their hunger and malleable minds signal a willingness to be moulded for success. Hanging on Ow’s office wall are achievement plaques – not just his own, but also those belonging to his team members and downlines.

Having tasted personal success, Ow seeks the gratification of being a mentor, leader and manager who can shape and influence the next generation. Helping his students progress from Platinum to SuperPlatinum achievers, Ow derives immense pride and satisfaction from witnessing their professional development and growth.

“I frequently impart the importance of change, not just to my clients but also to my agents. It’s a necessity because our roles require us to be more than agents, but also project managers, consultants and financial advisers as well,” Ow states.

Backed by strong and selfless leadership in PropNex’s CEO Ismail Gafoor and deputy CEO Kelvin Fong, Ow is eager to expand and grow his team. With their proven framework, Ow is confident that new agents can master the foundations through activities, one-to-one training and workshops.

“I’ve never seen such a dedicated and committed group like what we have here in PropNex, where everyone is working as a team to help each other grow,” Ow reveals. “Because we all believe in adding value to those around us, new agents will have the support system from top producers to ensure they succeed.”