By OH BOON PING

ASK HSR Property CEO Patrick Liew what keeps his business going, and he will sum it up in one word: innovation.

Indeed, this is also what makes running the business interesting for Mr Liew, who was formerly the regional head of Gartner Group.

'This is exciting and different from my previous job. I recall having an epiphany at my old office in Shenton Way that I should try something different, after working hard in the big companies for so long.'

Soon after, he found out that property agents actually earn a lot more than professionals such as engineers, but the business model was quite traditional and 'left much to be desired'.

So in 1992, he left Gartner to join HSR as an agent, but later incurred huge losses due to his inexperience. He became what he called 'the big failure in real estate'. Undeterred, however, Mr Liew stayed on in the property business and helped transform HSR into the company that it is today.

Indeed, HSR has reported a significant jump in revenue from less than $10 million in 2005 to $80 million last year. Its net profit before tax also jumped to more than $5 million last year - up from less than $1 million in 2005.

According to Mr Liew, that is all thanks to a Web-based system called SmartPlus, which captures market conditions in various residential areas while keeping agents connected. It allows clients to view online video shots of a house on sale so that a physical visit is no longer required.

'So they can now view videos of the houses and eliminate those choices that they deem not suitable. This cuts down the number of house visits from, say, 20 units to about three,' said Mr Liew.

The system also allows the company's agents to be more efficient, as it provides timely information which they can access on the go. It encourages them to work as a team in alerting each other of good buys much more efficiently.

In addition, said Mr Liew, 'if you are an HDB agent, you will want to know which residential area to focus on in down markets like now. Or which residential area's units are more popular now, etc.'

The technology innovation process began with the development of a system that houses a wide database with information on unit holders, selling patterns in key residential areas, available properties and a communication platform for agents.

It later developed to include new features such as an e-learning hub where real estate agents can access seminars and classes in their free time.

Management too can make use of the system to 'track the financial performance of the firm even if we are overseas', said Mr Liew. 'Also, it highlights the areas where we fall short of our targets.'

HSR, which is a winner of last year's National Infocomm Award, is looking to monetise its SmartPlus system by licensing it to other players in the region. The aim is to create a regional network of property firms - a process which will take about 24-36 months to realise.

In addition, the firm will be moving to a new building in Toa Payoh with a gross floor area of 83,000 square feet and that boasts a 600-seat auditorium plus eight seminar rooms, cafeteria-cum-lounge, childcare centre and a spa.

This will allow the firm to conduct more workshops, while ensuring that staff welfare is taken care of.

This article was first published in The Business Times on January 13, 2009.