There are so many horror stories about renewing rents in Singapore in 2022 and 2023 that it’s clear how painful the process is. Here is the latest.

At Casa Mia, we are both landlords to our members and tenants to our property owners. So how have we been managing renewals?

The landlord’s point of view

We love our members, so we do not gouge them. However, periodically we need to increase our rates. The goal is to raise the rents in line with the market so that when it’s time to discuss renewals with our property owners, we are ready.

In the last months of January, February and March, we sent 21 renewal requests, with a 10 per cent increase, on average. Some members got a five per cent price adjustment and some 15 per cent. We sent these requests one and a half to two months in advance, to give our members time to consider and decide. 80 per cent of them came back within hours with, “Yes, thank you!” The remainder 20 per cent took a bit longer, but 100 per cent of them accepted the increase.

Is 10 per cent on average too low in the current environment? Maybe, but the new members get market rates, at about 15-20 per cent more than last year. The typical rent in Singapore is two years, so these annual adjustments translate to about a 30-35 per cent increase over the duration of a typical Singapore lease.

According to the SRX price index, that was more than the two-year change in rental rates for the central region of Singapore until the end of September 2022, but it’s been below market since October 2022.

Time to increase our rates faster? I don’t think so. Let’s look at the tenant’s point of view to explain why.

The tenant’s point of view

As a coliving operator, we rent homes long term from property owners, and then we sublet them fully furnished to our members. In the last six months, we had 67 rooms up for renewal, across 17 apartments. How did we do on the renewal of our own homes? It depends.

Also Read: Casa Mia, a Singapore coliving startup’s success story

First, in terms of renewal prices, we did okay. We never paid more than a 30 per cent increase on the previous contract, which, based on the SPI above, is great.

Second, in terms of our success in renewing, things are quite different between last year and this year.

• Overall, we renewed 35 rooms (out of those 67), with only 52 per cent successful renewals
• In September-December 2022, the renewal success rate was 84 per cent
• Of the 32 rooms we lost, 26 were lost in January-March 2023
• The January-March 2023 renewal success rate dropped to 13 per cent

This seems to be in line with the SPI picture above, that there has been an acceleration in price increases since October 2022. Therefore, unless we are willing to pay much more than our 30 per cent limit, we would not be successful in renewing.

However, at the same time, since October 2022, Casa Mia Coliving has been consistently adding more than 20 rooms per month. As a point of reference, we were only able to add five rooms per month in the previous nine months.

There was a huge crunch in rental inventory in 2022, which only eased after the summer. The ease in inventory should have resulted in prices flattening, not spiking.

My takeaway

So, what is really influencing the renewal prices and success rates? Perhaps the sensational media coverage has convinced landlords that they need to ask for 50 per cent more. Perhaps the increase in interest rates has convinced some landlords that they need to ask for more. Whichever the reason, the increase in supply will offset this soon.

My take? If a landlord wants more than the last transactions in a condo, walk away. Unlike last year, there are plenty of good alternatives right now. I guess we will see what happens to the SPI in a few months!

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In this episode, we are excited to welcome Freddy Marcos, Founder of Rentbrella, the world’s largest and most successful umbrella-sharing company. Today, Rentbrella has 800 stations with hubs present in the biggest urban centers of the world such as Sao Paolo, New York, and London.

Marcos began his career as Finance Director and Consultant, then as an investment banker at Merrill Lynch. Before he launched Rentbrella in 2018, he lead the operations and developed business strategy as the Chief Operating Officer of Ezconet.

Here, we discuss why it is important to start with a global mindset from day one, how to build feedback loops and two-way innovation across teams, tips for building a successful career in international business, and strategies for localising the business to fit the local market while staying true to company principles.

Also Read: Nestia launches umbrella-sharing service

This episode is sponsored by our partner ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.

Listen, subscribe, and leave a review now on Spotify or your favorite podcast platform.

Find our entire podcast episode library here.

Get your copy of our Wall Street Journal Bestselling Book Global Class, a playbook on how to build a successful global business.

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The content was first published by Global Class.

Image Credit: Global Class

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It’s easy to dismiss the success of someone by saying they have an innate ability. Whether it is sales, tech, writing or managerial—there will always be people who stand in the limelight, their talent seemingly undeniable. This dismissal explains everything: quick promotions, compliments from leaders, the reason they seem to grasp everything so easily. 

Most highly successful people have a similar enterprising spirit, a keen motivation to excel and a penchant for hustling. These traits might seem innate, coming naturally to them. But there is one factor that even successful people must build upon from scratch: catalytic learning. 

Catalytic learning is defined as ‘enduring learning that objectively prepares the learner to continue to learn and implement new knowledge, positioning the learner for future self-directed learning.’ In other words: learning how to learn. 

The concept is an explicit learning-based schema built over time. Adult education, educational psychology and cognitive science have long documented what works to promote learning in various fields. If one can learn how to learn effectively, how complex a subject matter becomes less important. 

Also Read: How to fortify yourself against the risky unknown

Catalytic learning can be especially beneficial for leaders to understand. As technology evolves—and so society and the workplace with it—it’s more important for people to know how to learn, rather than what to learn. Leaders can help to prepare their colleagues and workforce against this frenetic pace of change, not with technical expertise, but with catalytic learning. 

As the old adage goes: If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime. 

Understanding metacognition

In order to harness catalytic learning, understanding metacognition is key. It is known to comprise one’s thinking about thinking—including what one knows about oneself and how one learns best, strategies to set specific goals, and tailor-made ways to achieve these goals. 

The importance lies in what the National Research Council calls the role of transfer, which is the ability to use what one has learned in new settings—in an environment and context that is different from those in which the subject was learned. 

Leaders and teachers must understand this in order to bring out the full potential of colleagues and students. Catalytic learning is more of a behaviour than anything else: it requires one to behave actively, instead of simply learning and absorbing passively. 

Self-awareness as a journey

At the crux of catalytic learning is self-reflection and self-awareness—to be able to understand who you are and the kind of learner you are will be invaluable in your learning journey. 

With self-awareness comes an understanding of your strengths, weaknesses and what makes you thrive. According to research, we are more confident and creative when we’re self-aware, we’re more effective leaders with more satisfied employees, and even better workers who get more promotions. 

Self-awareness is a tricky, balancing act. Most people think they are self-aware; according to research by Tasha Eurich, 95 per cent think they are self-aware, but only about 10 to 15 per cent actually are. And sometimes, reality doesn’t line up.

Also Read: From gigabytes to zettabytes: How to develop a data-driven mindset

Further research shows that experience can lead to a false sense of confidence and overconfidence about our self-knowledge and that the more power a leader has, the more likely they are to overestimate their skills and abilities. 

Asking what, not why

A common misconception about self-awareness is that it is closely linked to introspection. But according to the same research, the opposite is true. People who introspect are less self-aware and report worse job satisfaction and well-being. The problem is that people are introspective in the wrong ways. 

Asking yourself “Why?”—for example, “Why do I like employee A more than employee B?”—is an ineffective self-awareness question. Research has shown that we do not have access to many of the unconscious thoughts, feelings and motives that we need, so we invent answers that feel right. 

“Why” is inherently subjective—it requires emotion, contemplation and self-judgement. Instead, Tasha Eurich posits that we should ask ourselves “What?”—“What did employee A do that was better than employee B?”, or “What are the steps I need to take to do a better job?” While “Why” is subjective, “What” is objective, asking a more impersonal, detached question. 

This is why catalytic learning isn’t something one just picks up as a convenient skill. It’s a behaviour to be nurtured through time and intention, through exercises of self-awareness.

In conclusion, an important process to becoming highly successful is through catalytic learning—the art of learning to learn—by understanding metacognition in order to unlock self-awareness and achieving self-awareness to rely on objectiveness rather than subjectiveness. In this, one learns how to fish, and feeds themselves for a lifetime. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

The bureaucratic environment of working in a corporate world and the urge to take on something new and challenging drove Michelle Lam, a highly paid regional account director at a leading advertising firm, to start her own marketing communications company, The Little Black Book (TLBB).

TLBB is a home-grown uptrend motion graphics company reputed for its engaging digital campaigns and strong social media track record. It has accumulated a wealth of experience and gained extensive expertise with a wide-ranging portfolio of projects from private sector companies to government constituencies, covering brands from beauty to technology, lifestyle to public service.

In this episode, Lam shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

In the process of recruiting new employees, I prioritise identifying an individual’s unique “X” factor beyond their formal education and relevant work experience. This involves considering the current team dynamics and discerning which personality traits and skill sets are absent from the existing mix. To accomplish this, it is crucial to have a thorough understanding of the team on both a professional and personal level in order to identify the ideal candidate.

My approach to recruitment follows a straightforward guideline that revolves around two key questions: Does the candidate possess the relevant skills, and can they be envisioned as part of the team? By focusing on these questions, I can more effectively determine a candidate’s compatibility with the team and the role.

During interviews, I closely examine the questions candidates pose to gain insight into their personalities. If appropriate, I inquire about past challenges they have faced and the strategies they employed to overcome them. This information helps me draw inferences about the candidate’s character and ultimately assess their suitability for the position.

How do they fit into your company culture? Tell us a little more about your company culture.

In the corporate landscape, it is essential for organisations to cultivate a sense of purpose and fulfilment in their work. At our company, our culture is built upon four key principles, collectively known as the four Cs: carefree, commitment, caring, and curiosity. These principles guide our daily operations and interactions.

Being carefree encompasses a balanced approach to work and play, ensuring that we maintain a strong work ethic while also finding time to unwind. Caring signifies the importance of treating each team member with respect, as they contribute to our collective happiness and success at work. Commitment involves dedicating ourselves to our tasks and ensuring that we see them through to completion.

Lastly, curiosity is a value we instil in every aspect of our work, from client meetings and research to our thought processes and problem-solving strategies. By fostering an environment that encourages curiosity, we promote a culture of continuous learning and innovation.

Also Read: Our company culture is driven by communication: Terng Shing Chen of SYNC

Because of our culture, we are able to earn the trust of each other. The trust serves as the bedrock of our team dynamic, and we have experienced the transformative power of teamwork during challenging times. For example, on two separate occasions, our team successfully navigated the delivery of high-priority projects. One such instance involved the production of 17 videos within a week, which demanded unwavering dedication and a seamless operational flow. Accomplishing this feat without additional resources necessitated an all-hands-on-deck approach and a shared commitment to success.

The second situation presented a unique challenge, as it involved an ongoing event that was beyond our control. In response, our team quickly assembled team B to manage crowd control and oversee manual tasks at the event while the client’s software issue was being resolved. Despite the immense stress, our team’s professionalism and dedication shone through, demonstrating the strength of our collaborative spirit.

As a leader, I am proud of our team’s achievements and remain steadfast in my commitment to supporting their ongoing growth and development. Our hiring process seeks candidates who resonate with our core values and display a willingness to work collaboratively, even in the face of adversity.

Our company places a premium on perseverance and the determination to see projects through to completion, ensuring that we consistently deliver on our commitments to both our clients and each other.

How do you foster transparency and encourage achievement in the workplace?

I make an effort to keep my employees updated on my plans and goals. By sharing these details and explaining the reasons behind my choices, I hope to remove any obstacles that might get in their way. While this method may not convince some of my employees to open up more, it does create a smoother and trusting work environment.

I make sure everyone on our team knows what they’re responsible for and how their success is measured. I’m open and honest about my hopes and goals for everyone. When someone achieves their objectives, I like to shine a light on their success and give them the reward I had in mind. I always try to keep my promises and trust that others will do the same.

Do you have a mental health policy? What does that look like?

While we do not have a formal mental health policy, we deeply care about our colleagues’ well-being and are attentive to changes in their behaviour. If we notice anything concerning, we make a point to check in with them and offer support.

We have also published a self-development book titled “Life is Meaningless,” which focuses on finding one’s purpose in life. By publishing this book, we aim to embody the principles we discuss and ensure that our team members feel supported and understood.

We do our best to be sensitive to each other’s needs and provide space when necessary. For example, one of our staff members lost her mother shortly after joining the company. As a result, we make a conscious effort to be mindful of this during occasions like Mother’s Day, avoiding excessive discussions that might be distressing. While these gestures might seem small, they contribute to a work environment that fosters motivation, safety, and well-being for our team members.

WFH or WFO, or hybrid?

WFH. Based on recent conversations with friends employed by large corporations, I have heard that some organisations are considering discontinuing the hybrid work model. As you know, when one company adopts a particular approach, others are likely to follow suit. Personally, I find this decision disheartening. The COVID-19 pandemic provided us with an opportunity to explore the potential of working from home. Admittedly, it does require significant adjustments and dedication to make it work effectively.

It is worth noting that some supervisors and managers may prefer the ease of face-to-face management. While I understand that certain jobs cannot be performed remotely due to the nature of their industries, I firmly believe that for most knowledge workers, working from home offers a better work-life balance. It allows employees to be productive while simultaneously managing their personal time more efficiently.

How should a tech worker prepare for the funding winter?

Focusing on ideas that have the potential to generate income is imperative. Start by prioritising the generation of revenue with limited investment, then construct a sturdy product and present the foundation to prospective investors.

Also Read: Impactful technologies empower lives: Viveka Kalidasan of Let-Lab

This displays the probability of success when there is a steady flow of income (even if it is little). Nevertheless, it is important to avoid over-reliance on funding as it may give the misleading notion that financial resources can substitute for the core components of marketing and revenue generation.

How do you measure the performance of your employees?

I utilise Key Performance Indicators (KPIs) as a means of evaluating the performance of my employees. These KPIs are clear, quantifiable and have a specific timeframe for achievement. I schedule an annual performance review with each employee, during which they first self-assess and then receive feedback from their immediate supervisor. After both evaluations are completed, we then have a discussion to review the results.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

When it comes to hiring for my company, I prioritise honesty and moderate skill level over pure technical expertise. While it is typical to aim for highly skilled individuals in a corporate setting, the nature of my small business requires a different approach. In my company, a team of individuals who possess a strong sense of integrity and moderate proficiency is preferred.

Do you encourage ‘intrapreneurship’ in your organisation?

I consistently encourage my staff to explore intrapreneurship. However, from my perspective, this largely depends on personal drive rather than organisational support. We independently authored, produced, priced, and managed the promotion and marketing of our book. Consequently, each individual has the chance to engage in similar ventures. As we are also investing internally in a SaaS company, it’s crucial for the team members involved to exhibit a certain level of entrepreneurial spirit in one way or another.

How do you support upskilling for your employees?

In the past, we enrolled our team members in coding courses (some of them created a meal cost-sharing app) and provided subscriptions to various e-learning platforms such as Lynda. However, I noticed that not many were particularly interested.

Consequently, I now make an effort to empower team members by directly inquiring about their preferences, and if desired, I am more than willing to provide the necessary resources or support. This approach seems more logical to me, although I acknowledge that we have not yet achieved a breakthrough in this area.

I recognise that the daily workload for my team can be significant, leaving little time for upskilling. Additionally, not everyone is inclined to engage in formal upskilling. To address these challenges, I now focus on incorporating a diverse range of projects with varying scales and requirements, ensuring that my clients and my expectations are met.

By doing so, team members can learn and upskill naturally while on the job. I have observed improvements in their output using this approach, and thus, I believe these two methods will coexist for the foreseeable future.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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Singapore-headquartered telehealth platform ORA has raised US$10 million in a Series A funding round co-led by TNB Aura and Antler.

Gobi Partners, Kairous Capital, and GMA Ventures also joined the round, bringing ORA’s total funding to date to above US$17 million.

With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.

Founded by former Zalora CMO Elias Pour, ORA is a house of healthcare brands powered by a vertically integrated telehealth platform. It currently operates in Singapore, Malaysia, and the Philippines with additional markets being launched during the rest of 2023.

Also Read: Gobi Superseed II Fund invests in Durioo+, Lapasar, Paywatch, pitchIN

Its portfolio of healthcare brands includes Modules (prescription skincare), OVA (women’s health) and andSons (men’s health).

Later this year ORA’s brands will arrive in retail across 1,300 tier-one stores bringing its accessible, medically-backed range of products to shelves. Looking at different geographies there are opportunities to expand into regions like the GCC.

CEO Elias Pour said: “We have the high growth potential of DTC, with a very high percentage of healthcare expenditure in our region being out of pocket. This is powered by an underlying SaaS type of recurring revenue, with subscriptions counting for more than 70 per cent of our revenue and our retention is better than Netflix with 10x the monthly order value. We achieved post-marketing breakeven at the end of last year on a group level after just 20 months of going live and have a very clear and believable path to profitability that is imminently ahead of us.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

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