Here we go again: a couple of websites have sprouted up that seek to replace property agents. It’s not the first time we’ve heard the story, and in most cases, the same thing happens: the platform that tries to replace the agents will end up working with the agents instead (which happened to us). When we launched Stacked in 2017,...
Here we go again: a couple of websites have sprouted up that seek to replace property agents. It’s not the first time we’ve heard the story, and in most cases, the same thing happens: the platform that tries to replace the agents will end up working with the agents instead .
Even if we were to remove realtors from the picture, we’d just end up replacing them with someone else — such as a large property portal or other such intermediaries, which are able to find buyers and sellers. Because the fact is, the average person doesn’t have the time or inclination to market a property, conduct viewings, negotiate, etc. on top of their daily job.
But the simple answer to why we couldn’t succeed was that PropertyGuru dominates property search in Singapore and they’ve had a strong hold on online search which would be hard to dislodge. Trying to beat them at the SEO game would take more than just millions of dollars . So the simple reality is that when it comes to high-value transactions, there's a perpetual problem of trust and assurance. Without a professional's help, there are too many expensive mistakes — either due to simple scams or mix-ups — that can happen to a buyer or seller.Buyers who put down a deposit before securing in-principle approval from a bank, which is something a buyer’s agent would have immediately stopped them from doing.
Ultimately, buying or selling a house is a big transaction, and one that — for most Singaporeans — occurs only once or twice in their lifetime. Coupled with the complexity of understanding the property market, the detailed transaction process, and the fear of scams, most will rather just bite the bullet and get an agent to do it.
Now this is not 100 per cent true all the time, as there are good buyers' agents out there who may still want to be transparent; and some buyers may not mind paying their own agent. But it does leave you, as a seller, at a notable disadvantage.This also goes for rental. Potential buyers will want to view your property, and these viewings will often be at the worst times.
If all your neighbours are using agents, and you don't, then you're probably at an immediate disadvantage. The professional has market data, floor plans, awareness of ongoing trends, and may even have transacted in your exact area weeks ago - whereas all you have are maybe URA transaction records, or browsing asking prices on portals.
A time will come when the bulk of a realtor's work shifts from just writing listings and processing offers, and instead switches up to a deeper consultancy role. At that point, perhaps we'll even see hourly rates replace the current commission system.While our property prices are high , the truth is that our market is also just too small for any company to invest significantly into trying to change consumer behaviour.
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