SINGAPORE: The new HDB self-listing portal for resale flats is shaking up the property market, but how will it impact real estate agents? Will they still be needed?
With this new portal, sellers can list their flats independently with a valid Intent to Sell, cutting out the middleman.
However, according to the Singapore Business Review, experts believe many people will still call on real estate agents even with this new choice available.
According to PropNex, in a constantly changing property market, real estate agents “can provide customised property market insights, highlight suitable opportunities, vet interested parties, go through the sums with clients, and inform them of any potential pitfalls, based on their wealth of experience in transacting properties.”
PropNex also highlighted that property agents are “equipped with a wide range of digital tools,” helping clients understand market trends and market their properties effectively.
OrangeTee echoes this sentiment, noting that not everyone is tech-savvy or comfortable managing property sales alone.
Having an agent can provide much-needed peace of mind for the older generation or those unfamiliar with the ins and outs of property transactions.
OrangeTee points out that for many, property transactions are more than just paperwork since they involve a significant amount of money.
“Along with using a reliable platform, buyers and sellers must understand other sales aspects to ensure a successful transaction, which includes sales negotiation, awareness of buying and selling regulations, avoiding sales pitfalls, and arranging viewings.”
OrangeTee also noted that not everyone wants to deal with sales details. From paperwork to privacy concerns, having an agent can make life much easier.
Also, “some individuals may prefer to maintain their anonymity and keep their contact information private, preferring to have agents to act as intermediaries in such cases,” Orange Tee added.
However, despite the continued need for agents, HDB’s self-listing portal isn’t without its perks.
Huttons believes it’ll bring a breath of fresh air to the market, boosting transparency and trust. With verified owner details and strict listing rules, buyers can rest assured they’re dealing directly with the real deal.
According to Huttons, “As there can be only one listing for each flat, there will not be duplicate listings, saving buyers and salespersons time.”
OrangeTee agrees, noting that the portal’s screening process ensures everyone involved is serious about making a deal, “providing a more efficient and trustworthy service for all parties involved.”
Plus, with machine learning, transactions could be faster and more eco-friendly than ever.
However, the portal’s most significant impact may be on market dynamics. OrangeTee suggests it could curb price manipulation and false perceptions of demand, keeping prices stable and realistic.
With features like price notifications and strict listing rules, sellers are less likely to overinflate prices or misrepresent market demand.
“The careful monitoring and flagging of unrealistic pricing can ensure that asking prices align more closely to price trends or valuations in the vicinity,” said OrangeTee.
Huttons and OrangeTee believe that the portal will make buying and selling homes smoother, speeding up the process. /TISG
Read also: HDB introduces new Resale Flat Listing service for flat owners to sell properties independently