Figures from the Singaporean body of housing and development are pointing to an increase in the amount of owners who are opting to sell their homes online without the use of an agent, reports channelnewsasia.com.
The Housing and Development Board indicates that the number of DIY sellers rose to 24 per cent in 2015 - an increase of 11% since 2010. So far this year, 23 per cent of resale transactions carried out from January to May were completed without a property agent.
This trend has paved the way for a new wave of digital real estate platforms. New sites like DirectHome and Snappyhouse cut out the ‘middleman’ and seek to connect direct buyers with sellers with both landlords with tenants directly.
This method is being praised as a simpler and more cost effective way of selling a house and its. People are saving thousands of dollars by doing away with estate commission fees.
It’s no surprise that digital real estate platforms are shaking up the Asian property market.
According to Channel News Asia, Mr Harry Yeo, president of the Institute of Estate Agents (IEA) says disruptive technology is a “big threat" and a “real cause for concern”, especially with property agents in Singapore.
“The emergence of many DIY real estate platforms enable sellers and buyers, landlords and tenants to deal directly with one another and bypass the middlemen. The disruptors are taking away a big slice of the traditional real estate practitioners’ market,” Mr Yeo said.