Estate agents furious about FNB app that totally cuts them and commission out
570 days ago
They are biting the hand that feeds them. [It is] disappointing that they decided to go this route. [FNB's announcement] is for us a wakeup call, maybe we need to restructure our business.Gordon Smart, Smart Properties
FNB has a new feature in its banking app that allows its clients to buy and sell their homes to each other, bypassing estate agents – and sales commissions - altogether.
Some estate agents are furious.
The service is only available to FNB clients.
FNB holds about 25% of the South African home loan market.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Property buying is highly emotive… Sometimes you want a friend… We have an opportunity for estate agents to play a role…Lee Mhlongo, FNB
This platform is for free…Lee Mhlongo, FNB
Some [estate agents] are threatening to close accounts… It’s a sideswipe that caught us unaware…Gordon Smart, Smart Properties
You’ve got to lift your game… to justify those commissions… It’s a wakeup call…Gordon Smart, Smart Properties
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