Estate agents furious about FNB app that totally cuts them and commission out
615 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
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recently heard on air
- Tones and I - Dance Monkey Download
- Santana - Maria Maria (feat.... Download
- Demi Lovato - I Love Me Download
- Timo Odv - Save Me (Radio Edit)... Download
- Sia - Chandelier Download
- The Weeknd - In Your Eyes Download
- Zedd & Kehlani - Good Thing Download
- Jax Jones & Ella Henderson -... Download
- Maroon 5 - Memories Download
- Adele - Hello Download