Homeowners Embrace Self-Marketing Resale Flats on HDB's New Portal, Bypassing Agents

Homeowners Embrace Self-Marketing Resale Flats on HDB's New Portal, Bypassing Agents

In Singapore, after two months of engaging a property agent to advertise her Punggol residence, Jessica Chai, a senior manager, decided to take matters into her own hands. She wasn't in a hurry to sell and felt pressured by the agent's eagerness to close deals quickly.

Chai listed her four-room flat on Ohmyhome, a platform that allows homeowners to list their properties for free, a service typically reserved for real estate agents on major portals like PropertyGuru and 99.co, which charge fees.

Starting May 13, both homeowners and agents can list HDB flats on the HDB Flat Portal without cost. Chai intends to use the portal to find her next home independently, saving on agent fees, which are usually 2% of the sale price for sellers and 1% for buyers.

To maintain authentic listings, HDB requires sellers to register an intent to sell. Buyers need an HDB Flat Eligibility (HFE) letter to arrange viewings, indicating their eligibility to buy a flat and their financing options. The full service will launch later in May, with the exact date pending.

Another homeowner, Mr. Ng, chose to list his Sengkang four-room flat on Ohmyhome due to limited self-marketing platforms. He hopes the HDB platform will attract more buyers without the need for agent commissions.

Susan Mariam from OrangeTee Group values the service's requirement for buyers to have an HFE letter, ensuring they are serious and informed about their purchasing ability.

While property agents acknowledge the free service, they don't see it replacing existing platforms. Brandon Zheng from ERA Realty invests significantly in PropertyGuru for better exposure, something the HDB Flat Portal doesn't offer.

HDB maintains the right to remove listings with unrealistic prices or misleading information. A feature alerts sellers if their price exceeds the highest recent transaction by 10%, allowing them to make informed pricing decisions.

Nicholas Mak from Mogul.sg believes this prompt will prevent overinflated prices, offering a reality check for the market. However, Zheng advises against relying solely on the 10% guideline, as property values vary greatly.

Christine Sun from OrangeTee Group expects the service to enhance market integrity and provide a safer, more transparent online experience, addressing issues like erroneous or unrealistic listings on current platforms.

Eugene Lim from ERA Singapore raises concerns about the service allowing multiple co-agents, which could lead to contractual issues with commissions. HDB is currently reviewing this feedback.

Adapted from The Straits Times

For more latest news on the new project and don't forget to follow our website and get the chance to live in these amazing luxury residences!