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Estate agents furious about FNB app that totally cuts them and commission out

5 November 2018 8:05 PM
Tags:
FNB
Bonds
FNB app
House
Property market
Home
Commission
home loans
Property
Home loan
Real estate agent
Mortgage
SA property market
residential property
bond
FNB banking app
residential property market
estate agent
estate agents
real estate agents
mortgages
Gordon Smart
Smart Properties

Furious and, seemingly, terrified. The Money Show’s Bruce Whitfield interviews Gordon Smart, owner of Smart Properties.

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.

The Money Show’s Bruce Whitfield interviewed Gordon Smart, owner of Smart Properties, and FNB Home Finance CEO Lee Mhlongo.

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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5 November 2018 8:05 PM
Tags:
FNB
Bonds
FNB app
House
Property market
Home
Commission
home loans
Property
Home loan
Real estate agent
Mortgage
SA property market
residential property
bond
FNB banking app
residential property market
estate agent
estate agents
real estate agents
mortgages
Gordon Smart
Smart Properties

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