Online property service offers buyers commission rebate
http://www.straitstimes.com/Money/St...ry_327186.html
January 17, 2009 Saturday
Online property service offers buyers commission rebate
IN AN industry first, an online property service launched on Thursday will rebate half of its seller's commission to buyers that use it for the transaction.
The service www.propzee.com will also let sellers advertise their homes for free but they will pay a sales commission of 0.8 per cent. This works out to $6,800 for a $850,000 sale, for example. Propzee then takes half and gives $3,400 to the buyer.
Users do their own search and once a shortlist of properties has been compiled, Propzee will coordinate viewings. It will also assign an agent - Propzee has five and all are salaried - to accompany the buyer to three viewings. Thereafter, he will have to go for viewings alone.
Founder and chief executive Jarrod Lee, 24, said Propzee acts as a one-stop shop so buyers will not have to engage multiple agents, unlike with other portals.
He also believes that launching the site amid a property slide and slowing economy makes sense as buyers are now more cost-conscious.
Mr Lee's mother Irene Seah, who has run property agency Richomes Enterprise for 28 years, is a director.
There are several property portals here. The most recent is Knight Frank's www.virtualhomes.sg, which was launched last October. It allows users to 'walk through' developments and the neighbourhood.
