Online estate agencies gaining traction, says property lawyer

FNB customers can now list and sell their homes privately on the banking app.

Prospective sellers and buyers chat on the app to arrange to view a listed property and to negotiate pricing, all through the chat function on the FNB app.

It's said this will save them from a number of costs associated with the process of property sales, such as estate agent commission fees.

Expert property lawyer Marina Constas says the growing global trend is to cut out the middleman and excessive costs.

She says many households cannot afford the standard 7.5% estate agent commission in the current tough economic climate.

However, Constas warns that there are limitations to the seemingly low-cost online property-selling model.

I think the traditional avenue of estate agents and 7.5% commission is really not gaining favour with sellers out there.

Marina Constas, expert property lawyer

People are looking for a more convenient and secure way to sell their property and these online start-ups are apparently gaining traction in a big way.

Marina Constas, expert property lawyer

Listen to the discussion on The John Maytham Show:


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