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

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

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Estate agents furious about FNB app that totally cuts them and commission out


Recommended

by NEWSROOM AI
Read More
Working abroad? New rules are coming! You're probably breaking the existing ones

Working abroad? New rules are coming! You're probably breaking the existing ones

Bruce Whitfield interviews Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.

'Get ready for tax levy to save Eskom, because the money is simply not there'

'Get ready for tax levy to save Eskom, because the money is simply not there'

Eskom has so much debt it threatens to break South Africa. Bruce Whitfield interviews Dr Adrian Saville of Cannon Asset Managers.

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

The Money Show’s Bruce Whitfield interviews Abel Sithole, Principal Executive Officer at the GEPF, Africa’s largest pension fund.

5 strategies for keeping calm when Eskom sheds a load (by Prof Renata Schoeman)

5 strategies for keeping calm when Eskom sheds a load (by Prof Renata Schoeman)

Psychiatrist Renata Schoeman has tips and tricks to help you cope without blowing a fuse.

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

It’s now the most downloaded IOS app and 2nd most downloaded Android app in SA. Bruce Whitfield interviews co-founder Dan Wells.

Popular articles
Why rooibos tea price remains high despite improved rains

Why rooibos tea price remains high despite improved rains

MD at Rooibos Ltd, Martin Bergh explains the current high price of Rooibos tea.

Traffic congestion: Capetonians spending 75% more time in vehicles

Traffic congestion: Capetonians spending 75% more time in vehicles

Cape Town has the worst congestion levels in the whole of South Africa.

DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

'Bring back skilled engineers to Eskom' - Solidarity

'Bring back skilled engineers to Eskom' - Solidarity

Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.