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.
Fnb announced internal property sales cutting out estate agents. Call out to estate agents holding fnb accounts close your accounts with them. If they cutting us out. Let's cut them out. Estate agents pls re tweet— Fatima saley (@Saley786) November 2, 2018
The service is only available to FNB clients.
FNB holds about 25% of the South African home loan market.
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:
Recommendedby NEWSROOM AI
Bruce Whitfield interviews Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.
The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.
Eskom has so much debt it threatens to break South Africa. Bruce Whitfield interviews Dr Adrian Saville of Cannon Asset Managers.
The Money Show’s Bruce Whitfield interviews Abel Sithole, Principal Executive Officer at the GEPF, Africa’s largest pension fund.
Psychiatrist Renata Schoeman has tips and tricks to help you cope without blowing a fuse.
It’s now the most downloaded IOS app and 2nd most downloaded Android app in SA. Bruce Whitfield interviews co-founder Dan Wells.
MD at Rooibos Ltd, Martin Bergh explains the current high price of Rooibos tea.
Cape Town has the worst congestion levels in the whole of South Africa.
MultiChoice will increase the prices of certain DStv packages from 1 April.
Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.
The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.