Longstanding source of frustration
Anyone who has ever embarked on a property search online would have experienced finding seemingly attractive listings that turn out to be duds. This has been an ongoing problem for years – one that comes with serious implications.
“Fake listings are a huge problem – not only is it annoying and dangerous for consumers, it is also a massive productivity sink for property agencies and portals. However, none of us can solve it alone, which is why it remains unsolved despite a clear winning outcome.” says Darius Cheung, Chief Executive Officer of 99.co.
Agents who work to provide genuine, accurate listings have to compete with a sea of bad listings showing outdated, bad photos or even worse, duplicated and fake listings.
Tackling the problem: What is being proposed
Stakeholders in the real estate industry are coming together to form the Alliance for Action (AfA) on Accurate Property Listings. With the support of the CEA, this industry-led coalition will explore ways of authenticating property listings on the various listing portals over the span of six months.
Co-leading the AfA are the Singapore Estate Agents Association, Property Guru and 99.co along with the five largest property agencies (PropNex, ERA, OrangeTee & Tie, Huttons Asia and SRI) and EdgeProp serving as members.
“The AfA on Accurate Property Listings seeks to provide a transparent, efficient and reliable property listing search experience for property consumers and their property agents. We are delighted to have the various key stakeholders in the real estate industry coming together and taking ownership to improve the property transaction process for property consumers and property agents.” Says Mr Lim Chee Hwee, Executive Director of CEA.
The current proposal aims to develop a prototype digital platform to conduct checks on the authenticity of a property listing and assign a unique serial number to each property before it gets the green light to be published in the listing portals. This prototype is slated to be built by mid-2022.
“By driving towards 100% authenticated listings, we can greatly uplift consumer experience and agent productivity, and professionalism and trust in the estate agency industry. Building trust and simplicity have been the founding principles for 99 and we are proud to be part of this initiative and are committed to see it transform the industry.” Says Darius Cheng.
Levelling the playing field
With the implementation of the said prototype, dummy or duplicate property advertisements can be completely eliminated from the listing portals. This creates a more positive user experience for both property buyers and agents alike, as individuals looking to buy or rent a property during their property search will no longer experience the frustration of sieving through non-genuine listings.
Instead, they can embark on their property search journey with full confidence and assurance that all properties marketed on the platforms are legitimated and authorised by the respective owners.
If you found this article helpful, 99.co recommends CEA: What is it and why does it matter to property buyers in SG? and Lee Hsien Yang and wife put Caldecott Close bungalow in GCB area for sale for S$16.8m.
About Jamie Wong
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How does this benefit sellers? Can a seller still engage multiple agents or forced to engage agent on exclusive basis only? Many sellers I believe are not convinced of engaging an agent on exclusive basis which is very often why there are listings of the same property by multiple agents. If quality of listing is poor i.e. bad photos, poor description etc, the property site management team should police the site. Have strict guidelines on listings and suspend agent license or impose a fine. The outcome of this alliance should not be disadvantageous to sellers because ultimately we are paying for all the various services