My Greatest Fear & How It Will Shape The Property Industry!

My Greatest Fear & How It Will Shape The Property Industry!
On the 12 May 2024. HDB issues a press release on a resale flat listing portal for HDB flat owners to list and market their flat by their own. This video will be sharing HDB journey on leveraging technology to streamline and simplify the processes related to the buying and selling of HDB flats. And most importantly the impact to the property market and property agents as a whole.
Alan Wee
CEA Reg No. R024730A
wa.me/[phone]
www.AlanWeeProperty.com
/ @alanweeproperty
FB: AlanWeeProperty
References:
www.hdb.gov.sg/cs/infoweb/abo...
www.straitstimes.com/singapor...
www.cea.gov.sg/industry-devel...
www.todayonline.com/singapore...
www.hdb.gov.sg/residential/se...
www.straitstimes.com/business...
investor.apacrealty.com.sg/mi...
www.mti.gov.sg/ITMs/Overview
www.businesstimes.com.sg/opin...
www.asiaone.com/singapore/era...
www.zaobao.com.sg
www.mycareersfuture.gov.sg/

[@marvelcomiks8078]

The days of daylight robbery slicing 2% or more of property prices from sellers/buyers are over.

[@user-or3bf8kz4o]

Good job HDB! Transparency and fairness on pricing :)

[@ericlim428]

Good is One thing , but " WHAT IF " , Sellers One after Another Calling out Prices , to Outsell the Others to Break Record ??

[@david888a]

There’s no such thing as fairness in pricing, the hdb flat will list for what’s selling in that area. If u r the seller I m sure u want to get top dollar for your flat.

[@tanky815]

many still think you need an agent to sell and com is mandatory at 2% non negotiable, esp older folks.

[@xushao6312]

Well done, HDB

[@SivalinPuthery]

There are just too many property agents in a small country like us

[@pogsperandi]

Will have teething issues in the beginning but this is good what. No need any gaslighting, bad faith agents and gatekeeping prices.

[@user-xt5tx5yv9f]

This partly started becos property agent advertise high prices for hdb like 2 million. By this transparency it will show that only 1% of the property is traded above 1million so sellers not so easy to ask high price becos its v transparent.

[@david888a]

Actually real estate transaction is transparent, it’s listing price is shown n transacted price after….agents can list even an unrealistic price ,it’s the sucker buyers that u should complain about…it’s these buyers that caused hdb prices to go up…

[@raymondyeo6507]

There must be value creation. While most agent create value. Those who don't create significant value will fave challenges.

[@stephanieteo91]

Property agents will just follow the footsteps of the remisier business after online trading platforms were created. Sure, some people (esp elderly) will still need a human to guide them, but most will eventually DIY and do the trading themselves instead of calling up brokers and getting charged a hefty commission. In the end, we will have fewer agents and lower fees, that much is certain.

[@alanweeproperty]

yes. true. market will consolidate.

[@BomBomm12345]

Technology will disrupt jobs and property agent is one of them

[@mingwu1133]

Good move HDB!

[@Ace-bm3ys]

I like you more & more now through your useful & truthful info & opinions. Though your presentation expression didn’t change much. 😂

[@alanweeproperty]

I appreciate that...but for this video. No mood. That why u see my face has no expression.

[@dantofl8811]

@@alanweepropertyhave expression, who say no expression. Just not good expression

[@junjun906]

There will always be a need for agents. Who else to plan the timeline and finance? Property agents role has evolved from just selling and buying to consultation and strategy based.

[@juniorjr5328]

Yes. Need to provide more services already for same price

[@BomBomm12345]

AI can do all these

[@user-gs5vs5xq7g]

business as usual, absolutely still need agent, can foresee there might be more problems after soft launch RFT between seller and buyer, one question, if you are owner, how do you ensure buyer side already has at least 80% of the knowledge like how to make use their CPF or loan ? second question, if u r owner, how do you ensure you able to sell higher price by own listing compare to experienced agent selling?

[@user-gs5vs5xq7g]

RFL, typo

[@alanweeproperty]

What if u are selling low floor/ undesired unit...how? Nobody to push...nobody come n see....only can wait n wait...

[@lyditchy]

While agents are useful to provide assistance with their knowledge and tips for buyers and sellers, their job do not value-add to the economy. ITM makes the house transaction more efficient, thus freeing up the agents to take on other jobs to grow the economy. This pool of human resources freed up can in turn fill up the jobs of newer job investments in Singapore. This is what it means by creating jobs.

[@alanweeproperty]

agreed the ITM is a painful one. but agents do have their values. whether to the economy i dont think so. we not so noble to reach that stage yet.

[@david888a]

“Freeing up the agents to take on other jobs…? What’s that? If they moved to another job that means the ITM caused them to b jobless,isn’t it? If agents r in the business for that long, they r contributing to the economy via taxes. The newer agents will hav a harder time soliciting for seller’s listing. It boils down to seller if they want to take their time by selling by themselves n save the commission. I would.

[@hhspore]

There will still be folks who need the help of property agents even if they are digitally savvy. eg. a senior corporate executive who is so tied up with demanding jobs and even more so for those who have frequent travels out of the country for work. Then there are also those who are selling a HDB to move into another HDB/condo and who has a extremely tight transition that would require a property agent's help. Dont be disheartened. I think this move will kill off all the "slimy" agents and those who are unprofessional. Folks like you will find your niche. Jiayou !

[@alanweeproperty]

thank u. the next phase of transformation has began....

[@atlantis98765]

Agree. Furthermore, unless the advertised HDB flats have exceptional attributes and are aesthetically pleasing, otherwise most are likely to receive very few or no viewing request. Hence, some sellers will still engage property agents who can advise them on clutter clearance, commercial storage for clutter items, link them up with home staging service providers, and finally create an appealing video of the revamped unit

[@david888a]

@@atlantis98765 home sellers r using Facebook marketplace to advertise their homes with pictures n video now.. Iu don’t need agents to help with decluttering, sell in FB or give to charity. A bit of paint here n there then stage.😂

[@chinchowpowpook]

No matter what still rely on agent.. cause once u kena nightmare seller that’s it..painful..Hdb don’t care..contract is between seller n u..

[@christyhilton1919]

HDB should have stopped unscrupulous agents from milking from owners and young buyers. Especially those anyhow market above 1 m in shithole area. They only interested to break records in their own benefits. Anyway, Massive savings !!!! Now everyone can spend more onto own home. !!!!! So pleased with this move.

[@alanweeproperty]

i think its unfair to blame on agents. if u are a seller staying in such @ $950k. Will u ask your agent to break record or sell cheap? i doubt u will...

[@ericlim428]

But Alan , well , You are the Most " Down to Earth " agent , i ve come across . Sincere , knowleageble and up to date . Your update videos are alway " NEW "! Hope you can contd , even if you lost the Job , no worry bro , YOU CAN MAKE IT LA , WE ARE SURE !! 东家不打 ， 打西家 !! 赞👍👍👍

[@alanweeproperty]

Wow, thank you!

[@HawkishMerlion1965]

I think certain transactions still need professional agent. What if one need to buy and sell simultaneously? So must get agent to plan properly and advise on loan or timeline on transaction step by step. U don’t want to end up no house to stay for few months 😂😂😂. So only those very good agents that know in and out of every detail of transaction can survive.

[@david888a]

Not necessary. It’s between the buyer n the seller, they can agree on a clause pertaining to closing date long enough for both parties to close the deal. An agent will do the same thing. Re-financing, its between buyers n banks after the initial deposits to the seller. Seller will do the same thing if they r upgrading or buying another house. Everything needs to be black n white to,protect both parties, a lawyer will advise u on this.

[@alanweeproperty]

In reality. U can do alot of things diy. U can self medicate if u know how to. U can renovate your house if u have the time n knowhow. N so on. It's a matter of having knowledge, time n resources.

[@alanweeproperty]

As for hdb decide to take on the middleman role to settle disputes.... We wish it all the best.

[@david888a]

@@alanweeproperty very true, be your own handyman

[@alanweeproperty]

@@david888a in life. we should leverage others' strengths and hide our weaknesses. "That is why the rich spend money to save time. Whereas, the opposite will save money by wasting time." From a property legend that has passed on lately. Dennis Wee. Btw. i am not related to him.

[@tancolvis5240]

HDB need to demolish those old hdb and relocate those again for another 99 yr leasehold again then wait till it reaches 99 yr it be too late.

[@alanweeproperty]

There will be 2 outcomes. Let it's lease expiry. Take back land for foc. Loss votes. Do vers. Save the day. Win votes.

[@douglasang3527]

HDB has done something correct ! 😂

[@Duperman2494]

Pang kang liao la agents....hehe....

[@alanweeproperty]

We just need to transform. Just like all other jobs. More to come bro...

[@Duperman2494]

@@alanweeproperty transform to grab driver? 🤣

[@alanweeproperty]

Surely wouldn't.... transformation is 🗝️

[@kingbond2933]

Nothing to worry about as sellers will always want to sell high & buyers will always want to buy low! Agents are just the middleman, they solve the problem then get the commission, if sellers sell themselves- they mostly ask crazy prices & buyers will walk away! Also every sellers & buyers got their own problems & issues which HDB will not resolve individually so let them fight lol…….

[@david888a]

You r right, if sellers listing price is not In the ballpark to what’s transacted in that neighbourhood then the house will not hv any buyers. Any serious seller will not waste their own time n will list to sell the house fast. If the deal is in black and white n in writing ,preferably done with lawyers then there wouldn’t be any disputes.

[@luckyeggsolar2914]

Similarly lowballer buyers need to wakeup and stop their unethical price haggling

[@david888a]

@@luckyeggsolar2914 how could an written offer b unethical even from low ballers? , the sellers can simply rejects the offer. Or counter the offer.

[@christyhilton1919]

Time for all property agents to find another exit plan.

[@alanweeproperty]

its alread on my mind the last 6-7 years. that why this channel was born 21 months ago...hopefully not too late.

[@david888a]

35K property agents for such a small republic, tough career,fighting for listings. In real estate n for agents,it’s about listings n not necessary the selling for they still get the commission if another agent sells the house,isn’t it? Selling a home privately is not difficult but it takes a lot of time, scheduling viewing, qualify potential buyers, negotiating n follow up of buyers., in the end, u save on commission.

[@alanweeproperty]

yes. the market will goes thru some consolidation ahead...

[@ocswoodlands]

Andrew Nair sure kena kan 😂😂

[@alanweeproperty]

?? who that?

[@ocswoodlands]

@@alanweeproperty the agent for the fake Sengkang jumbo flat

[@boonliangkhoo1750]

S$28.4b????????

[@alanweeproperty]

???

[@boonliangkhoo1750]

@@alanweeproperty ERA Brokerage Transaction Value @ S$28.4b???

[@alanweeproperty]

@@boonliangkhoo1750 oic...u can read here...acrobat.adobe.com/id/urn:aaid:sc:AP:0bbec5ae-98b3-4987-b963-183b3cf161ed

[@georgetang3489]

Eat grass