Will SoReal Prop give incumbents a run for their money?

IT FELT surreal witnessing the launch of SoReal Prop, an online platform initiative that binds Singapore's biggest rivals in the property agency business together despite their differences and competition in growth, marketing and recruitment.

That "historic" move led by PropNex Realty, ERA Realty and Huttons Asia came at a time when online property listings have become a major cost for agents and the fees charged by commercial property portals, mostly backed by venture capitalists, will likely continue to increase.

Though the CEOs of these agencies stressed that this is not an attempt to take down existing property portals, there is no doubt that the SoReal Prop platform - which includes an app for agents that is free in the first year - will turn up the heat on the incumbents. This will hopefully compel them to review their revenue models and subscription packages.