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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife directors offer differing views on future oversight if board is rejigged
Tesla lays off more staff in software, service teams, Electrek reports
Robinhood Crypto gets Wells notice from US SEC
Morgan Stanley strategists see inflation as key for path of US stocks
US: Wall Street opens higher as rate-cut hopes linger
Tyson raises outlook as lower costs boost chicken segment