Digital disruption has arrived to the Singapore real estate indusrty and whether the agent community likes it or not, tech disruption is here to stay and is gaining a frim grip on the local property rental scene.
Local start-up RENTALS.SG was founded by an international real estate agent with digital experience who recognized an industry that was entrenched in a traditional low value model with little motivation to change. Comfortable with high margins and little incentive to bring down costs, Founder, Martin Phillips, says that the current environment is "primitive" and does place the best interests of either the landlord or tenant central to the property rental transaction. By his estimation, the average saving to the landlord is over S$4,000.00, simply by cutiing out the commission fees.
Phillips is building a slick on-line property rental community in Singapore where the role of the agent is completely eliminated and the cost savings are passed back to the property owner who deals direclty with potential clients. The service provides free photography for the property owner to ensure that the rental is represented in the best possible way. ID verification technology safeguards against any dubious lisitngs and creates a safe community for both home owners and potentials tenants to meet and transact. The home owner benefits from generic downloadable letters of intent and lease agreements and all links for online filing at IRAS are provided. A small optional fees include mandatory employment pass and residency checks.
The community offers services for both Singapore residential and commercial properties of any size.
For residential leases under the $3,000 threshold, the potential tenant saves on paying the agent any fees. A great saving if you are looking for within this budget range. Its free to use as a tenant.
RENTALS.SG is relevant, timely and potentially creates substantial value for all members of the community.