A recent article in the Today newspaper (link below), argues that the middlemen economy is a live and well in the Singapore property market and agents are embracing technology.
Of course the antithesis is that this very market contnues to demonstrate a lack of initiative, is entrenched in it's old ways, suffers from varying service level perceptions and fails to recognise and embrace change. In short, the market remains primitive and is ripe for disruption and all the positive spin in the world will not change the end game.
It is, of course, correct that the provision of better information is now openly available. However, this is not exclusive to the local agent community, the same information is directly available to home owners and buyers on an equal basis.
Disruption is most effective when a market is inefficient or a new entrant fills a gap. The bottom-line is that the physical real estate agent can be eliminated from the deal altogether.
With over 24% of HDB transactions being executed directly between buyer and seller, this is already simply a reality and such direct or DIY transactions that eliminate the agent and the associated costs altogether, will continue to become more and more established in Singapore.
RENTALS.SG, eliminates the need for agents in both residential and commercial rental property transactions and at the fraction of the cost, saving thousand's of dollars for either the landlord or tenant.