Industry experts: While HDB RFL service may boost DIY buying and selling, property agents will remain helpful for complex cases

SINGAPORE: The Housing & Development Board’s (HDB) Resale Flat Listing (RFL) service, introduced in May, has made it easier for Singaporeans to buy and sell flats on their own.

While this may encourage some to handle transactions without an agent, industry experts believe property agents will still be needed, particularly in complex cases.

The RFL service allows HDB flat owners or their agents to list properties for sale and complete transactions on the platform, making the resale process more transparent and accessible.

However, property experts argue that it covers only a small portion of a property agent’s services, such as handling nuisance calls, conducting house viewings, and managing no-shows.

According to Singapore Business Review, Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia Pte Ltd, noted that while the portal might be useful for simple transactions, it won’t replace the need for agents in more complex situations.

He explained that in straightforward cases, such as simple buy-and-sell transactions, “some buyers may choose to DIY, similar to the insurance industry where simple products can be purchased off the shelf.”

However, he noted that many cases involve much more, citing examples like divorce settlements, the need for an extension of stay, or the use of the HDB Contra facility, which allows for the simultaneous sale and purchase of flats.

“It will be better for consumers to speak with a professional who can guide them,” Mr Lee advised.

Mark Lim, Division Associate Director at OrangeTee & Tie, AAG Division, pointed out that the house-hunting process is the most tedious part of the search.

With the new RFL service enabling direct matching of buyers and sellers, “it literally takes away the job of an agent quite drastically.”

Mr Lim emphasised that property agents should prioritise their clients’ interests, maintain a positive attitude, and meet their selling goals. He advised that agents must continuously upgrade their skills to stay relevant.

Mr Lee noted that the portal could even help agents reach a larger audience for their clients’ properties. He said, “The free-to-use RFL may increase the exposure of the flat for sale to more potential buyers.“

Mr Lim also expects the HDB listing service to enhance transparency in the supply and demand of properties. It prevents sellers from using multiple agents to “test the market” or failing to update listings once a property is sold.

The portal also restricts listing flats that have not met the five-year minimum occupation period.

While Mr Lim and Mr Lee acknowledged the benefits of the online portal, they also highlighted areas for improvement. Mr Lim proposed an “auto-matching feature” to streamline the process based on price, size, unit level, and extension of stay.

Meanwhile, Mr Lee pointed out a potential issue with the portal’s alert for sellers when their listing price exceeds recent transactions by more than 10%.

He warned that while the guide is intended to help, it could lead sellers to rely on it too heavily without considering other important factors such as the age, condition, floor level, orientation, and size of the flat. This could result in higher transaction prices than expected.

Despite these concerns, property agents view the portal as a solution to problems like dummy or duplicate listings, which prompted the creation of the Alliance for Action (AfA) on Accurate Property Listings in 2021.

Mr Lim pointed out that the biggest advantage of the portal is that it connects sellers with real and qualified buyers, as it automatically removes sold listings, so only current and available properties are displayed. /TISG

Read also: HDB introduces new Resale Flat Listing service for flat owners to sell properties independently

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