Property agents group to buy 51% stake in online platform SoReal Prop

This will benefit SEAA’s 4,700 real estate agency members.

The Singapore Estate Agents Association (SEAA) will buy a 51% stake inof SoReal Prop, an online property platform jointly founded by ERA Realty, Huttons Asia, and PropNex Realty.

In initiating this acquisition, SEAA seeks to strengthen its offerings to nearly 4,700 real estate agency and salesperson members.

“Some of the challenges faced by agents today include duplicated listings, high marketing
costs to advertise on multiple platforms, high subscription fees, and outdated information
that is not refreshed in real-time,” said Thomas Tan, president of SEAA.

For the purpose of this acquisition, SEAA has constituted a company, SEAA Services Pte Ltd which shall be the company governing the live data feeds by the consortium of agencies as a central repository. As the agencies share live data on the platform, subscribing agents can benefit from the initiative even for those in boutique and smaller real estate firms.

Under the new umbrella, RealAgent app which has garnered close to 23,000 agents in just over a one-year period, shall continue to provide their clients with property advice by providing access to consolidated real-time residential and commercial transaction data.,

Other than property reports with embedded indicative selling price, Real Launches, a component with access to new residential projects in Singapore as well as eight property calculators are included features.

For property buyers and sellers in Singapore, SEAA Services Pte Ltd and RealHome app will enhance the platform for searching listings, connecting with the respective agents, marketing the properties, and reviewing or rating the agents after a successful transaction.

SoReal was launched in March 2018.