When I first moved to Singapore, I was shocked by the unscrupulous practices employed by some property agents to further their own selfish interests. From fake listings and misleading information to omitting important property details, these dodgy practices would have definitely resulted in legal action in the States (where the majority of real estate agents are held to fiduciary standards). With more than 30,000 property agents in Singapore, how can one find not only an honest agent but also the most suitable agent to fit his/her situation? This is where Propseller can help.
What is Propseller?
Propseller is more than just a database of property agents. This Singaporean startup is a matching service that helps you choose a property agent based on your search criteria and the agent’s ratings/reviews, verified testimonials and historical transactions.
The matching algorithm is so powerful that it even incorporates sentiment analysis (e.g., reviews posted on social media), and the regions in which the agent has historically served. This is verified based on the agent’s transaction history. Thus, it won’t match you with an agent who mainly serves Jurong when you’re looking to sell/buy/rent in Tampines.
Propseller takes their recommendations very, very seriously. What I found to be impressive is that they personally screen all the agents listed on their website. Thus, if an agent wishes to be included, they must undergo a face-to-face “interview” and verification process.
If you were to collect and sift through all these details yourself, it would take loads of time and effort. Also, family and friends may only be able to recommend a few agents and you’ll likely still have to gather further details on the agent yourself to verify suitability.
With Propseller, it just takes minutes. All you need to do is create an account, put in your criteria (e.g., are you selling? renting? buying? etc.) and/or details about your property, and Propseller will match you with a list of 3 to 10 agents.
You can then browse the agent reviews and choose the one(s) you like best. Here’s what a review page for an agent might look like.
Once you send the agent your details, he/she has a commitment to reply within 12 hours. Otherwise, it might hurt their ratings.
By Using Propseller, You are NOT Under Any Obligations
It is important to note that you are not obligated to choose any of the recommended agents. And if you do proceed to contact an agent, but find that he/she is not a good fit, you are not under any obligation to hire and work with that agent.
It is Free to Use?
Yes, Propseller is free to use. Then (you might be wondering) how does Propseller make money? If you choose to engage an agent and that agent successfully closes on your transaction, Propseller will earn a 20% referral free from the agent’s commission. So if the agent, for example, gets 2% commission, Propseller will get 0.4% (the agent will thus get 1.6%).
And unlike Propertyguru’s Preferred Agent Network where agents must pay (essentially an advertising fee) to have their profile featured or listed first, Propseller does not accept payments to alter an agent’s ranking.
In that way, Propseller wishes to remain independent, giving you their best recommendation based on genuine reviews and published transactional data provided by government agencies.
If you’re thinking of buying or selling, Propseller can definitely help. It’s free to use. And you’re not obligated to take their recommendations. That means you can still find an agent on your own, if you so desired. Therefore, you’ve got nothing to lose.
In my opinion, I wished this service was available years ago, especially when I first moved to Singapore. I personally experienced all of the dodgy practices I had mentioned in the first paragraph of this article. I even encountered a scam (which wanted me to wire my deposit on a listing which didn’t exist).
I’m sure if I had a property agent that was trustworthy and competent on my side, I would have had a much better experience. After all, your property and where you choose to live are some of the most important matters in your life!
[This is NOT a sponsored post. I personally interviewed the founder and did not receive any compensation for writing this.]