FNB upsets estate agent applecart

Hilton Tarrant

FNB has shaken up the property market with the latest revision to its nav» Home in its mobile app, allowing FNB customers to sell their homes directly to other customers.

This sidesteps estate agent commission, and buyers get up to 50% off bond registration using FNB’s attorneys, plus 50% back in eBucks on their first home loan repayment.

FNB’s Jolandé Duvenage says: “The new [nav»] functionality allows known FNB sellers to connect with known FNB buyers in a reliable, cost-saving and secure environment … Through this solution, our sellers and buyers can engage, arrange to view a listed property and negotiate the price.”

The move has caused outrage among property agents, with many threatening to close their FNB accounts and stop referring clients to it.

Private Property was slammed by agents due to its existing deal with FNB, where it syndicated listings to its nav» platform. At first, it asked for time to engage with the bank, defending the deal. A week later it pulled its listings from FNB nav» Home.

Property Professional quotes COO Mark Coetzee as saying: “It’s our responsibility to protect the industry we serve and this swift action to remove the listings from the FNB Banking App is a strong signal of our loyalty to the real estate industry.”

Yael Geffen of Lew Geffen Sotheby’s International Realty SA says on the face of it the “drawback” for consumers is the platform’s limited to FNB clients.

“There are horrendous pitfalls to selling or buying a home with a DIY offer, not least of all legal complications.

“You’re paying a real estate professional for a bespoke service, a national or international marketing platform, a marketing budget, their expertise in setting realistic market-related prices and ensuring homeowners don’t stress dealing with a stream of would-be buyers.”

Hilton Tarrant works at YFM

Moneyweb

Eskom’s coal stockpile situation has deteriorated further, with five power stations having less than 10 days’ stock. Interventions to stabilise supply may only have a positive impact by March.

Thus Eskom’s entering the rainy season exposed in Mpumalanga, where most coal mines feeding it are situated. Load shedding is a real risk, Eskom spokesperson Khulu Phasiwe told Moneyweb. Eskom is concerned the low stock could leave it exposed if the mines are forced to stop production due to heavy rain.

In the meantime, it’s using costly diesel plants to supplement power from its coal-fired fleet – which could mean further financial deterioration.

In addition, Eskom got a bloody

There are horrendous pitfalls to selling or buying a home with a DIY offer, not least of all legal complications.

Yael Geffen Lew Geffen Sotheby’s International Realty SA