Three Criteria
Anyone who has shopped for a home in Singapore knows that there’s a severe shortage of quality listings in the property market.
This is a crying shame for the seller, the agent, and the consumer.
A property listing is the consumer’s first impression of a home. Therefore, property listings should inspire. (I have no idea why some agents prominently display non-descript, run-of-the-mill toilets. Is a white toilet really a selling point?)
There are three possible reasons an agent would post an inferior listing. One possibility is that he or she has no relationship with the seller and is trying to sell someone else’s listing.
The second possibility is that the agent doesn’t know how to represent the seller’s home. In this case, the seller is the victim as her incompetent agent is likely to sell her home at a discount.
The third possibility is that the agent doesn’t care.
None of these possibilities serve the seller, the agent, and the consumer well.
Quality listings are part and parcel of an efficient property market. The way the property market is supposed to work is for a seller agent to work with her client and create a listing that puts the home in the best light.
Then, the consumer window shops a series of high quality listings that inspire this person to visit the homes.
A quality listing is a win-win-win for all market participants. By putting together a quality listing, the agent demonstrates to her client and consumers that she performs her job well.
Also, she better positions the seller to find the right buyer at the right price.
The customer wins because she doesn’t have to slog through a bunch of worthless listings that lead to dead ends or disappointments.
As a consumer, there are three ways to spot a quality listing.
First, if the listing appears in the classifieds or in a magazine, the listing is more likely to be genuine. Property portals are inexpensive ways of advertising, so some agents will throw up inferior listings just to be present. It costs them essentially nothing in terms of dollars. (Though, it does debase their individual brands.)
Most agents don’t plop down serious money on classifieds until they have a solid home to sell or rent.
Second, content is critical to a quality listing. Whether it is a three-line classifieds or a full page Internet listing, look for unique selling points that distinguishes this home from similar properties. If there are none or the description of the home looks boilerplate, it means one of two things. Either the agent has no relationship with that seller or the former has failed to do her job.
Third, a quality listing on a portal shows photographs and videos. If the photograph is stock, it’s not a quality listing because stock photos come pre-loaded. Look for quality interior shots that bring out the best of a home. If the listing has a video, this is even better.
At SRX.com.sg, we are committed to improving the quality of listings in Singapore. We give each agent a quality score on their listing, which is based on photos, descriptions, and other criteria. The higher the quality score, the higher the positioning on SRX.com.sg for a particular search. Also, if the agent has an exclusive, per Council for Estate Agencies (CEA) documentation, and a 100% quality listing, then we move it to the top of the search.
In addition, on 22 April 2015, SRX Property is teaming up with SPH Classifieds to offer a new listing service. Participating agents will be able to include a four-digit code in their three-line classified free-of-charge. Consumers can input this code into the SRX.com.sg or STProperty.com.sg search bars and see the three-line classified expand into a full page listing with photos, videos, descriptions, X-Value, and X-Trends.
There are some high quality listings in Singapore, but not enough. As a seller or renter, demand the best listing from your agents so that the right home is transacted at the right price.