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[LISTEN] Why estate agents feel threatened by FNB app

| Lee Mhlongo, CEO of FNB’s Home Finance, says the app will allow FNB buyers to engage with sellers on the platform and when required, bring in the appropriate professionals to facilitate the transaction.

JOHANNESBURG - First National Bank (FNB) has created an app that allows buyers and sellers to meet directly, cutting out estate agents and sales commissions.

Lee Mhlongo, CEO of FNB’s Home Finance, says the app will allow FNB buyers to engage with sellers on the platform and when required, bring in the appropriate professionals to facilitate the transaction.

Mhlongo says the app will be free to use.

Gordon Smart, owner of Smart Properties says this move by FNB has made a lot of agents feel threatened because they now have to deal with the banking company as a new competitor in the already competitive field.

“Some [estate agents] are threatening to close accounts… It’s a sideswipe that caught us unaware…” Smart said.

FNB holds about 25% of the South African home loan market.

Listen to the audio above for more.

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