SRX rolls out clever agent tool in form of an app
15 Dec 2016
Singapore-based property classifieds site SRX Property recently launched an app for exclusive use of estate agents. The app enables them to manage the entire mortgage application process on the app, saving clients trips to the bank to make the applications themselves. Signatures are collected at the end of the process by the participating bank.
The app, called Mortgage Connect, enables agents to upload their clients’ documents, and the participating bank to approve or reject the application. The app is not freely available in the IOS store, or Google Play Store, and seems to be only available to participating agents.
At the time of writing this article, Malaysian lender Maybank was the only participating bank with SRX Property in this initiative. A Streetsine (StreetSine manages and operates the Singapore Real Estate Exchange (SRX) and Hong Kong Real Estate Exchange (HRX)) spokesperson told Singapore daily The Strait Times, that more banks are in the pipeline. Who will join, and when, was not revealed.
The app divides the application process into four stages: mortgage analysis, in-principal approval, loan approval and home closing. Forms and checklists are digitized and buyers, real-estate agents, valuers, bankers and conveyance lawyers are able to be integrated onto a single platform.
An agent must go through mortgage advisory training to use the app. Both the app and the training are free.
SRX Property is operated by StreetSine Technology Group (owned by Singapore Press Holdings, Singapore’s leading media company) and various real estate agencies in Singapore. SRX Property has recently been releasing disruptive technology, such as machine-generated valuations and a chatbot, in a bid to outpace its competitors. The latter tend to bank on safe technologies. IProperty has, however, also launched a chatbot of its own.
SRX Property received approximately 660,000 visitors in the last three months. In contrast, leading player PropertyGuru’s Singapore website already counts 4.26 million monthly visitors. IProperty which shows a stronger following in Malaysia, counted just over 470,000 visitors in the last three months (source: SimilarWeb).