Real estate portal SRX Property aims to ease buying and selling of homes with a new mobile application that has industry-first features. The property app, which offers disruptive technology in a highly competitive sector - will not only offer data on home prices, property search and listing functions, but also tap professional services.
Consumers will be able to apply for a home loan and obtain property valuations - a first here.
"Buying a home can be a painful process," said Mr Sam Baker, chief executive officer of StreetSine Technology Group. "We are using technology to smoothen that process. You can get a pre-approved loan, select a certified buyer agent, schedule home viewings. Eventually, you will be able to get insurance products."
SRX Property is operated by StreetSine Technology Group, a subsidiary of Singapore Press Holdings.
The firm said the app - to be officially launched later this month - will enable consumers to generate a mortgage needs analysis within minutes.
It is partnering Maybank to provide an estimated loan the individual is able to tap, based on the bank's calculation and assessment of the individual's financial circumstances.
Propective buyers can also apply for an in-principle agreement (IPA) for a home loan, and later convert this into a formal loan offer by uploading relevant documents using the app.
"With digitisation and automation, it speeds up data processing... a mortgage loan approval that used to take one or two weeks can be done in one or two days these days," said Mr Marc Leong, Maybank executive vice-president of business development and consumer finance.
The bank said it has recently added SRX Property's valuation services to its panel of valuers, owing to its efficient way of inspecting and valuing properties.
Mr Jeremy Lee, chief technology officer at StreetSine, said the firm has conducted more than 1,000 property inspections since the valuation services were first offered about a year ago. This will be made more widely available to consumers as part of the new app.
"We have digitised the entire valuation process. Our valuers have iPads that let them take pictures of the unit, retrieve site information from Singapore Land Authority's system and auto-populate certain fields. There is no need to re-type the info," added Mr Lee.
The firm said the more efficient valuation process allows it to charge lower fees - about $250 for private condominiums and HDB flat - nearly half of what traditional valuation companies charge.
Real estate agencies ERA Realty Network and PropNex Realty told The Straits Times that digital technology has helped property agents better research the market and provide more data-driven analysis to customers.