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They are biting the hand that feeds them. [It is] disappointing that they decided to go this route. [FNB's announcement] is for us a wakeup call, maybe we need to restructure our business.

Gordon Smart, Smart Properties

FNB has a new feature in its banking app that allows its clients to buy and sell their homes to each other, bypassing estate agents – and sales commissions - altogether.

Some estate agents are furious.

The service is only available to FNB clients.

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

The Money Show’s Bruce Whitfield interviewed Gordon Smart, owner of Smart Properties, and FNB Home Finance CEO Lee Mhlongo.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Property buying is highly emotive… Sometimes you want a friend… We have an opportunity for estate agents to play a role…

Lee Mhlongo, FNB

This platform is for free…

Lee Mhlongo, FNB

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

Gordon Smart, Smart Properties

You’ve got to lift your game… to justify those commissions… It’s a wakeup call…

Gordon Smart, Smart Properties

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This article first appeared on 702 : Estate agents furious about FNB app that totally cuts them and commission out

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