Housing and Development Board (HDB) is the latest agency to embrace digital disruption with a revamped portal that could reduce the resale flat transaction time by half to eight weeks.
This will benefit savvy buyers or sellers, with a more user-friendly platform that could reduce the time taken for resale process from start to finish. They will also spend less time to HDB Hub in Toa Payoh as the number of appointments have been reduced from two to one. The verification of financial documents and plans has been conducted online to reduce the need of the first appointment.
This signals the Government’s effort in its Smart Nation push by eliminating inefficiency and encourage better use of technology to bring convenience to Singaporeans.
However, this change also reduces the need for professional valuers or real estate agents who focus solely on HDB resale market.
The extensive trove of transactional data will let buyers and sellers know if the proposed price is reasonable. This will do away with the professional valuations
Buyers and sellers are also likely to do the transaction themselves, an increasing trend which reduces the need for the middleman.
Professional valuers have other scopes of work which goes beyond HDB valuations. They also provide valuation for the private market, which is still sheltered from the current technological disruption.
The new portal also reduce the agent’s administrative burden and focus on how to sell a unit at the best price in the shortest possible time.
In this case, the advantages outweigh the disadvantages as it makes the process more efficient and save more than two months of everyone’s time.