08/11/2018
Resolution with FNB
Dear Real Estate Professional,
You will have been following developments with FNB over the last few days and we are pleased to announce that resolution has been achieved as below:
Private Property has a long standing agreement with FNB in terms of which, amongst other things, all properties listed on Private Property are accessible on the FNB Banking App. There are currently more than 3 million consumers using the FNB App and they can easily click and contact the estate agent directly. Private Property clients benefitted for years from this arrangement.
An issue arose when FNB recently enhanced their nav» Home platform on the FNB Banking App by adding a feature for customers to sell their property privately without the assistance of an estate agent. Private sellers can also list their property on the FNB App. This initiative establishes the FNB App as an alternative portal to Private Property and a perceived competitor to real estate agents. Private Property and its respective clients objected in no uncertain terms to having their listings displayed on the FNB App in future because of this initiative.
Private Property has decided to terminate the current data feed on the FNB App with immediate effect and advised FNB accordingly. FNB has agreed to remove existing Private Property listings from the FNB App.
FNB has reiterated its commitment to continue engaging industry players to meet the needs of customers.
We thank you once again for your patience and support during this process and look forward to building our relationships with you in the years ahead.
Regards,
Your Private Property Team
