TODAY Online : Local property websites are a hit

Local property websites are a hit

05:55 AM Mar 06, 2010

by Ephraim Seow ephraimseow@mediacorp.com.sg

SINGAPORE - The robust sentiment in the property market is spilling over to online property sites as visitor traffic continues to rise, according to website owners.

The site propertyguru.com.sg saw a 20 per cent spike in its January online traffic from December, said Mr Steve Melmush, its chief executive officer.

That totals to about 1.3 million visitors, of which 70 per cent were potential buyers, he reckoned.

Other sites like iproperty.com Singapore have also seen online visitor increase in January to about 11 times since 2008. From 64,000 hits in January two years ago, the number is now at 700,000 hits, said Mrs Serene Lam, the site's general manager.

Buyers have increasingly flocked online property sites for the breadth of information they carry on a wide range of properties. Listings on websites come with maps, photographs and virtual tour, which are not accessible in other platforms.

Other information may also include price transaction records for the property in the last three years.

About 85 per cent of buyers who visit propertyguru.com.sg are from Singapore, according to Mr Melmush. The site's visitors are mainly professionals, between 35 to 45 years old.

He noted that majority of online hits three years ago were mainly foreigners. These days, they have a mix of Singaporeans living overseas who want to partake in the booming property market and buy for retirement or investment.

Among the properties, condominiums are the most popular category for both propertyguru and iproperty. Apart from buyers, property agents have also seen the benefit of listing properties online.

Mr Melmush of propertyguru.com.sg said that about 12,000 agents use their site to post 25,000 listings every month.

"Online websites are viewed more often by direct buyers during the office hours. There are about 10 to 15 calls every week from the online listings and about 10 to 15 per cent of the units will be closed. Without co-broking, it results in substantial rewards," said Mr Rex Tan, senior group director of Dennis Wee Group.

Listing online costs about $300 per website per year compared to the $1,500 to $1,600 he would spend per month in newspaper listing.

Still, he believes that listing across various platforms would provide the best exposure and transactional prices for sellers.

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