Sinyi Realty Inc (信義房屋), the nation’s only listed broker, yesterday launched a platform to tap the home decoration and repair business, as well as sales of appliances and furniture.
The new business division came as the broker seeks to grow customers and diversify its sources of income, which has declined significantly due to sluggish home transactions.
“The proposition of services and products, formerly limited to clients having home transactions with the company, is now available to all who place orders via the company’s Web site,” Andy Liu (劉元智), a vice president in charge of the business division, told a media briefing.
Photo provided by Sinyi Realty Inc
Sinyi expects the new operation to generate NT$200 million (US$6.33 million) in revenue this year, a surge of 66 percent from NT$120 million last year, Liu said.
Demand for home repairs and decoration increased sharply in recent years as shown by the number of transactions, soaring from 2,000 three years ago to 12,000 last year, Liu said.
The new operation might boost cross-selling benefits for the real-estate brokerage and agency, as customers have expressed a need for such services and products, he said.
Sinyi has entered an alliance with 400 partners, including home-improvement outlets B&Q (特力屋), Hola Home Furnishings Co (特力和樂), home appliance retailers, home movers, house cleaners, and interior designers and retailers.
Sinyi is to charge retailers and service providers that gain business orders from the platform, Liu said, without elaborating on fee amounts.
It is the first time a real-estate broker has introduced such a one-stop platform, while local peers are limited to the role of advertisers on other Web sites, Liu said.
Sinyi’s cumulative revenue was NT$3.97 billion for the first six months, a 14.92 percent decrease from the same period last year.
Sinyi shares ended down 0.52 percent at NT28.65 yesterday. They have slumped 21.72 percent so far this year, weaker than the TAIEX’s 7.79 percent retreat, Taiwan Stock Exchange data showed.
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