Digital real estate industry continues strong growth trajectory.
Online estate agency PropertyFox has reached an acquisition agreement with Steeple, a similar business which has been in operation since 2012. In terms of the deal, the two agencies will effectively be consolidated, with PropertyFox taking on all Steeple’s clients. The move has firmly established PropertyFox as a front-runner in South Africa’s burgeoning digital estate agent industry.
The announcement follows hot on the heels of Pam Golding Properties’ acquisition of low commission agency Eazi.com and SA Home Loans taking a substantial stake in PropertyFox late in 2017.
Crispin Inglis, CEO of PropertyFox, says he is delighted with the deal. “It will add around 100 new sellers to our platform, giving clients a wider selection of quality properties to choose from. It is a business that, like PropertyFox, prioritises customer service, and along with its excellent reputation, will add substantial value to our offering.”
He says PropertyFox’s digital real estate model resonates in several ways with South African homeowners looking to sell. “The process is fully transparent (sellers have access to more information around their sale and the value of their property in current conditions), our listings look better compared to other properties on property marketing websites and statistically have been shown to generate more views for our sellers. And of course, the fee in our case is only 1.5% of the sales price (or min fee of R35 000).”
PropertyFox is currently selling houses on average 82 days faster than the national sales average. Inglis says the accuracy from PropertyFox’s proprietary digital valuation process and the absence of property price padding to cover high estate agent fees are just some of the reasons it can sell properties so quickly.
Steeple CEO, David de Waal says the two companies have extremely complementary business models and he was delighted for PropertyFox to absorb the Steeple listings into its robust platform.
“Steeple and PropertyFox have similar online estate agency models and both our companies focus on providing a fabulous, value-for-money customer experience. We wanted to entrust our sellers to an agency that we knew would take good care of them and, more importantly, would be able to sell despite the current poor market conditions. PropertyFox was an easy choice for us because they have great people, robust systems and strong advertising.”