{"id":1507,"date":"2018-09-13T11:40:10","date_gmt":"2018-09-13T11:40:10","guid":{"rendered":"https:\/\/propertyprofessional.co.za\/propertyfox-takes-over-steeple\/"},"modified":"2018-09-13T11:40:10","modified_gmt":"2018-09-13T11:40:10","slug":"propertyfox-takes-over-steeple","status":"publish","type":"post","link":"https:\/\/propertyprofessional.co.za\/2018\/09\/13\/propertyfox-takes-over-steeple\/","title":{"rendered":"PropertyFox takes over Steeple"},"content":{"rendered":"

The local online estate agency PropertyFox are expanding their business. They announced this week that an acquisition agreement was reached with one of SA\u2019s first online estate agencies, Steeple. In terms of the deal, PropertyFox will be taking on all 100 of Steeple\u2019s clients.<\/p>\n

Both Crispin Inglis, CEO of PropertyFox and Steeple CEO, David de Waal, said they are delighted with the deal between the two online agencies and expressed confidence that it would be beneficial to their customers, \u201cmore importantly, (we) would be able to sell despite the current poor market conditions,\u201d said De Waal.<\/p>\n

The announcement follows shortly after the news that one of SA\u2019s largest traditional estate agencies, Pam Golding Properties, also dipped their toes into low commission waters with the acquisition of low-fee agency Eazi.com. Late last year SA Home Loans made a substantial investment in PropertyFox.<\/p>\n

Read more about PGP\u2019s deal: Wise move? Pam Golding stirs up industry<\/a><\/strong><\/p>\n

Commenting on the apparently growing trend towards low commission online offerings to the local market, Adriaan Grove, CEO of Entegral, a real estate technical provider, said he sees consolidation in the industry as inevitable given the current economic climate, whether traditional or online agents.<\/p>\n

Grove explained that online agents have the challenge to drive listing volume for their business to work and to cover costs. \u201cThis is evident if you look at international models like Purplebricks in the UK,\u201d he says.<\/p>\n

\u201cEvery online agency will have a break-even point in terms of a minimum number of mandates to become profitable, and I suspect that with 100 listings, Steeple had quite a challenge to compete with the likes of PropertyFox, Leadhome, Homebid and others,\u201d says Grove.<\/p>\n

Property portals such as Private Property and Property24 are also responding to online agent models, thus presenting another challenge for low-fee property agencies to remain profitable. Grove says one can no longer advertise listings on a national basis under a single account.<\/p>\n

On the other hand, \u201cprice is everything, and in the current buyers\u2019 market, there are some clear advantages for low-fee agencies to position mandates at lower prices that makes them more attractive,\u201d he adds.<\/p>\n

\u201cAt the same time, some clients require a highly personal and specialized service, and this is where the traditional percentage models will continue to thrive in future. Average service is out, and highly specialised teams are in. Now is a golden opportunity to use technology to optimize your business, no matter which real estate model you run,\u201d Grove concludes.<\/p>\n

Grove\u2019s conclusion that personal service excellence remains the main selling point of traditional agencies is in line with the thinking of many traditional property experts. In the end, only time will tell who was right. These are indeed exciting times, as Ted Frazer, Seeff\u2019s national marketing manager recently said, \u201cUltimately, as with any service-industry, we need to provide value to our customers and I believe that these new entrants are showing us that this value perhaps needs to be redefined.\u201d<\/p>\n

Read more comments: Property leaders un-eazi about Pam Golding\u2019s move<\/a><\/strong><\/p>\n

We live in a high-tech age, no question about that. What do you think real estate will look like in 5-10 years\u2019 time? Share your opinions with editor@propertyprofessional.co.za<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The local online estate agency PropertyFox are expanding their business. They announced this week that an acquisition agreement was reached with one of SA\u2019s first online estate agencies, Steeple. In terms of the deal, PropertyFox will be taking on all 100 of Steeple\u2019s clients. Both Crispin Inglis, CEO of PropertyFox and Steeple CEO, David de […]<\/p>\n","protected":false},"author":3,"featured_media":1508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[404],"tags":[1177],"yoast_head":"\nPropertyFox takes over Steeple - Property Professional<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertyprofessional.co.za\/2018\/09\/13\/propertyfox-takes-over-steeple\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PropertyFox takes over Steeple\" \/>\n<meta property=\"og:description\" content=\"The local online estate agency PropertyFox are expanding their business. They announced this week that an acquisition agreement was reached with one of SA\u2019s first online estate agencies, Steeple. In terms of the deal, PropertyFox will be taking on all 100 of Steeple\u2019s clients. 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