What\u2019s happening in the market?<\/em><\/strong><\/h3>\n\n\n\nSamuel Seeff:<\/strong> Much has changed in the last decade. Let’s talk about the market \u2013 it\u2019s very similar to the weather; it depends on where you are.<\/p>\n\n\n\nIt\u2019s been an interesting few years; we had a fabulous period when the interest rates went down to 7%, there was a great amount of activity, a lot of excitement, and a lot of transactions taking place, and clearly, that has levelled off. And so, when we talk about the different geographical areas within South Africa, you will have different markets.<\/p>\n\n\n\n
We all know there was talk about the semigration to the coastal markets, which have been more active than that inland. Coming from Cape Town, I think they’re enjoying it. Gauteng is where our economic power is and where the activity should be.<\/p>\n\n\n\n
It’s frustrating, but seeing that things are slowing down is understandable. And I think a couple of things govern us: firstly, the high interest rates, and secondly, I think it\u2019s the political uncertainty that\u2019s causing buyers to hold back.<\/p>\n\n\n\n
Hopefully, we\u2019ll have a little bit of a run until the end of this year. The numbers every month are not that bad. I think we’re probably all trading better than we did three or four years ago, but not better than we were when the interest rates were up.<\/p>\n\n\n\n
So, it’s a mixed bag, and it depends on where you are, whether you\u2019ll be able to say there\u2019s more demand or less, and, uh, we’re just going to have to live with that.<\/p>\n\n\n\n
What changes have we seen over the last few years?<\/em><\/strong><\/strong><\/h3>\n\n\n\nBerry Everitt:<\/strong> Regarding the changes we’ve seen over the last couple of years, Covid has had a significant impact, where people have learned to work from home, and there\u2019s been a forced uptake in using technology. Both elements impact the industry in that agents spend less time in the office and use technology that allows for greater efficiency. <\/p>\n\n\n\nI think that’s benefited us, and I like looking for opportunities within the chaos. I think what’s benefited us is the Internet of Things. Because we’ve got bandwidth that we didn’t have then and everybody’s got devices, they can’t get access to the Internet.<\/p>\n\n\n\n
What can estate agents do now, within the current market?<\/em><\/strong><\/h3>\n\n\n\nBerry Everitt: <\/strong>As challenging as the market has been since I’ve been in the industry, it\u2019s cyclical. We’re in a cycle with high interest rates and feeling consumers’ pain, something I think we\u2019ll experience more of in 2024. As real estate professionals, we have an opportunity to find those people who have that need and actually provide for them.<\/p>\n\n\n\nWe can’t change the interest rates. We can’t change any of the market conditions. Ultimately, I think it’s the consumer we must be looking towards. As real estate professionals, if we are guided by using the right tools and the data we have access to now, we can make a big difference in people’s lives.<\/p>\n\n\n\n