Real estate agent PropertyFox has acquired similar business Steeple for an undisclosed amount in a move that will consolidate South Africa real estate property market weeks after Pam Golding Properties acquired Eazi.com.
Late last year also saw SA Home Loans take a substantial stake in PropertyFox to reach more home buyers in the market.
In a statement, Crispin Inglis, CEO of PropertyFox said, “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.”
PropertyFox 1.5% commission of the sales price (or min fee of R35 000). has seen it selling houses on average 82 days faster than the national sales average due to its proprietary digital valuation process.
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,” said de Waal.