Propertyfox acquires Steeple

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 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 and SA Home Loans taking a substantial stake in PropertyFox late in 2017.

PropertyFox chief executive, Crispin Inglis, says the deal will add around 100 new sellers to the PropertyFox 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 a minimum fee of R35 000).”

Inglis says PropertyFox is currently selling houses on average 82 days faster than the national sales average. H attributes this to the accuracy from PropertyFox’s proprietary digital valuation process and the absence of property price padding to cover high estate agent fees.

Steeple chief executive, 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.