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There’s a new real estate startup hitting the South African market. Property Fox aims to save customers over 80% of traditional estate agent costs by offering a 1.5% commission rate.
In a press release sent to Ventureburn, co-founder Ashley James says: “We saw a gap in the market to help people sell their houses for a fraction of the cost, while simultaneously offering more exposure in the market.”
The company launched in April with co-founder Crispin Inglis.
“Our research showed that unreliable home viewings, expenses involved and agent frustrations were among the most common challenges in selling a home,” says James.
Customers are offered a service of professional photographers, floor plans drawn up, and as well as valuations of the property. All valuations are handled via Lighthouse Property in order to ensure they are accurate.
All approved listings are listed on Property Fox as well as a range of other online property portals.
“We need to impress our potential customer base within seven days, and show them how our services are not only the best but also the most affordable.”
Customers have a choice of paying either a once-off fee of R25 000 upfront or 1.5% commission (regardless of selling price) after the first week’s trial.
There is security for sellers in knowing that potential buyers are vetted through thisisme.com.
Property Fox also uses an analytics system to gauge interest in the property and if the selling price needs to be adjusted. The press release did not state if the price changes are market-related.
Sellers host their own viewings for potential buyers, unless they are unwilling to, in which case Property Fox will handle that aspect for an additional fee.
“Our view is that nobody knows their home better than the owner.”
Unlike many other estate agencies, the startup does not believe in sole mandates. Their philosophy is that if a client isn’t happy with the service they receive, they should be able to walk away.
“This dynamic approach is disruptive and progressive and we hope to shake up the way the market works,” concludes James.