Digital disruption in the South African property market is continuing, this time with the introduction of an innovative agent sales platform from consumer-focused digital property company, PropertyFox.
A new ‘PropertyFox Agent’ division will allow agents access to the most innovative sales tools in South Africa, reducing time-consuming admin and paperwork to almost nothing – and introducing one of the most competitive commission structures in the country.
Launched in 2016 by partners Crispin Inglis and Ashley James, PropertyFox introduced a digital property selling model, with lean fees of 1.5%. CEO Inglis says, “When we launched in 2016, the concept of a fixed or low-fee property sale was foreign to the local market. As was selling at 1.5% with algorithm-driven property valuations. Today, however, just three years later, the option of selling at a low fee has become almost as normal as selling with an agent“.
“We have found that while the real estate industry is evolving rapidly, a significant portion of the agent market is being left behind. We have therefore diversified our offering to allow agents, who will embody our customer-focussed ethos, to benefit from our data-driven and innovative sales model. PropertyFox’s evolution to a hybrid solution allows us to service the client in whatever way works best for them – in person or online – and still give them a great service and experience when selling their home.”
PropertyFox Agents will be on a beneficial commission structure: “The challenge the traditional industry faces is the high cost of the infrastructure required to support an agent. In contrast, we have a very lean business cost structure, and we have extended the savings to our agents helping them earn more, without pushing this burden onto our sellers. As a digital-only company, we don’t have local offices or shopfronts and are highly scalable, functioning as a virtual agency, and so we’ve been able to take our digital tools and easily extend them to service an infinite number of agents. This includes an automated sales process and algorithm-based pricing which is highly accurate“.
Inglis says that, per sale, on average, PropertyFox Agent offers agents 49% more commission in the pocket compared to traditional estate agencies.
“This increases earning potential and, in addition, our virtual support gives the average estate agent 50% more time to engage in revenue-driving activities by cutting down on administrative tasks. Through the model it is possible to increase income by up to 100%.”
He concludes, “Agents who join us will continue to operate as they used to while receiving access to some of the best digital tools. This includes all overheads and liabilities that agents tend to be faced with, especially in challenging markets. We handle and package it all into a simple offering that every agent can use.” says Inglis.