A Fresh approach to Property Portals
PROPERTY PORTALS
Property Fox
A Fresh approach to Property Portals
BY DREW HOOK
Property Fox ’ s disruptive innovation model for selling property online launched in April across South Africa , offering customers the services of a professional photographer , floor plans and valuations with an aim to tackle “ archaic ” property selling methods .
“ 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 ,” said cofounder Ashley James . Together with partner Crispin Inglis , the young entrepreneurs say their offering sees homes given exposure to a broader offering of online marketing portals than what is currently utilized by most agencies .
“ Our research showed that unreliable home viewings , expenses involved , agent frustrations were among the most common challenges in selling a home ,” said Inglis .
“ Property Fox aims to simplify the sales process , make it more transparent and above all , more affordable . If you compare our commission of 1.5 % to the traditional 7 % scenario , our customers could be saving over 80 %.”
Sellers sign up with Property Fox online , after which professional photographers will visit their homes . Property Fox have teamed up with SA ’ s leading online property market intelligence company , Lightstone Property , to ensure accurate property valuations . This process completes an attractive advertisement on behalf of the seller . “ Once approved , the advert goes live on Property Fox as well as all other online property portals in the country , offering maximum exposure for owners .”
At the end of the first week ’ s trial , customers who want to continue using Property Fox ’ s services must select a payment option - either a once-off payment of R25 000 upfront regardless of sale price , or a 1,5 % commission on selling price .
“ 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 ,” Inglis said .
Analytics will tell customers how many views their property advertisement has received , and how many resulted in viewings . “ This allows us to not only review the selling price if necessary but ensures full transparency for the seller .”
“ We have partnered with online verification service thisisme . com for identification verification on potential buyers and to ensure we know who we are talking to ,” said Inglis . Property Fox ’ s fundamental difference is that sellers host their own viewings . “ Our view is that nobody knows their home better than the owner ,” James said . However , if a seller is unable or unwilling to show their own homes , Property Fox can take on the responsibility .
Customers have both e-mail , live online chat and of course telephonic support systems to back up the online experience .
Property Fox does not use sole mandates , believing that if a seller is not content with the level of service received , 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 .”
RESOURCES
Property Fox
28 AUGUST 2016 SA Real Estate Investor www . reimag . co . za