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Online estate agency start-up PropertyFox is planning to use the investment it has received from SA Home Loans to grow its technology, boost its marketing and add to its staff count.
SA Home Loans acquired a 49% stake in PropertyFox this week. The Cape Town-based property agency was launched in April 2016 and currently employs 20 people.
Crispin Inglis, the co-founder and chief executive officer of PropertyFox, declined to reveal the exact amount of SA Home Loans’ stake in the company.
The company had concluded more than 100 property deals since it was established, he said.
“We have a big presence in the Western Cape, but equally so in Gauteng and Pretoria. We are growing quite nicely in KwaZulu-Natal as well.”
All sellers have to pay a registration fee of R2 500, and when their property is sold they are charged 1.5% in commission, less the initial registration fee.
The registration fee includes a professional valuation, the services of a photographer, who comes to the seller’s property to take photos, and the listing of the seller’s property on all digital property platforms.
Inglis said PropertyFox was not yet profitable, but as the volume of property sales increased on the site, it would improve the company’s chances of turning a profit.
He was unable to specify the volume of property sales required to achieve profitability.
Currently, PropertyFox has 450 properties on its books.
About 25% of the properties listed on the site sell within a month.
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