CAPE TOWN - The Pam Golding Property group has confirmed that it has acquired of Cape Town-based online digital estate agency, Eazi.com for an undisclosed amount.
Andrew Golding, chief executive of the Pam Golding Property group said that the acquisition will serve as part of the group’ strategy to adopt an online “hybrid” estate agency model.
“We keep a close watch on global real estate industry trends and it seems that internationally, residential real estate sales industries and businesses are being reorganised across at least two different and separate types of business models and customer offerings in specific market segments,” Golding said.
Eazi.com is a Cape Town-based, technology-enabled, fixed-fee service with call centre support which enables consumers to buy and sell residential property for a fixed fee of R29,500 plus VAT which is only payable on sale of the property.
According to Pam Golding, the investment into Eazi.com will broaden Pam Golding’s access to the South African and African residential property sector by enabling it to take an interest in the high-volume segment of the market.
Another online real estate agent Property Fox welcomed the announcement and said that it believes the deal demonstrates that the traditional real estate industry in South Africa is starting to take the new digital way of selling property seriously.
Crispin Inglis, CEO of Property Fox said: "This is a strong endorsement from Pam Golding Properties that what innovative and consumer-orientated businesses like ourselves and Eazi.com are trying to achieve. The move shows that giving consumers a more affordable, transparent and efficient way of buying and selling property is gaining traction and credibility.”
“Now this move from Pam Golding Properties represents another big nod from the established players in the direction of affordable, digital property transactions. We look forward to seeing how Eazi and Pam Golding work together to bring the message that there is a superior way of selling houses to more and more South Africans", said Inglis.
Pam Golding told Business Report that the two businesses will co-exist and operate as separate businesses.
The hybrid agency model has a technology platform that enables buyers and sellers to conclude real estate transactions including:
- book valuations,
- change prices, arrange viewings,
- collect feedback, review marketing data,
- send messages, make offers and
- agree on sales 24/7.
Golding said that this model uses technology to reduce costs and pass savings onto consumers in the form of lower flat fees.
“Internationally this model has started to gain traction and has specific applicability in the lower end of a number of key markets around the world where it is estimated that it has the potential to become a significant sales modus operandi in the future,” said Golding.