First, Private Property CEO Justinus Adriaanse announced that the company had reached agreement to buy back all 27 of its franchise offices from around the country, at a total cost of R25 million. The 27 franchises will be replaced by 6 branches servicing most of the country, and the more rural areas will be serviced by satellite listing consultants. The branches will be fully operational private sales branches with consultants to advise private sellers.
Sellers with existing listings will still receive the same service as before, but will be directed to an affiliate company to provide the other services currently provided by Private Property consultants.
In addition, the company has launched SmartSell, a product aimed at sellers who want more than a DIY service. SmartSell will initially open with 12 Gauteng branches and 3 country offices, which will operate like traditional estate agencies. However, the usual commission charges will be replaced by a set fee. Agents will earn a basic salary and an incentive based on the performance of the team.
In terms of technology, the company has developed the Omnitrak system to handle the selling process from marketing through to registration.
"The entire Real Estate industry is being reformed," says Freda Kooij, SmartSell CEO, "and we want to break away from some of the legacy of existing agencies, and re-look at the business with the seller's real interests in mind."
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