One of Kenya’s top online marketplaces is considering entering the real estate agency market.
Currently OLX provides real estate listings on its marketplace site in Kenya, but is look to extend this offering further.
Users of OLX’s property service would pay a fee, yet to be determined, to an OLX agent, who would post homes for sale or rental on the site, source buyers and agree to a selling price.
This is modelled on a recent car product where OLX provides an agent to place a car advert on the site for KES 2,000, finds a buyer and agrees a sales price.
According to Telecompaper, the service would place OLX in competition with firms like Lloyd Masika and Knight Frank. Growing incomes and large numbers of young people moving to urban centres are fuelling demand for housing in every asset class, and construction has become one the economy’s fastest growing sector in recent years.