PropertyFox, an online real estate agency, has recently acquired Steeple, a property platform based out of Cape Town, South Africa. PropertyFox has yet to disclose the amount that was used to acquire the company.
PropertyFox revealed in a press release that in terms of the deal, the two agencies will effectively be consolidated, with PropertyFox taking on all Steeple’s clients.
Steeple, which has been in operation since 2012, says on its website that the company is a “low commission” estate agent platform, where sellers get to show potential buyers around their home and where Steeple takes commission of “only 1.9%” (plus Valued-Added Tax).
The announcement follows hot on the heels of Pam Golding Properties’ acquisition earlier this year of low commission agency Eazi.com. In November last year mortgage finance provider, SA Home Loans’ announced that it would take a 49% stake in PropertyFox late in 2017. At the time the startup declined to disclose the value of the deal.
PropertyFox CEO Crispin Inglis would not reveal the amount his startup had paid to acquire Steeple, but said the company had already transferred 100% of its stock to PropertyFox.
Read more here
Join us in Madrid from the 13th to the 16th of November for the Property Portal Watch Conference.