Thai Real Estate Marketplace PropertyScout Acquires Two Local Agencies

The Bangkok-based real estate marketplace company PropertyScout has announced that it has acquired local agency firms Fresh Property and Piri Property.

According to a press release, both Pierre Leung (previously founder and managing director of Fresh Property) and Felix Wittlinger (previously managing director of Piri Property) will join PropertyScout as Sales Directors.

“We are excited to have Pierre and Felix support our rapid growth with new property agencies, property consultants, and co-broker partners joining our platform daily thanks to our strong lead generation and a large database of properties in Bangkok, made possible through our proprietary tech platform. As a result, we have emerged as one of the strongest co-broker partners in Bangkok that maximizes the performance of everyone”, said Mario Peng, CEO, and co-founder of PropertyScout.

“Through our relentless focus on professional service, customer success, and technology innovation, we have become the trusted co-broker partner for many successful agencies.”

The acquisitions come less than a month after the startup announced a Pre-Series A funding round of $2.5 million led by Hustle Fund and with participation from industry figures such as OnlineMarketplaces' own Simon Baker, former Scout24 CEO Marc Stilke and Divvy Homes founder Brian Ma.

Founded in 2019 by Mario Peng, Salita Kamnerdsiri and former Scout24 VP of Strategy Marco Barth, PropertyScout is effectively an end-to-end concierge service for consumers looking to rent or buy in Thailand, similar to Nomad Homes in The UAE. PropertyScout claims to have seen 15x growth since Q1 of 2021 and is sanguine about its prospects for 2022 and beyond.

The company employs around 50 of its own agents and works with some 300 partner agents and is free for users but charges landlords a commission for finding the best tenants.

Read our interview with PropertyScout CEO Mario Peng from 2021 here.