Property24, South Africa's largest property search portal, is implementing a 50% discount during the month of May to stem some of the economic impact for its client base.
South Africa's economy is being battered on all fronts, particularly in the property ownership and rental industry. The deeds office remains closed and calls are being made for essential service status for the property industry - as a phased re-opening is expected following the end of the lockdown at the end of April.
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While the road map forward remains unclear, Property24 as South Africa's largest online property search portal has put into effect a 50% discount on fees for estate agents in May.
"The lockdown due to the COVID-19 pandemic have been severe across the entire economy. In the Real Estate market we are all hoping for a surge in transactions once the Deeds Office re-opens and the pent-up demand is processed," says Property24 CEO JP Farinha.
"At Property24 we have done what we can to assist the industry by discounting 100% of April’s fees. In hind-sight it was the right thing to do. We are hopeful that the lockdown ends in May and that the Deeds Office will resume processing as a first step to getting back to normality."
"We believe that even if the lockdown is lifted in May and transactions resume the market will still be substantially muted and may take months to fully recover.
"We have therefore made a further decision to pass through a 50% discount on all fees for estate agents in May."
This will apply to all contracted products but excludes out-of-bundle value-added services (VAS) purchased during the month of May. These include premium and featured promoted listings. Agents are advised to email support@property24.com should they have any questions or need further clarity.
Market conditions have seen a drop in lead volumes, as Property24's subscription model is leads-based - advice to agents is to consider moving to a lower subscription category during this time to further reduce costs.
"Although this comes at a substantial cost to the Property24 business we believe it is the right thing to do under the circumstances. Again we urge other service providers to follow suit."
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