Real Estate Agents Compete in South Africa
Big real estate agents in South Africa has gotten bigger and many smaller firms have gone out of business since the housing market peak in 2007. South Africa's residential property market is enduring the toughest conditions in decades, but the largest estates agencies are proving that when the going gets tough the big get bigger.
Re/Max, for example, has recorded a 40% increase in sales in 2010, and sales rose by 25% in the first four months of 2011 compared to the same period last year. Seeff recorded similar growth numbers for 2010 as well, and Pam Golding Property also had upbeat things to say about their growing market share. Over the past three years, the number of estate agencies in South Africa has dwindled from 14000 to 9500, and the ranks of estate agents have also dramatically thinned from 90000 to 28000.