OLX country manager Peter Ndiang’ui. FILE PHOTO | NMG
Online advertising site OLX is mulling
over entering the real estate agency market as it seeks more direct cash
generating ventures.
Users of the real estate service
will pay a yet to be determined fee to be provided with an OLX agent who
will place homes for sale or rental on the site, source for buyers and
agree on 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 Sh2,000, sources a buyer and agrees on a selling price.
After
gaining customers through free services in Kenya and the rest of
Africa, OLX has launched a push to earn money through paid premium
featured listings.
“Real estate is a market we are
looking at and OLX will seek a bigger share of this market,” said OLX
country manager Peter Ndiang’ui.
“We are taking a bit
to launch because of the complexities that come with real estate sales
compared to car deals.” The complexities include the big money involved
in property deals, transfer of titles and authentication of real estate
transactions.
The service will be 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 across all asset
classes and construction has emerged as one the economy’s fastest
growing sector in recent years.
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