Small agents combine resources online
A group of 22 small estate-agencies has formed an alliance with online agent House18.com to compete with bigger players for a larger slice of the market.
The online agent provides the group with a portal service offering the latest information about new developments in the primary residential market. That market is dominated by the major agencies which grab most of the available business through their large-scale retail networks and huge human resources.
House18 chairman and chief executive director Tai Yen-ho said the portal would offer information on new developments, including pricing, unit sizes, mortgage provisions and decoration referrals.
Smaller agencies had a 15 per cent share of the property agency market, which he hoped to lift to about 20 per cent.
House18.com is partly owned by the Chan family's Morningside Technologies. The Chans are Hang Lung Development's major shareholder.