Property listing site Property24 is forecasting around P247 billion worth of real estate transactions annually as a result of a partnership with OLX Philippines.
During the partnership launch on Wednesday, Property24 country manager Steve Santos said the combined real estate sales from Property24 and OLX Philippines are expected to reach P20.6 billion a month. “That’s our estimate … if you would assume the conversion rate which I believe is at 2 percent.”
For every 100 leads or queries a property portal would receive, 2 percent would result in property sales multiplied by the average price of a property at P2 million, Santos noted.
Leads by Property24 and OLX are expected at 515,000 a month. Using the formula the real estate sales will amount to P20.6 billion or P247 billion a year, equivalent to around 30 percent of the country’s annual real estate sales
The total real estate transactions in the country is around P800 billion, but could be higher this year.
“I think it’s a much bigger number than P800 billion, Santos noted, saying it could be in the vicinity of a trillion pesos.
The collaboration between Property24 and OLX will make listings appear on both portals. “For property sellers, the integration means unparalled reach, as their market widens to more than a million unique visitors monthly, giving them a stronger online presence in the real estate market,” Property24 said.
Santos noted the combined monthly views at 2.8 million. “For property buyers and renters, this means access to more options as they search for a property that suits their preference.
“It’s having very high quality listings that will give you all the information as a buyer and as a seller. What it does is magnify your reach. Before you could only sell within your area. Now you can sell in areas you couldn’t have reached before,” Santos said.
Giancarlo Bonsel, OLX General Manager is optimistic about the partnership.
“Through this, we’re giving breadth and security to both buyers and sellers. In return, we enhance the OLX business, making it a win-win exchange. Its synergy definitely exceeds the sum of its parts,” he said.
Property24.com.ph and olx.com.ph are members of the NASPERS Group of Companies, a global internet and entertainment group based in South Africa.