Property Networks: The newest property network on the Irish market - Real Estate Alliance - is claiming to have captured 14 per cent of the new homes market, a possible cause for concern for longer-established networks such as Property Partners and Sherry FitzGerald.
Speaking at the group's AGM, incoming chairman Thomas Potterton said that their 35 branches sold 7,000 new homes out of approximately 50,000 sold in Ireland in 2002.
"We can anticipate further growth in the sale of new homes, with the overall 2003 figures likely to reach an increase of 15 per cent on last year, with the sale of over 8,000 new homes. This should continue into 2004, with Real Estate Alliance members likely to increase their market share to 20 per cent of all new homes sold," said Potterton.
He added that, with first-time buyers driving the new homes market, longer term mortgages are becoming standard, with buyers opting for up to 35-year repayment terms.
Also speaking at the AGM, founder chairman Willie Coonan said that operating as a strategic market alliance, as opposed to the more prevalent franchise model, has allowed individual member firms to retain market identity.
Well-known estate agencies affiliated to Real Estate Alliance include John F Kerr of Clonakilty, Flynn & Associates of Castleknock, Warren Estates of Gorey and Cumisky Auctioneers of Balbriggan.
Launched on May 26th last with 22 firms, the input of dynamic CEO Eimer Gavigan has undoubtedly added weight to the alliance.
Announcing a 15 per cent increase in membership, she pointed out that all member firms are affiliated either with the IAVI and/or the Society of Chartered Surveyors, a fact that has greatly helped to strengthen their market share.
