One of the biggest real estate agency frenchises, Otthon Centrum proposed cooperation for competitors by allowing them to sell properties from the list of key property offers of Otthon Centrum.
Otthon Centrum, one of the biggest real estate agency franchises has offered cooperation for competitor agencies. External agencies will be allowed to sell properties from the list of key property offers of Otthon Centrum from July 25, 2011, including properties with an exclusive contract.
The importance of real estate agencies has grown remarkably during the economic crisis. An increasing number of property owners have turned to agencies since the crisis hit Hungary. Around 40% of owners in Budapest and 45% in the countryside turn to an agency when they wish to sell their real estate.
“The real estate agent market share has been growing for years, and this trend has been accelerated by the crisis,” Kata Kühne, managing director of Otthon Centrum commented. The increasing market share of real estate agencies can be explained by a variety of factors. The decrease of property prices, the drop of transaction volume and the oversupply on the market made pricing difficult for owners; therefore they tend to turn for help to agencies.
The number of transactions in the country dropped by 40% in 2009, while it decreased by a further 10% in 2010 on year-on-year basis, according to the data of Central Statistical Office (KSH). In the meantime, Otthon Centrum managed to achieve 13% sales volume growth in 2010 after experiencing only a minor setback in 2009 caused by the crisis. Furthermore, the company’s transaction volume grew by 14% in the first half of 2011 comparing to the same period of last year.