By Xolile Bhengu
Estate agencies are closing their doors as residential property sales plummet.
Wendy Machanik, managing director of Wendy Machanik Properties, said that estate agent numbers had dropped significantly this year, affected by the slump in the residential property market, with the number of buyers shrinking.
Machanik said that during the residential property boom a flood of new agents had entered the market to try to cash in, but the turn of the tide brought on by higher interest rates had caused some to pull out.
The Estate Agency Affairs Board recently reported that more than 30000 agents had not renewed their operating licenses.
“These are very tough times for estate agents across the board. Top agents are doing well, but they have to work four times harder than before,” Machanik said.