Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

Interestingly even though we have had boom conditions over the past 3 years or so, there has been no significant growth in the number of estate agencies and agents and sub agents licences. The existing base has just earnt a lot more money . The challenge is now to obtain listings, which will surely increase with increases in interest rates. Then Agencies will have to become more efficient because sales will become much more difficult than they have been over recent times.
Proptech can argue that franchises like Ray White can rool out such platforms, but the smaller and older groups cannot afford to and must purchase off the shelf products and adapt them for their particular situation.
I think that the proptech offering is compelling