According to chief executive, Chris Tyson, the strategic decision to establish a presence in the provincial capital not only allows Tyson Properties to increase its service offering in the busy government and commercial node but also creates continuity along the busy corridor between Durban and Pietermaritzburg, linking to the Tyson Howick franchise.
Tyson Properties started out in 2005 with a single office in Morningside, Durban, and has grown over the past seven years despite the global economic recession and protracted downturn within the South African economy. Today, it has over 180 agents in 20 offices across the province. Tyson Properties' success is attributed to resolute professionalism and commitment to customer service which has, in turn, enabled it to attract and retain top agents and staff.
Chetty says that the franchisees' decision to change from a national brand to a brand focused on KwaZulu-Natal was based on extensive research which included all the major property groups. "We found Tyson Properties was our brand of choice simply because it is KwaZulu-Natal based and has a 40% market share in Durban and surrounding areas. We realised that this would ultimately give us greater exposure in the Pietermaritzburg area."
"Because we are a capital city, there is huge demand for property in all sectors. We are creating a lot of interest in the commercial segment of the market and are well established within the residential sector. At present, we find that there is a great deal of demand for houses priced between R350 000 and R750 000. In areas such as Scottsville, Hayfields, Pelham, Bisley, Grange, Eastwood, Woodlands, Northdale, there is a great deal of interest in average sized homes from government personnel. At the same time, we are also getting a lot of inquiries about properties in upmarket areas like Wembley, Montrose and Chase Valley."
Chetty envisages steady growth for the remainder of 2012 and most of 2013. "The reduced interest rate has played an important role in growing the local property sector. I would like to gain at least 10% market share in the next eight months and would like to secure a 53% market share within the next five years," he says.
