Fox TV-owned Real Estate TV and property CRM and networking company PropTrack are the latest victims of the harsh trading conditions facing the overseas property industry.
Real Estate TV has ceased trading with immediate effect, and their entire workforce has been made redundant. Fox TV bought the station in January last year for an undisclosed sum stating that: "RETV is addressing an attractive and underserved media market with strong growth potential." Nobody at the station was willing to comment on their decision to close the station, but Globaledge understands that there are plans to revive the brand when economic conditions improve.
High-profile property software and business networking platform PropTrack will also cease trading effective March 31. The company has split with its marketing partner, currency specialist HIFX, which owned a minority stake in the business.
PropTrack offered a free CRM solution and business-to-business networking platform to overseas agents who agreed to pass currency leads to HIFX. The business relied heavily on advertising income from property developers and service suppliers. Greg Praagh, service delivery manager at PropTrack, says that "it’s a model that just is not viable in this economic environment."
The directors of PropTrack have formed a new company, Web Lab Ltd, which will continue to offer paid-for CRM solutions to overseas agents.
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