ENTREPRENEUR Sweets to streets
Back in 2001, few real estate start-ups had the chutzpah to compete with established family-owned brands which, at the time, dominated Cape Town’s southern suburbs.
But 14 years ago, when Mike Greeff unexpectedly found himself without a job, he decided it was time to take on the big boys.
He opened shop in his own back yard under the banner of Greeff Properties. The bornand-bred Capetonian had no formal business training but he knew how to run a small operation and how to close a sale — skills he acquired while managing his father’s sweet factory in Athlone and, later on, selling houses for Pam Golding Properties and Seeff Properties.
The Rondebosch Boys High old boy secured his first sole mandate through a friend who wanted to sell his house in upper Constantia.
Within three weeks Greeff had clinched two sales. He never looked back.
Today, the once-humble oneman show is a thriving business which employs 51 estate agents in and around Cape Town and has an annual sales turnover heading for R1,4bn.
Yet Greeff says he has no plans to expand beyond Cape Town. “We have no ambition to open depots on every main road, in every suburb and every city.”
He argues that a top-heavy company with a huge corporate image and a massive national structure cannot possibly “rock and roll” in the same way as a tighter, leaner ship can.
Greeff’s focused strategy to remain a Cape Town boutique operator has clearly paid off. The company was recently nominated as Cape Town’s best residential agency by London-based business publication Capital Finance International (CFI.co).
Global heavyweights such as UK retailer Marks & Spencer and financial services group Alexander Forbes were fellow CFI.co award recipients. It recognises excellence across various industries and regions.
Greeff Properties is one of only three SA real estate agencies affiliated with Christie’s International Real Estate, together with Ennik Estates in Johannesburg and Tysons in KwaZulu Natal. Christie’s affiliates have access to the luxury real estate group’s database across 46 countries, which includes some of the wealthiest art and property buyers in the world.
When foreign investors step off the plane, many of them are already familiar with the Christie’s brand, which immediately puts Greeff Properties on their radars.
Greeff notes that owning a piece of real estate in Cape Town is appearing on the wish lists of offshore investors, which is underpinning demand for Western Cape property.
He says the growing shortage of sales stock in many Cape Town suburbs is starting to shift the market in favour of sellers. “We have been achieving record prices in several of our areas.”
Though the agency’s turnover has grown strongly over the years, Greeff says he still gets excited by how each and every sale unfolds. “I am an estate agent at heart and selling property is what I’m good at.
“Besides, you should never distance yourself from the pulse of your business.”
Ultimately, says Greeff, running a successful real estate business is all about investing in relationships and building trust and genuine affection with the people you connect with over many years. If this was only about price, perhaps keeping the mines until the market corrects would be the right course, but it’s not just about pricing. It’s about our whole portfolio and our strategy. We will not get full value for these assets in this kind of environment. There’s no doubt about that. Amplats CEO Chris Griffith, after he delayed a decision on the disposal of two large mines.