THE PROPERTY slowdown has wreaked havoc on the estate agency business and forced many of the smaller businesses in the provinces to close up shop.

That may be about to change according to Waterford-based auctioneer John Fogarty who plans to double the number of Re/Max offices in the country to 40 within the next 12 months now that he has acquired the Irish franchise from the American owners.

Fogarty (42), whose offices in Waterford, Tramore and Carlow previously traded as part of the Property Partners group, believes that some of the new franchisees will come as a result of the merger of small firms in both cities and towns. Re/Max agents pay a fee on joining the group as well as 9 per cent of turnover – an arrangement that allows them to operate on a lower cost base than as an independent office, says Fogarty.

He says he has already had several approaches, from independent agents as well as some presently in a group practice, about joining Re/Max.

Fogarty says there have been clear indications in the past months that the property market is in recovery mode.

“Houses are now being priced realistically and purchasers are responding to this. For the first time in two years we are seeing people bidding for property.”