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As small towns experience economic and social restructuring, many are pursuing tourism opportunities as one component of a more diversified local economic strategy. This paper is interested in the small town of Fouriesburg in South Africa's Free State. While the town was once a thriving service center for a surrounding rural agricultural region, this traditional economy has faded. Given that the nearby town of Clarens has developed a substantial tourism economy, we pose the question of whether there already exist indicators that Fouriesburg may be poised for a similar change. These indicators include location within the urban field, timing within the tourist area life cycle model, differentials/opportunities in property values, and the role of real estate agents as “gatekeepers” in directing investments. The findings suggest that, while Fouriesburg has potential for developing a tourism-oriented economy, many of the important policy and planning supports needed to assist with diversification are not yet in place. [ABSTRACT FROM AUTHOR]