Purplebricks Enters the U.S. Residential Real Estate Market with a Unique Recipe for Success
September 15 2017 - 2:05AM
Business Wire
- Pioneering Next Generation Real Estate Agency
Begins Roll-out in Los Angeles with Plans to Sweep the Nation -
- Dedicated ‘Local Real Estate Experts’ and
Highly Differentiated Platform Designed to Increase Transparency
and Convenience among Buyers and Sellers -
- Flat-fee Listing Model Allows Sellers to Save
Thousands of Dollars -
Purplebricks Group plc (AIM: PURP) (“Purplebricks” or “the
Company”), the pioneering next generation real estate agency that
has enjoyed immense success in the United Kingdom and Australia,
today announces the Company’s official entrance into the United
States residential real estate market with a launch into Los
Angeles. Purplebricks has amassed a strong reputation for helping
to simplify the process of buying and selling homes through an
unprecedented level of convenience, transparency and
cost-effectiveness.
“There has been a longstanding belief that there is a lack of
trust and transparency within the real estate industry. Our mission
is to break down those barriers by providing a simpler and more
convenient way for buyers and sellers to conduct business while
saving them thousands of dollars in the process,” said Eric
Eckardt, Purplebricks U.S. CEO. “Our premise is simple – to
provide buyers and sellers with experienced agents to represent
them and the resources, knowledge and support to make the most
informed decisions possible. The process is enhanced by our
proprietary online platform that offers greater freedom and
flexibility for both sellers and buyers. It is certainly great news
to be able to help customers on both ends of the deal save
money.”
To ensure it is best positioned for long-term success,
Purplebricks has tailored its proven business model to meet the
needs and demands of customers and agents in the U.S. Its
customer-centric platform enables full transparency through
real-time communication between buyers and sellers. Importantly, it
also provides expert guidance from local real estate
representatives while addressing a major concern for homeowners
looking to sell – agent commission fees which typically reach five
to six percent, on average.
One of the major benefits of working with Purplebricks is that
sellers can list their home for a flat fee of $3,200. Sellers are
also responsible for a standard buy-side commission, which varies
by market. This transparent fee structure enables sellers to save
thousands of dollars and to feel less of a financial strain when
making their next move – literally. Purplebricks’ advanced online
portal provides sellers with an unrivalled level of control and
transparency over the entire sales process from approving listing
particulars, arranging viewings and soliciting expert advice to
observing unfiltered buyer feedback, receiving offers and
negotiating a sale. But, they don’t need to do it on their own as
sellers are assigned a dedicated Local Real Estate Expert who will
provide ongoing, informed advice, becoming a true partner in the
transaction, through closing.
As part of the service without asking the seller to incur
additional costs, Purplebricks helps each homeowner stage a
property tour via an immersive 3D rendering through Matterport, the
premier service provider in creating virtual reality environments.
Homeowners can also rest easy when working with Purplebricks as
access to its listings is not restricted just to platform users.
Rather, they are advertised on major online marketplaces such as
Realtor.com, Zillow and Trulia as well as the local MLS to generate
maximum exposure amongst potential buyers.
In addition to receiving professional and experienced
representation from a Purplebricks Local Real Estate Expert serving
as their agent, buyers can take advantage of Purplebricks’ platform
to view all available property listings on the market. They can
instantly book 24/7 single or multiple showings in a row with
Purplebricks properties, “tour” a property through a 3D model from
the comfort of their home and submit and negotiate offers in
real-time. Buyers and sellers can also safely and seamlessly
communicate with each other, which makes things happen faster,
providing them with greater flexibility, control and transparency
than ever before. As an added benefit, buyers who select
Purplebricks to serve as their agent will receive a $1,000 rebate
on closing.
Purplebricks will only work with experienced agents who are
dedicated to providing exceptional customer service. All
Purplebricks agents benefit from an extensive training program that
covers all aspects of Purplebricks’ culture and business model,
designed to help them work more effectively. Agents also have
territorial exclusivity determined by zip code with central
resources available for them to build and grow their business.
Purplebricks’ compelling seller, buyer and agent value
propositions have served as the catalyst for its impressive growth
since it first launched in the U.K. in 2014, before entering
Australia in 2016. Today, Purplebricks is the leading real estate
brokerage in the U.K. based on its new listings and sales run rate.
It is also the most positively reviewed agent in the U.K. enjoying
tens of thousands of positive, independent Trustpilot reviews.
Purplebricks’ U.S. operations are supported by a highly experienced
management team comprised of real estate and technology experts
with a history of building and growing successful businesses.
Michael Bruce, Founder and Global CEO of Purplebricks
added, “We are very proud to see that our collective dream of
launching Purplebricks into the U.S., one of the most competitive
and expensive commission-based real estate markets in the world,
has finally happened. This is a logical next step in our broader
growth strategy and we are confident that our customer centric
culture and unique value proposition will be well received by
sellers and buyers alike. While we have been highly successful in
other markets, our U.S. company and management team have adapted
and customized our business model for the market. We look forward
to providing great service and saving people thousands of
dollars.”
Purplebricks is entering the U.S. market by way of California
because it offers the ideal conditions for market testing. The
state boasts the sixth largest economy in the world, concentrated
population densities and a plethora of properties across all price
ranges, thereby providing enormous upside to sellers, buyers and
agents.
To learn more about the Purplebricks model and how to sell or
purchase a property in the Los Angeles area, please visit
Purplebricks.com. Real estate agents interested in joining the
Purplebricks team are encouraged to email their resumes to
joinus@purplebricks.com.
About Purplebricks
Purplebricks, with offices in three major real estate markets
including the United Kingdom, Australia and now the United States,
is the pioneering next generation real estate brokerage, combining
highly experienced and professional Local Real Estate Experts with
an innovative and intuitive technology platform to make the entire
process of selling and buying homes much more convenient,
transparent and cost effective. Purplebricks is transforming the
way people perceive real estate agencies, while in the process
helping sellers save thousands of dollars, affording buyers greater
transactional flexibility and control and offering agents the
chance to build and grow their own profitable businesses.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170914006512/en/
Media Inquiries:ICR for Purplebricks in the USJason
Chudoba, 1-646-277-1249Kelly Ferraro,
1-646-277-1291Purplebricks@icrinc.comorInstinctif Partners for
Purplebricks in the UK and AustraliaDavid Simonson, Mark Reed,
George Yeomans,+44 (0) 20 7457 2020
Purplebricks (LSE:PURP)
Historical Stock Chart
From Apr 2024 to May 2024
Purplebricks (LSE:PURP)
Historical Stock Chart
From May 2023 to May 2024