Purplebricks.com is a disruptive hybrid estate agency model, combining the expertise of a Local Property Expert with a unique online platform. The agency is shaking up traditional estate agents by giving customers a 24/7 service at a fraction of the cost charged by high street estate agencies: a fixed fee of only £665 plus VAT.
Purplebricks is disrupting the traditional estate agency model by providing the full services of a traditional estate agent, but without the sky-high fees that come with maintaining a high street presence. Customers can book a free valuation, provided by a highly experienced Local Property Expert, which includes a comprehensive written description, floor plans, professional photographs and a listing on all major property websites including Rightmove, Zoopla and Prime Location. Customers will also have access to the unique Purplebricks online platform that will provide them with complete visibility at every stage of their property sale, allowing them to receive real time feedback and to safely and securely communicate with potential buyers through the system. It is the 24/7 availability of Purplebricks’ services which is upturning the traditional way people buy and sell property.
Michael and Kenny Bruce, Birmingham businessmen with over 40 combined years in the property industry, launched Purplebricks in April 2014 with a successful pilot in the Meridian region. The agency has now expanded out across the whole country, having recently launched in London to complete its nationwide roll-out. While Purplebricks has a central 24/7 online platform, its Local Property Experts are based locally, in towns across each region, providing specific expertise tailored to the towns they know best. Their approach is clearly working: in less than a year of operating, Purplebricks has saved customers £10million in estate agency fees and sold over 2,000 properties, 98% of which have sold for the asking price or more.
In his previous role, CEO Michael Bruce ran a leading independent “traditional” estate agency, and was constantly looking at ways in which they could add real value for their customers. High street estate agencies were not fully embracing the internet and technology because to do so would have a dramatic impact on the very foundation of their businesses, resulting in a substantial reduction in fees and no need for high street premises that are rarely if ever visited these days. Making the process more convenient, transparent, cost effective and controlled less tightly by the estate agent would break the model. Michael and his brother therefore founded Purplebricks.com with the aim of being at the forefront of a change in direction – one that is in the best interests of the customer and not in the best interests of a commission, and where the experience is positive and stress free.
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