Purplebricks’ share price drops despite claiming to be best estate agent in UK
Property industry research completed by independent research firm but commissioned by the hybrid agency makes bold claims for its sales abilities.
Purplebricks’ share price has lost 2% of its value despite the company saying it is the best sales agent in the UK , shifting homes faster and for more money than other agents.
The research also revealed that it now has a 4.2% market share of homes for sale under £350,000, its key battleground with traditional agents.
The claims are made within research published by the hybrid agency that was completed on its behalf by property and insight data company TwentyCi.
Its report says Purplebricks it getting homes to under offer in 52 days on average, over a week faster than its nearest online or traditional rival.
It also get homes for sale to completion within 165.7 days, some 2.3 days faster than other agents.
Also, TwentyCi says Purplebricks sells homes for £9,000 more than the average listings of its high street competitors, making it the second best among the UK’s top ten agencies for price achieved.
Conversions
Purplebricks is also converting 75% of valuations into instructions, the report says, way ahead of its traditional rivals who on average convert 53% of valuations.
The company also has the lowest withdrawal levels within the industry, the report claims.
Vic Darvey, Purplebricks CEO (pictured, top), days: “The fact that we’ve sold quickest for the second-year running is due to how we’ve digitalised the process, making communication between buyers and sellers much simpler.
“Using up to the minute data, with a real-time view of market trends, we’re able to price more accurately meaning this speed of sale isn’t achieved at the expense of value.”
I would suggest anyone who would like to see reviews about purplebricks…I would suggest looking at the following reviews on all agents website https://www.allagents.co.uk/purplebricks/
1 star out of 5 stars 229 reviews.
So if PB are so good why one has to ask the question …Why are their shares continually dropping so much? Vendors are now realising that service comes at a price, and more and more are beginning to accept this. The only reason most vendors won’t leave PB is because they’ve already paid their fees and want to see some value for their money so they have to stay with them. How can PB claim they are selling for higher figures than any other agent as all professionals in the business will know … it’s the market that actually dictates actual prices acheived, NOT the estate agents…. no matter how good they are. How can they justify making such claims and get away with it ?
Watch how quickly the self proclaimed best agent turns to the worst now the market is difficult and requires more than shoving it on rightmove and await the leads… We’ve had 3 vendors move from PB in the last week alone.