Australia
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Latest property news
Veteran auctions figure packs bags for Australia retirement
Jeremy Bell of Greenslade Taylor Hunt fame is retiring to Oz with his wife Amanda and looking forward to spending time in the country.
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Latest property news
G’day UK! Oz property software platform signs up 100 branches
VaultEA has been soft-launching here since at least December 2019 but recently signed up 40 branches of one big agency.
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Purplebricks share price crashes to nearly £1 after shock announcement
News that founder Michael Bruce had left Purplebricks and its Australian operation was to close send stock into a tailspin.
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UBS downgrades Purplebricks amid worries over Oz operation and mounting losses
Investment bank also reckons the hybrid agency will have to ask investors for another £100m to cover losses at Oz and US businesses.
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Latest property news
Has Purplebricks turned the corner in Australia?
Despite recent setbacks in Australia, Purplebricks’ new CEO in Oz Neil Tavender has come out fighting, claiming that the business is growing and that 90% of its customers say they would use the hybrid agency again. Tavender has made the comments as he revealed that Purplebricks has hired oddly-named local digital agency King Kong to increase the rate at which people book appraisals. “We know that once we get a lead, our real estate agents have an extremely high rate of conversion,” he says. “As a disrupter in the real estate industry, we needed a campaign to match our agile, results-focused approach. So King Kong was the perfect fit.” Gorilla marketing The Melbourne-based digital agency has been creating marketing strategies and campaigns across a range of platforms including Google Ads, YouTube and Facebook. As The Negotiator reported last month, this digital marketing push coincides with a new advertising campaign launched by Purplebricks recently that aggressively savages Australia’s traditional estate agents, fronted by TV property expert John Du Bois. Both initiatives are attempts by Tavender to turn the business around, including the recruitment of more local property experts. Last year numbers dropped from 105 to 88 but research by The Negotiator…
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Purplebricks UK profits jump but Oz and US continue to haemorrhage cash
Latest Purplebricks results for the past six months to 31st October 2018 show increasing revenue and profits in the UK and record numbers of LPEs.
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Latest property news
Purplebricks: all-time share price low after Oz CEO quits
Shares in Purplebricks have today dropped in price to an all-time low following the resignation of the company’s Australian CEO Ryan Dinsdale. Purplebricks issued a statement to Australian media yesterday revealing that it had been mutually agreed that he would exit the business on March 1st next year following a period of transition. He is to be replaced by the company’s global chief operating officer and former Rightmove star Neil Tavender, who was appointed in August to help sort out its troubled sales operation. Following the news, Purplebricks’ share value dipped down to £1.62p, the lowest it has ever reached since it floated on AIM in December 2015. Only six months ago it was at £3.79p. Oz business magazine The Australian Financial Review has reported that territory owners and agents were unaware of Dinsdale’s departure and that they had been told he was on annual leave. Final months Dinsdale, who until now had denied rumours he was considering quitting the company, has endured a torrid few months at Purplebricks. In June, after denying that its Oz business was struggling, one of its former territory managers then went public with an unflattering insight into its sales operation. Then in August figures…
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Purplebricks brand is ‘better recognised than Rightmove’
Company makes claim within latest Annual Report as it reveals 56% increase in instructions but substantial losses in US and Oz.
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Purplebricks radically alters its fees structure in Australia
Purplebricks in Australia has radically altered its fee structure including raising its 'all inclusive' fees to nearly $9,000 in two key territories.
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Leaked sales data from Purplebricks in Oz suggests it was 70% off target in June
The Negotiator has been shown documents from inside Purplebricks’ Australian operation that shine a light on how far its sales teams have been behind their targets recently. Speculation within the Australian media has been rife in recent months, highlighting how the company may be having difficulties making headway as the Oz property market hits a rough patch. The listings achieved chart shown to us suggest that in June its territory managers achieved as low as 18% of their monthly listing target, and at best 46%. Property sales fared better in June, the figures reveal, but still didn’t hit target. In South Australia Purplebricks achieved 64% of its sale target and 50% in Queensland, although Western Australia, Victoria and New South Wales didn’t do so well. Trustpilot targets The document also reveals that Purplebricks’ teams are measured by the number of Trustpilot reviews lodged by customers, including targets to reach every month, indicating the review site is much more part of its business model than previously thought. These figures follow a story in the Australian Financial Review (AFR) newspaper yesterday detailing the largely unflattering experiences of a former Purplebricks employee. The company’s Australian CEO Ryan Dinsdale last night circulated a memo…
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