Purplebricks
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What’s it like to be a Purplebricks ‘property expert’?
James Humphries-Stone, 29 joined Purplebricks two-and-a-half years ago What did you do before joining Purplebricks? I have been an estate agent since leaving school; I always wanted to be one and knew which path I wanted to follow since I was young and the only thing that held me back after leaving school was not having a driving a licence. As soon as I passed my driving test I got a junior negotiator role in a Basingstoke agency – it’s where I live – and then at 23 I became a branch manager of a leading independent in the town, and then two and half years ago I met Kenny Bruce (co-founder and sales director of Purplebricks). The main reason for my move from the high street to Purplebricks was that I had noticed the way in which people were transacting with the high street. I’d seen a shift in the way people were contacting agents more online instead of coming into branches. So for me, it was all being a part of that change. What do you estate agent mates think of you joining Purplebricks? It’s a mixed bag. When I joined a lot of them thought I was…
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Housing Market
Strewth! Purplebricks launches in Australia
It is two years since hybrid estate agency Purplebricks launched in the UK and since then the company has recruited more than 300 Local Experts, grown revenues to £18.6 million, grabbed a two percent market share and recently claimed a property book value of £2.76 billion. It’s all come at a heavy price. Marketing and advertising costs this year will increase its annual losses to £11.9 million, up from £5.4 million the year before. But the ambitions of backer Neil Woodford and founding brothers Michael and Kenny Bruce seem to know no bounds. As well as predicting a turnover of £73 million and profits of £44m by 2018, it has just been announced that Purplebricks has officially launched in Australia. It will initially focus on two of the country’s juiciest property markets, Melbourne and Brisbane, before rolling out further afield. In its statement released today Purplebricks says Australia’s traditional model of charging 2.2% of the sales value plus marketing-costs makes its offering a ‘compelling proposition’. The company is charging vendors a flat fee of Aus$5,400 to include photography, marketing and advertising on the main Australian portals. “Australia is a natural second market for us to target. It is a large…
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Latest property news
Purplebricks: revenues up, profits come later
Now Mr Bruce is heading to Australia with £10m in his pocket to establish Purplebricks.
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Latest property news
Purplebricks quadruples annual revenues to £18.5m
445 per cent uplift in income for the year to 30th April came as, “Customers are increasingly being won over to our hybrid model.”
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Features
What, exactly, is Purplebricks, Mr Bruce?
CEO Michael Bruce says that it shouldn’t be considered to be an online agent and explains why his company went for an AIM listing so early in its development.
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Agencies & People
Purplebricks floats on AIM
Purplebricks, which allows homeowners to sell their properties for a flat fee from £665 plus VAT, floated on the AIM market last week at a value of £240.3 million, with shares initially trading at an opening price of 104.5p before dropping to 96.5p. The company, which launched in April 2014, is backed by some heavyweight investors, including prominent Fund Manager Neil Woodford, Paul Pindar (left), the retired Chief Executive of outsourcing group Capita, and Errol Damelin, the Founder of payday lender Wonga. Purplebricks, which has swiftly established itself as the number one online estate agency, prides itself on offering a cheaper service than traditional estate agents and currently lists in the region of 4,300 homes for sale, and said its market share among the top six online estate agents had grown to in excess of 60 per cent. Purplebricks charges a flat fee of £665 plus VAT for a sale in the UK, rising to £965 plus VAT in prime London post codes. There are some additional charges for a premium service. The funds raised from the float will allow Purplebricks to increase its presence across the UK, according to Chief Executive Michael Bruce. He said, “The funds raised will…
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Agencies & People
Purplebricks float expected to value firm at £240m
It looks as though Christmas may come early for Purplebricks after it was announced that the firm’s float on the stock market this month could value the online estate agent at as much as £240 million. The company, which launched in April 2014, is backed by some heavyweight investors, including prominent Fund Manager Neil Woodford Paul Pindar, the retired Chief Executive of outsourcing group Capita, and Errol Damelin, the Founder of payday lender Wonga. Purplebricks, which has swiftly established itself as the number one online estate agency, has now raised £58 million from selling shares to institutional investors. The company is now expected to start trading on Aim, London’s junior market, on 17th December. The online estate agents prides itself on offering a cheaper service than traditional estate agents and currently lists in the region of 4,300 homes for sale, and said its market share among the top six online estate agents had grown to in excess of 60 per cent. Purplebricks charges a flat fee of £665 plus VAT for a sale in the UK, rising to £965 plus VAT in prime London postcodes. There are some additional charges for a premium service. It is understood that the online…
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