Ryan dinsdale
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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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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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Purplebricks struggles in Oz as property market crashes after years of boom
Purplebricks has lost nearly 20% of its local property experts in Australia over the past three months as the Oz property market shows down after years of booming prices and demand. In its March annual results the company said it had 105 local property experts but now lists just 88 on its local website. Interviews with local LPEs by The Australian Financial Review revealed that some were “struggling” to make a living and that the large salaries they had been told were achievable have been failing to materialise. Purplebricks Australia CEO Ryan Dinsdale claimed that only 16 agents had quit since March, and said that 80% of agents were earning a good income. Documents revealed during the investigation have also revealed the fee Australian LPEs earn, which is AUS$1,000 of the AUS$5,000-6,000 upfront fee vendors pay in Oz. In New South Wales, which is the weakest property market in Australia at the moment, it was revealed that LPEs on average win 189 instructions for every 768 valuations, or just 24%. Purplebricks has chosen a bad time to launch its business in Australia. After many years, and decades, of boom the Oz property market is showing signs of a meltdown. Crashing…
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Strewth! Leading Oz trade body clashes with Purplebricks over advertising claims
Western Australian industry body claims Purplebricks advertising claims about its service are "false" and "misleading.
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Purplebricks Australia fined £11,200 after regulator receives complaints about its fixed fees
Purplebricks Australia has been fined AU$20,000 (£11,200) by the Queensland Office of Fair Trading (OFT) following complaints that it had misled customers about its fixed-fee offering, and not followed accounting and other business rules. OFT says it received “several complaints” about misleading claims both on Purplebricks’ website and within advertising. In a similar way that some consumers and agents complain about Purplebricks in the UK, it was claimed that Purplebricks was not clear that its fees were charged whether a property is sold or not. “Between November 2016 and June 2017, Purplebricks Australia Pty Ltd, entered into agreements with consumers who were not made aware of the terms of the fees charged,” a statement from the Queensland Office of Fair Trading says. “Consumers were also misled about additional services offered by Purplebricks, despite the agency advertising ‘low, fixed fees’ for their services when selling property. “Purplebricks [also] failed to fulfil some of its regulatory obligations about use of appropriate accounts software, use of a non-Queensland bank account and notification of substitute licensees and other places of business.” In a statement to Australian website Financial Review, Purplebricks’ CEO in Australia, Ryan Dinsdale (pictured, above), said his company had worked with the…
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Latest property news
Purplebricks Australia boss cashes in shares worth £146,000
The CEO of Purplebricks Australia has cashed in shares worth £146,000 after exercising his share options in the company, it has been revealed, just after the one-year anniversary of the country launch. Ryan Dinsdale (pictured, right), who joined Purplebricks in June 2016 following time spent at Virgin Money, Telstra and an online broker in Australia, has led the Purplebricks operation in Oz to recent success including, so far, sales totalling property worth $1 billion AUS. His team earlier this week reported revenues of £6.8 million and a gross profit of £3.6 million, and an average income per instruction of $5,282 AUD. He has also increased the number of Local Property Experts working for Purplebricks in Australia to 105, the company’s latest interim trading statement says. Austrian market share It also says that Australia has been more successful than the UK by one measure – market share – which is now higher than the UK 74% of the online market. At the same time Ryan sold his shares, Purplebricks revealed that a further 1.17 million ordinary share options have been exercised by “certain employees”, indicating that some original founding but non director-level staff at the company have also cashed in shares…
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