EYE can exclusively reveal that Purplebricks has appointed an established industry figure, Chris Beckwith, to the newly-created role of Chief Sales Officer.
An estate agent for over 25 years, Beckwith has previously held senior leadership positions at Dexters, Currell (part of Savills Group) and most recently at Foxtons, where, as a director, he led M&A.
His appointment follows previous additions to the Purplebricks leadership team, with a Chief People Officer, Chief Digital Officer and Chief Marketing Officer all joining the company’s Executive Leadership Team over recent months.
Beckwith joins on Monday 22nd March with a remit covering all aspects of Purplebricks’ sales: he will be charged with overseeing the sales journey for customers, to help the business expand its market share, and will be supported by a team of Divisional Sales Directors who together run the Sales operation.
Explaining his decision to join Purplebricks, Beckwith said,
“This is a pivotal time for estate agencies. No other player in the market is as well positioned as Purplebricks to take advantage of the current interest and high levels of demand. With their strong brand and advertising, online platform and tech-led approach, the business is uniquely placed to deliver what customers are looking for.”
Vic Darvey, Purplebricks CEO, commented,
“I’m delighted to have a leader of Chris’ calibre join our team. His appointment comes at an incredibly exciting time for our business – our model has never been so relevant with customers actively embracing technology as part of their move.
“With his in-depth industry knowledge and expertise, Chris is the ideal leader to support our brilliant team of estate agents across the UK.”
Will PB Self Employed agents fall into the employed category – like the UBER case??
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I know of other estate agency businessess employing people on this self-employed basis. Unless their is a dispute with their employer/lead provider doubt it will ever come to the fore.
If PB can get away with it I’m sure estate agency business owners will think they can, but PB will soon be under the spotlight I’m sure. If they have any agents left that is!
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Given the amount of disgruntled ex LPEs and TOs that are out there its only a matter of time.
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There is a group of LPE’s currently preparing a case against Purplebricks for a similar thing headed up by a single LPE. I believe they are being assisted by a solicitor who has informed them they have a great case now the Uber ruling has been announced.
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If PB was ever going to work it would have been in the last 12 months.
I can’t comment nationally but locally market share has dropped to almost nothing.
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Good.
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So Bricks looking to enter late in the day into the merger frenzy with this appointment.
Chris active no doubt in the recent purchase of Douglas & Gordon by Foxtons Many agents waiting expectantly by the phone .
The £60m must be burning a hole in their pocket
Countrywide rinse and repeat .
They have recently upped the ante on some PR increased the Olympics connection in advertising and changed the logo on their board for the third time emphasising the team GB link .
Amateurishly there are still boards up with thee 1st logo on properties which was abandoned in Nov 2018 .A bit of a giveway to a prospective purchaser that the property has been unsold for over 2 years .
Something needs to be done about beefing up the elephant in the room Lettings with just 260 instructions nationwide and too many chiefs .
Foxtons have over 3,300 in Greater London alone to put that paltry amount into some perspective
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Still chasing that 10% market share dream hey? The ship is sinking and the staff are starting to abandon ship at head office
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Foxtons in my local area achieve one of the lower averages on list to sale price according to a third party service I often check. As a conscientious agent, that’s terrible business and a plan that over time will ultimately lead to failure. I see so many horrendously over priced foxtons properties and speak to unsold vendors of theirs I wonder how many of their properties come off market as unsold stock? If purple bricks adopt a similar sales approach (which I hope they do), it will see their share fall over time. I worked there (it wasn’t a great experience) and the minute a property doesn’t sell, you’re getting client complaints and they often refund and claw back commission. Even with vendors who weren’t prepared to reduce. I can’t comment if that situation has changed subsequently.
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Don’t know this guy but suppose at least someone with good EA background but might be too little too late.
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Passive intermediary agency where property is listed on the internet and left to the mercy of the internet achieves a price somewhere between open market value and a forced sale, repossession, price, about 5% lower than it’s actually worth.
It does that for two reasons. React to enquiry selling doesn’t have the competition of a manage applicant database- the buyer could be the best buyer who happens to find a property first or it could be the also ran who finds it. The result is, as Gavin Brazg has analysed, internet only sales achieve lower prices.
The second reason is there is no motivation increase an offer the time consuming process of getting the price up doesn’t benefit listers who have had their fee and found a buyer.
Chris Beckwith is a good agent but motivating 700 listers to single handedly compete with the full service agencies in 5 activity centres, 6 established agents per activity centre means someone who cannot be #local to 80% of their territory is trying to outperform 30 agents who achieve better prices and are 100% #local to their patch.
Purplebricks has burned so much cash buying instructions to reach it’s tipping point it either needs to content itself to be the best passive intermediary FSBO or accept what it is attempting is too ambitious.
Enough public have tried and failed to sell and make the savings promised that the marketing message and the method has to change to something more like Ewemove.
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PB model will have to drastically change its structure to progress. The established local agents that took it to where it is were sidelined, disposed of or demoted a year ago and have continued to leave the business in high numbers as PB pursued tech. over people. The ‘work from home’ agency model was only available through PB and Yopa until a year or so ago making the market rate chargeable by an agent 20% of commission at best. With the newer self employed models enabling agents to often achieve 80% commission from the work that they do, the functioning of PB and similar with good, long established local estate agents is no longer possible. It felt like in the early years of PB etc. that the money earned per unit was fine as 30 new instructions was achievable in a month providing a good consistent flow of earnings. With the negative national reputation that some ‘big hybrids’ now have, achieving these levels locally over a longer period is not so possible. This has accelerated the move of successful Local Property Experts towards more ‘Self Branded’ models that enable a fairer return on each property and reduce the need to chase down such high levels of instructions. We will likely see a traditional client charging structure introduced at PB to try and encourage agents back with a fairer return for their front room talents, probably not 80% though as that wouldn’t leave enough to pay the ‘Chief of’s’ and Team GB…
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This appointment is exactly what PB need, Chris absolutely has the relevant industry experience and credentials to bring a fresh approach. The PB business model works, perhaps not in all territories and I think one of the challenges here is to not only stabilize current operations but work on getting London back on the map. Service levels are absolutely essential and having known Chris for over 20 years I can’t think of anybody better suited to take the reigns and PB forward.
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“The PB business model works” really……
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Just read it and pretty awful stuff- although regrettably not wholly unbelievable. Even at the top of some of the largest agencies some of the stuff that goes on is incredible. Lets not forget PB is listed………..naïvely doesn’t that mean they need to behave themselves and act like grown ups?
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Recently a pundit stated that with 100M in the bank and 115 instructions a day – PB are on track, given they had inward revenue of 111M last year and still made a 19.2M loss – maybe he should look at the mathematics. In 2016, they lost 11.9M, 2017 they lost 3.01M, 2018 they lost 30.08M, 2019 they lost 54.7M and in 2020 – up to 30th of April they lost 19.2M. Against revenues (cash in of) 18.6M – 2016, 46.7M in 2017, 87.79M in 2018, 113.8M in 2019 and 111.10 M in 2020. So since 2016 cash in £377.99M until April 2020, loses in total £99.89M – cash at bank alledgedly 100M. And they had a cash injection from Axel Springer in excess of £125M for shares (which soon halved in value) – all that cash has been burnt. And they get £18M a year for listing and then getting dis-instructed on tens of thousands of properties – how can this be a winning model for anyone – apart from – the c-suite – the bank – but most of all the people who receive millions each year as they market the brand via digital and tv etc. These are the real winners.
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Loving the humility re Influencer
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It’s not that long ago he was posting in favour of their ‘tech led’ approach. Wonder what happened?
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Traditional agents seemingly love to hate PB, but that’s probably because they fear them. Remember how much other london agents used to hate Foxtons – mostly because F were dominating.
The reality is that PB are the most disruptive force in UK agency, and they seem to be maturing into what could be a dominant force.
I’ve never worked for PB, but I have worked with Chris, and he is the perfect person to take PB to the next level. He’s not afraid of trying new things and I imagine he will make whatever changes are necessary to take PB to the next level. He understands every aspect of agency and has just made PB even more scary for traditional agents.
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Yeah, us agents are now absolutely quaking in our boots.
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Sourcing a new sales director from Foxtons is probably where I’d go if I was Vic Darvey. The cultures of both companies are not dissimilar. The integrity* is also quite comparable. Will it change the trajectory of the business – doubtful as the model is too broken to be salvaged.
Tech – what tech exactly – the tech was OK in 2014 and has not changed at all in 7 years. Even with PBs’ cash reserves that cannot be changed – the tech needed comes at a far higher price than the shareholders would be willing to pay.
Market share – as quoted 5.7% by 2023. PB peaked a while back at 6%ish – that doesn’t strike me as progress in a sellers’ market where PB should have been able to grow significantly.
The PB brand – cheap and online – well that’s worth spending millions to build now isn’t it.
PB = a sinking ship – the question is just when.
*lack there of.
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Crikey lots off posts disappearing of here today !!!!
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Yes a stinging indictment on management This guy must have been handed £60m to spend buying in disappearing inventory to entice him in
Shareholders seeing the prospect of dividends disappearing over the horizon with their backsides on fire
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