Purplebricks announced this morning that it is to launch in New York.
The roll-out to the New York designated market area will come in the second quarter of this year.
The area covers 31 counties, with over 7.4m households and over 20m people. It is the largest area in the US, and so marks a huge ambition for Purplebricks. Its launch in the US started in California last autumn.
CEO and joint founder Michael Bruce said: “It is a sign of confidence in the potential of the US business that we are today announcing our expansion to cover both the East and West coast, with our planned entry into the New York market.
“With higher than average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks. “Our local team have an in-depth understanding of the US market and considerable experience of New York specifically.
“Whilst early days in the US we are encouraged by the exceptional quality of the Licensed Real Estate Agents that we are able to recruit, which reinforces our belief that we will deliver a better service for our customers whilst saving them thousands of dollars and delivering attractive returns for our shareholders as the business continues to grow.”
News of the New York expansion comes amid disruption in the UK, with CEO Alison Platt departing Countrywide.
Meanwhile, a heavily trailed trading update from Foxtons was expected this morning but has yet to appear.
Foxtons’ shares start trading today at 74p, according to the London stock exchange, well down from a high of 285p in May 2015.
NEWSFLASH PurpleBricks buys PIE
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They haven’t got deep enough pockets 🙂
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Another round of funding will sort that Nick haha
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New York Realtors watch out….the British are coming to show you how to do it!!!
😉
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How NOT to do it.
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😉
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If I could find an English speaking Swiss German agent who would give me joint instructions on a property near the cresta run we could launch in st moritz
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I would really struggle to see how PB can work in NYC, does anyone watch that rubbish Realtor show where they spend a fortune dressing the property, then invite loads of Realtors around to show them whilst feeding them and pouring them champagne, then those realtors go to work with their millionaire clients, I really cant see a multi-millionaire using a PB rep can you??? They should concentrate more on Compton yo!
I guess they will just place ads on craigslist and keep fingers crossed.
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But like most of those crappola staged TV ‘reality’ programmes your one focuses on the extremes – NYC has many thousands of very ordinary small condos/apartment blocks and – – spoiler alert, sweeping statement coming up – – Americans are split into two distinct groups; the incredibly smart and the spectacularly stupid. So a very big market for PB, potentially.
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Looks like you watch the series of Fargo on Netflix as well!
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You’ve got to give them credit for this continual Party Trick of Headlines to Hype Share Price!
As they say in America…. “B*llsh*t”!!!
Here’s a Headline –
“UK High Street Estate Agents to open 1st Branch on The Moon!”
….and another –
“Moon based Homesellers flock to High Street Estate Agents”
….and another –
“Purplebricks flop on The Moon!”
In my opinion? Purplebricks are PR, they’re certainly NOT Estate Agents!
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