More high-level departures from Purplebricks are revealed

| Rosalind Renshaw

Michael Bruce is not the only recent departure from Purplebricks.

Long-standing member of staff Joby Russell has left  after four and a half years.

Russell joined Purplebricks in 2014 as a non-executive director while still at comparison website Confused.com and then moved over full time to become chief marketing officer Purplebricks in 2015.

He worked closely with co-founders, brothers Michael and Kenny Bruce, and was thought of so highly that he relocated to Australia to become part of the management team when the business launched there in 2016.

More recently, Russell has been involved in various projects at Purplebricks, particularly those with an overseas development focus. He has now left to start his own business.

Financially he appeared to do well out of the business, selling almost 250,000 shares in July 2016, with one report suggesting that in the ten days he owned them, the sale generated a profit of over £300,000.

Also departed is Richard Jacques, national director of lettings at Purplebricks. A spokesperson said he had decided it was time to move on after five years with the company.

Jacques also seems to have done well out of shares, selling 60,000 in July 2017, according to a Sunday Times report (see below).

A Purplebricks spokesperson said last night: “Both Joby and Richard have played a really important role in the company’s development and leave on extremely good terms: neither case is connected with the news this week – both just feel that, after several years with Purplebricks, they want to explore new opportunities.”

Verona Frankish, Purplebricks national mortgage director, is now also heading up the conveyancing and lettings businesses.

She joined Purplebricks in March this year from the Mortgage Advice Bureau.

Purplebricks in share sale puzzle, says Sunday Times headline

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101 Comments

  1. PropertyMan123
    May 9, 2019 at 07:04

    “Person with no Lettings experience heads up Lettings department.”

    Report
    1. ARC
      May 9, 2019 at 07:31

      No difference to her predecessor then. [Sentence removed as it breached posting rules] Morally very questionable but a nice little earner.

      Report
    2. whatdoiknow58
      May 9, 2019 at 10:06

      Person with no EA experience appointed as CEO of Countrywide! Remind me again how that went?

      Report
  2. GPL
    May 9, 2019 at 07:06

    …..and so, the Tune continues to play

     
    There´s a sad sort of clanging from the clock in the hall
    And the bells in the steeple too
    And up in the nursery an absurd little bird
    Is popping out to say “cuckoo”
    Cuckoo, cuckoo
    Regretfully they tell us Cuckoo, cuckoo
    But firmly they compel us Cuckoo, cuckoo
    To say goodbye
    Cuckoo!
    To you
    So long, farewell, auf Wiedersehen, good night
    I hate to go and leave this pretty sight
    So long, farewell, auf Wiedersehen, adieu
    Adieu, adieu, to yieu and yieu and yieu
    So long, farewell, au revoir, auf wiedersehen
    I´d like to stay and taste my first champagne
    So long, farewell, auf Wiedersehen, goodbye
    I leave and heave a sigh and say goodbye
    Goodbye!
    I´m glad to go, I cannot tell a lie
    I flit, I float, I fleetly flee, I fly
    The sun has gone to bed and so must I
    So long, farewell, auf Wiedersehen, goodbye
    Goodbye, goodbye, goodbye
    Goodbye!

    Report
  3. Robert May
    May 9, 2019 at 07:21

    Even before Purplebricks existed I posted my opinion that Estate agency is a service industry that cannot be disrupted by cheapness. Sellers want service not savings.

    I referred to a Harry Hill article from 2010 where he laid out the costs of selling property and making a profit. Until disruptors have a brand presence on a #local level that costs less than having an office and does not require a constant and expensive media spend on the telly or PPC campaigns having an office is cheaper. There are no fixed costs savings, once investor cash stops paying  to subsidise every single listing disruption will stop.

    Offering a passive intermediary listing service is fine but when the £1000 to list firms have competition  providing the same service for £99  they are competing as 10x more expensive internet listers not as low cost, full service, estate agents.

     

    If egos allow, Purplebricks focused on being what they are, a FSBO, internet listing firm that controls it’s advertising spend there is a chance it will survive. It won’t make the HUGE profits it promised investors but it does have a place serving the 4ish% of vendors who don’t and won’t use an agent.

     

    The bigger thing to come out of the demise of the disruptors (but not the traditional agent without a High Street presence) property is a people business not a portal business; the portals don’t sell property, agents do.

     

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    1. cyberduck46
      May 9, 2019 at 07:57

      >It won’t make the HUGE profits it promised investors

       

      Robert, I’m not saying this wasn’t promised but I’ve never come across the information in my research and it’s a pretty unusual thing for companies to do. Could you please point me to where they made this promise?

       

       

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      1. Robert May
        May 9, 2019 at 08:04

        Ask Ros, she reported it as one of the earliest stories on here

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        1. PeeBee
          May 10, 2019 at 13:30

          ‘ang on…

          Ducky the self-appointed computer and internet whizz can’t find freely available indexed information on the internet with a computer?

          You couldn’t make this up…

          Report
    2. Woodentop
      May 9, 2019 at 10:08

       ….. it does have a place serving the 4ish% of vendors who don’t and won’t use an agent.
       
      That is all PB are about, not worth the city value, unprofitable for any investor. The honeymoon took far to long but now they have woken up to see the partner they married isn’t that pretty after all.

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    3. Bless You
      May 9, 2019 at 10:14

      If bricks couldn’t do it then no one can. They have rewritten the book on business ethics and for some reason, rightmove, zoopla, properrtymark, trading standards etc have been powerless to stop it.

      It’s not the industry that stopped them it’s human nature. Luckily.

      When this passes it will be like war of the worlds. We were powerless to stop it,  like trump and like I fear farage.

      If it wasn’t for the aliens being killed my microbes , they would have won.

      We are very lucky to all be operating. It’s not over yet tbf

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      1. htsnom79
        May 9, 2019 at 10:57

        I think it is, if only because they are simply inept at what they do at the grass roots, their vendors are our prospective buyers so they register with us, interact with us, realise that they are compromised as buyers not entirely but by a noticeable margin due to the complete vantablack of the PB system whether it’s their call center or their pet lawyer partnership, you simply can’t get anything done when they’re at a pressure point or if you can can it’s despite them, they had enough money to create world class sales control and didn’t see it as a priority, not estate agents.

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      2. Robert May
        May 9, 2019 at 12:20

        At least some of the credit for preventing disruptors getting a stronger grasp of the industry than they have  should be given to a small group who have been at odds with (in order) ASA, NAEA, NTSEAT, Rightmove, Zoopla  HMRC, Propertymark and TPO over them allowing  passive intermediary  internet listers to portray themselves as proper estate agents when the  fundamental obligations of estate agency were absent.

        It is the people who frustrated the  spivery and shenanigans, the false claims and the gaming who have made it difficult for the disruptors to earn the respect and credibility essential of a trusted agency business.

         

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  4. Jonathan.Welford
    May 9, 2019 at 07:24

    Board room musical chairs, who wants to be Captain of the Estate agency equivalent of the Titanic?

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  5. Countrybumpkin
    May 9, 2019 at 07:25

    Ah… Commisery!

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  6. Moveaside01
    May 9, 2019 at 07:44

    I don’t think you ever could have invented a better and more apt saying than:

    ’Rats deserting a sinking ship’

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    1. padymagic
      May 9, 2019 at 09:18

      as soon as I read the article this thought jumped in to my mind.

      Other than that, who’s next?

       

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    2. Bless You
      May 9, 2019 at 10:16

      Richest rats I’ve ever seen. 

      Report
  7. J1
    May 9, 2019 at 07:46

    Might be a tall order to fill the vacancies now.

    The merry-go-round is more of a spiral amongst the non-liners now.

    To those jumping ship, there are lots of opportunities to provide a better more rewarding service.

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  8. AgencyInsider
    May 9, 2019 at 07:47

    “neither case is connected with the news this week – both just feel that, after several years with Purplebricks, they want to explore new opportunities.”

    Ah, the old ‘explore new opportunities’ line. PR ******** for “Jumped before pushed”.

    Report
    1. J1
      May 9, 2019 at 08:27

      Spend more time with their families too !!!!

      Report
      1. GeorgeHammond78
        May 9, 2019 at 12:41

        Whereas Bruce will just be spending more time with his money….

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  9. JVSOZ
    May 9, 2019 at 08:01

    Joby’s A nice guy and I really liked him. He did appear to be caught up in the hype like all of us in early 2017 and thought PB was going to be as big as Airbnb like Michael kept touting.

    He did well selling his shares when he did though, so maybe he realised a few things a long time ago and stuck around for as many paycheques as viable in the end.

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  10. KhanSh
    May 9, 2019 at 08:03

    Lettings being pushed further towards being just an additional offering at PB – grouped together with mortgages and conveyancing  under a new leader with no experience is a mistake. Especially in this market. They aren’t taking it seriously at all are they? It’s not just people’s money they are playing with – it’s their homes, livelihoods and lives.

    You just have to look at the numerous reviews for their lettings offering to see what an absolute shambles it is, and people think the sales side is bad.

    Report
  11. Pinky and The Brain
    May 9, 2019 at 08:27

    Oh I think I will have honey on my Crumpet today… the writing is on the wall

    Report
  12. Sunbeam175
    May 9, 2019 at 08:39

    Share price collapsing, complaints escalating, staff leaving, “but we’re cheap” I hear them cry! Knocking decent agents for having ‘expensive offices’ and yet spending circa £10m per month on advertising slagging off PROPER agents. Ahh CONmisery! The sooner this shower disappear the better for everyone!

    Report
  13. El Burro
    May 9, 2019 at 08:51

    Not to put too fine a point on it, I think it’s safe to say that PB investors and staff are ‘bricking it’ at the moment.

     

    Report
  14. Hillofwad71
    May 9, 2019 at 08:59

    “And we walked off to look for America 
    Cathy, I said as we boarded a Greyhound in Pittsburgh
    Michigan seems like a dream to me now
    It took me four days to hitchhike from Saginaw
    I’ve gone to look for America”
    Already Realtors have smelled the coffee and have been leaving .The Bruces’s;culture of shoeing in friends and family hasn’t gone wellwith the locals .Is the finger on the button poised?
    This lady came over from Shropshire as a Director
    https://www.linkedin.com/in/emily-egerton-a23b5250/
    Back In Blighty May listings so far don’t look as if they are going to exceed last year.I wonder if those who defer payment and choose to take a loan from Chase get their loan written off should the unlikley event of it all unravelling occur .
    More importantly would Chase shouder that risk?    

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    1. Robert May
      May 9, 2019 at 09:18

      Just remember  theirs is an ‘until sold’ commitment which means an in perpetuity commitment to list on the major portals.  Put aside the 6 year obligation risk of duty of care and skill where any  proven negligence means a liability to a principal for losses incurred. Just committing to list on Rightmove until sold in this uncertain, low interest rate over-inflated market is utter madness. Who would dream of funding that? If listings fall away lets say because a Brexit induced interest rate rise become inevitable, the market will at the least worse stall.  No new listings means the pot of cash is very quickly drained and without investor support things  could  spiral downwards  as quickly as they once rose  
      Its worth noting the MIRAS crash lasted from 88-94, the independents came through that,  the corporates of the day with far more cash and reason to fund their skin in the game didn’t.

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      1. Hillofwad71
        May 9, 2019 at 10:09

        Robert, History has shown us that  (Savills being the noticeable exception) that listed agents are like political careers  usually ending up as failures and then the whole merry dance starts again.

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    2. PeeBee
      May 9, 2019 at 15:27

      “Back In Blighty May listings so far don’t look as if they are going to exceed last year.”

      I make it down 3% YoY (quick count of gross “listings”).

      Report
      1. Woodentop
        May 9, 2019 at 15:34

        Any relisted, cooking the figures?

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        1. PeeBee
          May 9, 2019 at 15:51

          Around 40 per day are #RElisted.

          Report
  15. MrsF
    May 9, 2019 at 09:15

    And this little quote was taken from their website this morning….
    “Traditional estate agents have charged too much, for too little, for too long.”
    Michael Bruce | Founder

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    1. Woodentop
      May 9, 2019 at 09:51

      A constant theme by Bruce & Co. And they wonder why estate agents react!

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    2. The Future Is Tech
      May 9, 2019 at 10:30

      He is still the co founder and this statement is still true

      Report
      1. Woodentop
        May 9, 2019 at 12:46

        Bruce reminds me of somene who had to file bankruptcy for at least 6 different companies and he became president of the USA.

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    3. Local Independent
      May 9, 2019 at 10:33

      Says Mr Bruce who in a previous life owned Burchell Edwards, one of the most aggressive and bully boy agencies out there! Sold up to fund the purple knights in shining armour!

      Report
      1. ARC
        May 9, 2019 at 14:01

        After BE went into administration with staff not paid and miraculously ended up back with the Bruces!

         

        Then there was JKM Property Solutions also a liquidated property venture that cost original investors a pretty penny.

         

        This is ending exactly as I always suspected, they have made more out of it than I thought but they found more people with more money than sense than before.

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  16. GeorgeHammond78
    May 9, 2019 at 09:31

    Spooky – 40 years ago Pink Floyd foretold this in their lyrics to another brick in the wall part 2:

    Daddy’s flown across the oceanLeaving just a memorySnapshot in the family albumDaddy what else did you leave for me?Daddy, what’d’ja leave behind for me?!?All in all it was just a brick in the wall.All in all it was all just bricks in the wall.

    And their share price will soon be 40 pence too!

    Report
  17. Property Pundit
    May 9, 2019 at 09:33

    Who’d like to be a fly on the wall at the next YOPA or Housesimple board meeting?

    Report
    1. Ostrich17
      May 9, 2019 at 11:05

      If they have secured further cash from backers, this may be an opportunity for them to steal PB’s share of the callcentre/FSBO market.
       
      They already offer NSNF options, so they could take advantage of the chaos at Cranmore Place and steal customers/LPE’s/staff and accelerate the PB demise.
       
      If they do nothing – they will be dragged down as well.

      Report
  18. Woodentop
    May 9, 2019 at 09:55

    Just like the banking scandal …. the only winners were the fat cat salaries or gratuities. Milked for all its worth and insiders realising is wasn’t going to workout ….bailed.

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  19. Budgie boy
    May 9, 2019 at 09:58

    You can fool all of the people some of the time, you can fool some of the people all of the time, but you can’t fool all of the people all of the time, springs to mind.Just saying.

    Report
  20. Thomas Flowers
    May 9, 2019 at 11:12

    Should all upfront/loan online only agencies now have sufficient cash funds to cover existing and perpetual listing agreements should they crash and burn or else 10,000s MORE users may lose out in the near future?

    That would take a large chunk of PB’s £62 million.

    How the regulators and trading standards ever allowed disruption of the principal behind No sale, No fee is beyond me.

     

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    1. Woodentop
      May 9, 2019 at 11:57

      Oh so very true ….. How the regulators and trading standards ever allowed disruption of the principal behind No sale, No fee is beyond me.

       

      Back in the days of the “Office of Fair Trading” this principle was discussed at serious length in the 1990’s, that to charge an upfront fee could be in conflict with the Estate Agency Act and the principal of achieving best price. That argument is still valid today and while Government is so keen to stop fees, within the lettings industry, continues to ignore sales!

      Report
  21. Top end of the market
    May 9, 2019 at 11:26

    UK’s biggest ever single agency brand (in the history of UK estate agency)

    Only took them 5 years.

    They didn’t require a hundreds of branches with associated fixed costs and long term rental agreements.

    UK business very profitable.

    Lots more growth available in the UK.

     

     

     

     

     

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    1. Hillofwad71
      May 9, 2019 at 11:45

      Already  Bricks fresh instructions are flatlining .FY20 which started  last week already down in numbers of fresh instructions Early doors but the downward  trend started last month !!!

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    2. Sdaltaf101
      May 9, 2019 at 11:48

      This is the most sensible comment I’ve read all morning.

      Ignore them at your peril, they have huge financial resources and now with the new leadership they will have a new agenda.

       

      The high street!

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      1. htsnom79
        May 9, 2019 at 11:57

        I notice that all the Willy Waggling is about ” brand ” or ” financial resource ” and never a mention of actually being any good.

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      2. Hillofwad71
        May 9, 2019 at 12:27

        Sdalt 
        UK
        They can add a few extra strings to the bow ,conveyancing ,financial services etc
        Lettings have failed to take off and instructions flatlining Which part of that  don’t you understand?
        If they continue the USA rollout its £30m a pop for a new area.The pay anyway model has pooped so revenue there already has taken a shunt back
        Every chance that will be rinse and repeated in the UK
         
        Bricks is riddled with poor senior manaagement Probably another £6m closure costsin Oz
        Bricks are here to stay in the UK but the story is now rather more mundane 

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      3. Ostrich17
        May 9, 2019 at 12:54

        Fatlads101

        Just to remind you of your response to a question less than a week ago…

         

        **************************************************************************************

        Do you believe Axel Springer are going to invest further without a radical cull of existing management ?

        – Yes the management appear to have the full support but i’m not on the board so this is only my opinion, also they don’t need Axel Springer’s money, they have several options to raise money.

        **************************************************************************************

        The cull of the Bruce management team has only just begun – what new leadership and new agenda is going to be able to raise money, other than from existing investors?

         

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    3. Woodentop
      May 9, 2019 at 12:27

      Dream on. Just remind us how much money they have burn’t, how many times have they been scolded for false or misleading statements, market share is around 5% for all on-liners, the professional and independent city analysts are downgrading them and where is the share value today. Even PB customers don’t like them
       
       https://uk.trustpilot.com/reviews/5cd2bf05a8436908c414ebbb  
       
      THIS IS A MUST READ FOR EVERYONE

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      1. Malcolm Egerton
        May 9, 2019 at 14:00

        I cannot fathom why they are using Trustpilot and Feefo (they reference Feefo in all their advertising). Any ideas?

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    4. MarkRowe
      May 9, 2019 at 14:41

      @Top end of the market, you literally sound like a delusional Trump supporter.

      Biggest this, best that, the most profit ever and even more to come.

      It amazes me that people like you get by in life, when we, as humans, have evolved so much.

      I think there’s a certain type of person like yourself that just loves to ride on the coat tails of the perceived success of someone else. Perhaps. I don’t know.

      Where has realty gone..?

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    5. Property Pundit
      May 9, 2019 at 19:57

      HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

      Report
  22. SLF
    May 9, 2019 at 12:19

    Don’t know if anyone was aware but Kane Henessy the National Sales Director of Yopa went last week. No idea how or why.

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    1. The Future Is Tech
      May 9, 2019 at 19:33

      Is it true that many of the regional directors in Yopa have been shown the door this week too? Haven’t come across any reporting of this though?

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      1. PeeBee
        May 10, 2019 at 13:32

        Fast forward 24 hours…
         
        https://www.propertyindustryeye.com/business-as-usual-says-yopa-boss-after-16-departures-including-sales-director/

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  23. AgentV
    May 9, 2019 at 13:25

    A few years ago someone told me a story which gave me a great insight into why PB would find it difficult to make the whole thing work long term. Too early to retell it yet, but getting closer.

    BSOS23PC

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    1. Malcolm Egerton
      May 9, 2019 at 14:02

      I don’t suppose it had anything to do with conventional estate agents finally waking up and demonstrating just how good they are at their jobs, so Joe Public would not be tempted by a cut-price option?

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  24. Sdaltaf101
    May 9, 2019 at 13:38

    They have a superb business model, every listing is either paid in advance or within 10months, if the latter the client is contracted to use their conveyancing model so an extra £300+ . The high street model works on a percentage of sale on completion, anything from 50-75% of stock whilst absorbing 100% of the cost.

     

    It’s inevitable they will exit the US and solely focus on the UK high street and don’t forget It’s the major inventor who pulls the strings and providing Neil Woodford retains his majority stake then access to money will continue, both Woodford and Paul Pindar need Purple Bricks to succeed so it is inevitable they will enter the high street with a range of services to include cheap and cheerful to full VIP service, mortgages, removals, insurance, conveyancing and anything else they can bolt on to their model, they have a huge market of 95% to disrupt and the disruption will be on the high street.

     

    And….they are now the story so whereas before they paid millions to advertise their brand now its free, whatever they do the media will tell the world, fantastic business model. I would highly recommend you buy shares in Purple Bricks.

     

     

    The future is Purple.

     

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    1. Hillofwad71
      May 9, 2019 at 14:13

      Sdalf
      Woodford has investors deserting his funds in droves You are damn right he needs it to succeed.Might be forced to sell Bricks shares to avert  a liquidity crisis
      “They have a superb business model, ”
      You do come out with some pearlers
      Yep so superb they transported it overseas  paid  tens of millions to  promote it.  Failed and now have to abandon in at great cost   Every likeliihood that they will have to do the same in the UK now instructions have  flatlined    

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      1. Sdaltaf101
        May 9, 2019 at 14:48

         
         
        Let me enrich your wellbeing by showing you the path to enlightenment.
         
        I’m unable to comment on Woodford funds so time will tell.
         
        There are several underlining issues why both the US and Australia have fail, the housing bubble has burst in Australia which hasn’t helped and it is very difficult to establish a brand overseas but Canada is flying and we have to wait to see what’s happening in Germany BUT they have also changed their model to adapt to the market trends whereas in the UK the model has remained the same. 
         
        Look at it this way, for every Hybrid listing the high street looses a minimum of £2-3k +vat when Purple Bricks receive £1k paid in advance, what’s not to like about the model?
         
        The sensible money will be on buy -buy -buy when the shares hit £1, then they will introduce their strategy to the media who will tell the UK (for free) they are opening hubs through the UK and the shares will fly north of £4+
         
        Or you can buy CWD they have just dropped below 0.06p…bargain!
         
        The Prophet Sdaltaf says the future is Purple…. 
         
        Lets now pray in front of the Purple Brick
         

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        1. Woodentop
          May 9, 2019 at 15:40

          I’ve cracked it, you live in a bungalow.

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          1. Property Pundit
            May 10, 2019 at 09:12

            With his mum.

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            1. Ostrich17
              May 10, 2019 at 11:06

              I think he means Dick ‘n Dom.

              My money is on that easyProperty guy who made a brief appearance a few years ago, spouted a loud of nonsense and then disappeared. Seems to be a similar MO.

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        2. PeeBee
          May 9, 2019 at 15:46

          “…the housing bubble has burst in Australia which hasn’t helped…”
           
          Jeez, Prophet’n’Loss – who in the Estate Agency world would ever think that market conditions change, huh?
           
          Oh, yeah – those that know what the chuff they are doing.  Those that know that “the normal market” is cr@p at the best of times.
           
          Present Purple company excepted, then…

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        3. AgencyInsider
          May 9, 2019 at 15:46

          I don’t hold with any of that god-bothering stuff but I reckon they got it about right with this in Peter 2:1:

          But false prophets also arose among the people, just as there will be false teachers among you, who will secretly bring in destructive heresies, even denying the Master who bought them, bringing upon themselves swift destruction.

          Good luck with that swift destruction bit , so-called Prophet Sdaltaf101. Let us know when you are called for smiting and we’ll pop round to watch and applaud.

          p.s. Are you any relation to Room101 wherein are cast things and people who are objectionable?

          p.p.s. Congrats on your splendid efforts to wind up the assembled company on this forum.

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          1. Sdaltaf101
            May 9, 2019 at 16:19

            I would prefer Roman 12:20
             
            Nope…never watched Room101
             
            I’m a teacher so i enjoy educating children
             
            The Apostil Sdaltaf,
             
             
            Now lets all bow at the Purple Brick 
             

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        4. Woodentop
          May 9, 2019 at 15:56

          The High Street isn’t losing £2-3k +vat, let me enlighten you ….  
           
          1. The Taxman gets the vat
          2. 95% of the housing market isn’t using PB, its going to the High Street.
          3. You keep playing PB v High Street = wrong again. PB isn’t bothered how much agents charge, get or nothing. PB is based solely on what it can get from the market i.e. the customer numbers
          4. Coughing up over £1k for suspected 50% failure (Bruces own figure based on his SSTC to fall throughs) will see consumers paying for nothing!
          5. For PB to survive it has to increase volume of new instructions (not keep declaribng numbers that have re-listed properties cooking the books)
          6. PB to enter the High Street will incur massive overheads, fee’s would have to rise and that is where they fall foul of their own marketing … “we can do it cheaper than the high street agents” and that compounds thier ability to maintain and increase instructions
          7. PB biggest and your mistake is they can never ever dream of being the only agent and as is being shown, never made it now or even possible to.
           
          And just incase you think you can get under my skin …. in your dreams, theres nothing like exposing a false prophet.

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          1. Sdaltaf101
            May 9, 2019 at 16:34

            Woodentop
             
            I’m pleased you don’t work for me,
             
            One word…Muppet!
             
            Who pays your wages, do you think they get value for money?
             
             
            The Apostil Sdaltaf,
             
            Now lets all bow at the Purple Brick 
             

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            1. Woodentop
              May 9, 2019 at 16:55

              You couldn’t afford me and as expected once a TROLL has been found to be lame, resorts to insults. As to my wages and value for money … they certainly did and some of the most successful and credited companies in the UK … if only you knew.
               
              I think it is apparent to everyone by now your tuppenyworth isn’t worth anything and your sole intention is antagonise and sunshine you are failing miserably at that too.

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        5. Hillofwad71
          May 9, 2019 at 15:59

          Sdat

          “I’m unable to comment on Woodford funds so time will tell.”

          So why refer to Woodford as a potential source of funds?

          “There are several underlining issues why both the US and Australia have fail,”

          How about starting with the fact the “pay anyway “model  fell on stoney ground

          Come back in12 months and at the end of FY 20 unless they make an acquistion insntructions will grow at less than 5%pa

           

           

          Report
          1. Sdaltaf101
            May 9, 2019 at 16:31

            Hello Hillofwad71
             
            “I’m unable to comment on Woodford funds so time will tell.”
            So why refer to Woodford as a potential source of funds?
            – I didn’t, read it again but really slowly
            “There are several underlining issues why both the US and Australia have fail,”
            How about starting with the fact the “pay anyway “model  fell on stoney ground
            – Yes…which is why they changed the model to compete, in my humble opinion they should have stuck with the UK model, its a fantastic business model.
             
            Come back in12 months and at the end of FY 20 unless they make an acquistion insntructions will grow at less than 5%pa
            – I’ll be celebrating at the AGM with my shares.
             
            Join me……..BUY-BUY-BUY  @£1
             
            The Apostil Sdaltaf,
             
            Now lets all bow at the Purple Brick 
             

            Report
            1. Property Pundit
              May 9, 2019 at 20:06

              It’s APOSTLE a$$wipe.

              Report
    2. PeeBee
      May 9, 2019 at 15:39

      “They have a superb business model, every listing is either paid in advance or within 10months…”
       
      I’m sorry, Prophet’n’Loss – I thought you had some miniscule form of insight into how this business is run.  
       
      Silly me. 
       
      I’ll not make that mistake again, will I?
       
      Not now that I’ve read that latest nugget…

      Report
      1. Sdaltaf101
        May 9, 2019 at 16:06

        BREAKING NEWS:

         

        I’ve decided to remove the Prophet and replace with Apostle and you are my Disciples especially you PeeBee, you are certainly wayward and need to find the light.

         

        And the quote of the day goes to:

         

        Look at it this way, for every Hybrid listing the high street looses a minimum of £2-3k +vat when Purple Bricks receive £1k paid in advance, what’s not to like about the model?

         

         

        The Apostle Sdaltaf,

         

        Now lets all bow at the Purple Brick

         

        Report
        1. Woodentop
          May 9, 2019 at 16:35

          Purple is also a color of mourning. Yes we will all be happy to bow to the dead Brick

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        2. Retiredandrelaxed
          May 9, 2019 at 16:54

          Sdaltaf

           

          I take it you have lost interest in pursuing our discussion of yesterday re your understanding of the effect of the Property Misdescription Act.

          Report
          1. Sdaltaf101
            May 9, 2019 at 18:04

            Apologies, I didn’t see you reply so i’ve just had a quick read, when I uploaded my last response the reply buttons were removed so I presumed that was it.
             
            We have to agree to disagree on this, my opinion will remain the same. 
             
            The reality is the Act was revoked as it was seen as a barrier to market whilst additional amendments were made to The Estate Agents Act to take out of the scope intermediaries such as private sale portals so allowing both buyers and sellers to communicate without an estate agent. 
             
            Clearly there have been prosecutions in the past under the Misdescriptions Act which I was unaware although when you review the small amount of cases there is clearly an element of stupidity as opposed to negligence, however I’m surprised there are so few prosecutions when you consider its an unqualified industry so i would have expected more.
             
            [Sentence removed as it breached posting rules]

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            1. Retiredandrelaxed
              May 9, 2019 at 23:01

              The intent, effect and content of the Property Misdescription Act isn’t a matter of opinion, it’s a matter of fact. I also see note that you have changed your position yet again on the reason that the Act was repealed and have now put forward a third view.

               

              Yesterday, you stated that “I prefer to focus on the facts and then make considered conclusion.” Today you have demonstrated that, contrary to your claim,  you prefer to ignore and deny any facts and/or evidence that disagrees with your opinion.

               

              PeeBee was right – you are an idiot and, if you really are a teacher, a dangerous idiot. God help your pupils if you teach them the same approach. I have a mental picture of a five ear old with his fingers in his ears, singing “la, la, la” so he doesn’t have to hear something he doesn’t like.

               

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              1. Sdaltaf101
                May 10, 2019 at 09:31

                Nope…my opinion remains the same.
                 
                It was fake legislation to protect an unqualified industry to manipulate a percentage of the home owners assets which was finally abolished in 2013 to encourage passive intermediaries so allowing home owners to communicate directly without having to pay a percentage of the home owners asset for doing very little and passing on messages. – Fact.
                The cases you mentioned demonstrate the Act was pointless, low value fines to punish an unqualified sector who were clearly inept. Your defence claiming your concerns over the  liability of the Act has not been demonstrated. – Fact.
                 
                I thank you for your kind words, now sit back and put your feet up knowing you lived in the golden years when home owners were forced to use your services and I mean services in the looses possible term in return for a percentage of the home owners assets. Now that the Misdescriptions Act has been abolished home owners have the choice to remove the estate agent,  long live freedom of choice.  – Fact
                 
                [Sentence removed as it breached posting rules]
                Now look in the mirror and ask yourself, did you offer value for money for your customers over the years for your fee.
                Thanks for your comments, and have a nice day.
                 

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                1. Retiredandrelaxed
                  May 10, 2019 at 10:30

                  Nope – still an idiot

                   

                  If you can’t tell the difference between facts and opinions, then your opinions are of no value.

                   

                  You have been exhorting us to bow at the Purple Brick – I fear you have been bowing too low and have been banging your head on the Brick too much, with a loss of all sense and ability to reason, as a consequence

                  Report
                  1. PeeBee
                    May 10, 2019 at 10:49

                    I reckon all those rusty nails he’s driven through his ‘nads have given him blood poisoning…
                     
                    …he’s clearly in the throes of delerium!

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                  2. Sdaltaf101
                    May 10, 2019 at 11:58

                    Hello Retiredandrelaxed,
                     
                    Thank you for those kind and thoughtful words.
                     
                    Did you look in the mirror?
                     
                    Was the answer: No
                     
                    Will you look after PeeBee she needs guidance and with all your professional experience there will be only one winner 🙂  

                    Report
        3. PeeBee
          May 9, 2019 at 17:46

          Keep ’em coming, Prophet’n’Loss – the more the merrier.
           
          Every one you post is another rusty nail in your own nads.
           
          You refer to reality above.  It seems perfectly clear to us all that you don’t know what reality is.
           
          Last person I can think of that was anywhere near as delusional and off-piste as you are in industry matters had also severe issues with realising reality.

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          1. Sdaltaf101
            May 9, 2019 at 17:51

            You have a nice evening PeeBee,
             
            Don’t forget to empty the bins before you leave and have you the correct change for the bus?
             
            Oh…….and great news, PB shares are UP! on the day.
             
            The future is Purple, 

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            1. Woodentop
              May 9, 2019 at 18:38

              Still lost more than 75% of its value in less than 2 years and only hovering 3p more than start of the day. Will be interesting to see what happens when the accounts are released.

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            2. PeeBee
              May 9, 2019 at 19:02

              Prophet’n’Loss
               
              “Oh…….and great news, PB shares are UP! on the day.”
               
              Oh, they’re up all right – up 0.93% – 0.01.
               
              ONE.
               
              PENNY.
               
              Are you for real?  You’re peeing your chiffon undercrackers over something you can’t even buy a chew for these days?
               
              You’re beyond repair.

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              1. Sdaltaf101
                May 9, 2019 at 20:00

                Hello PeeBee

                 

                Was your Bus on time?

                I think you are missing the point, the free  fall has stopped so the only was is up!

                Have a nice evening.

                Lots of love and kisses.

                 

                Lets hold hands and bow ours heads to the Purple Brick

                Report
                1. Woodentop
                  May 9, 2019 at 20:40

                  Still lost more than 75% of its value in less than 2 years  
                   
                  Berenberg have now downgraded PB share value to 80p… that is down and coming from the worlds oldest merchant bank, who have more experience and expertise than you.
                   
                  Your satire isn’t funny either, it just goes to show what a person you are.

                  Report
    3. The Future Is Tech
      May 9, 2019 at 19:34

      Most accurate response so far.

      Report
    4. Property Pundit
      May 9, 2019 at 20:04

      It’s got to be glue or some other solvent. Can’t rule out magic mushrooms at this stage.
       
      Also what are the odds this poster is liking their own comments and down-thumbing others using multiple devices? Just a thought. 

      Report
      1. Sdaltaf101
        May 9, 2019 at 20:12

        Property Pundit
         
         
        We do not condone the use of drugs or any other mind altering substances on this site so please refrain from publicising your vices.
         

        Report
  25. Property Poke In The Eye
    May 9, 2019 at 19:14

    If Zoopla and Rightmove charge these For Sale By Owner Sites what they charge independents £500 (Z) and £1000 (RM) pm per  area that would tip PB over the top.  Instead of a special National Rate online rate.

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    1. Sdaltaf101
      May 9, 2019 at 20:08

      The high street subsidise the FSBO and the hybrids listings for both Zoopla and Rightmove because the high street return a percentage on the sale so the return is higher whereas the FSBO list for a reduced rate.
      LINK REMOVED – PROPERTY INDUSTRY EYE TERMS & CONDITIONS #6. Users posting comments on the site may not post direct hyperlinks to other websites and especially may not do so by use of their username. Users may not use comments to promote a service or business.
       

      Report
  26. Woodentop
    May 9, 2019 at 20:18

    Question is was Bruce forced out to deflect and stop something horrid that was coming his and PB way? So many other key people have left …. strange that should happen for any company and its supporters that claim it is a success.

    Report
    1. Property Poke In The Eye
      May 9, 2019 at 22:24

      After Bruce saw the draft accounts he probably thought no milk left in this cow.  The others also caught wind of the figures and thought the same.

      PB is dead!!

      Report
  27. cyber_truth
    May 10, 2019 at 01:37

    This comment is temporarily removed. Cyber_truth if you can substantiate the claims made (please contact the editor ros@propertyindustryeye.com) then it will be re-instated.

    Report
    1. Robert May
      May 10, 2019 at 05:33

      Mugging off  the investors who are keeping you afloat is never a good idea. As we saw in the Autumn the  greedy sheep who “fear missing out more than they fear a loss” don’t take kindly to being fleeced

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  28. Hillofwad71
    May 10, 2019 at 06:35

    Purplebricks its been a bit like  the shares  hype with the internet stock boom

    Great idea  making it easy to buy fresh fruit but forgot that at the end of the  day it was all about the logistics!

    Report
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