Purplebricks, which launched in California last September, has now opened for business in New York, the US media has reported.
So far, it has reportedly 13 people in New York, where the team is led by experienced realtor Robert DiBiase.
The US roll-out of Purplebricks is set to be accelerated by a £125m investment by media giant Axel Springer in exchange for a stake in the company, although this has to be approved by a shareholder meeting on April 18.
Erick Eckardt, Purplebricks’ US CEO, told American media that in 2018, sellers should not be paying between 5% and 7% in commission.
In the US, Purplebricks charges a flat $3,200 fee.
Eckardt would not be drawn on Purplebricks’ sales volumes in California, but said there were month-on-month increases and that it is listing homes priced from a few hundred thousand dollars to “several million”.
He added: “Our proposition will hopefully resonate across all segments of the market.”
Yesterday evening, Purplebricks shares closed almost unchanged from the day before at about 302p on the London Stock Exchange.
Frankly, until I see verifiable stats from Purplebricks I simply view these Press Releases, as they say in the US, “baloney”.
3200$ upfront for a 50/50 Coin Toss? Americans love success. Paying Purplebricks upfront for failure?
As Homer would say, “DOH!”
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At least trump is aware of it… takes one to know one i suppose. unlike our dopey gov’t. And asa_uk
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Purplebricks have not even cracked the UK yet.
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Am I sensing an Easter theme in your comment, in which case I’m guessing that a “Duck” may waddle into this cyber thread at some point?
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The number 1 largest UK estate agency brand Purplebricks.
Australia is flying and ahead of the UK at this same stage.
USA massive expansion into huge territories.
Investment of £125 million from a German portal investor.
I would say things are looking fantastic.
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b a l o n e y dom
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They are also looking to charge about $3,000 according to my USA sources but giving $1,200 on completion. Presumably that will mean they get $3,000 for the majority of their FAILED instructions. People paying the $1,800 will be slightly more common than hens teeth.
Dom – you are very, very funny!
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You obviously do not know how the realtor business works in the US, try reading up a little more and then correct your above post.
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Share price down 40%… u can con some of people some of the time but one hand in a bush is better then 2 in a hedge….
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Purplebricks UK having their biggest instruction month ever in March in the UK are absolutely flying, if they are able to take just a 5 % share of this massive USA market with such higher average fees there could be no stopping them.
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l a r g e b a l o n e y w i t h f r i e s dom
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There’s an irritating little s*d on the telly on a Saturday night who is missing his sidekick at the mo. Maybe dompritch could get the gig? Then there would again be two irritating little ‘s*ds hosting proceedings.
The Dom & Dec Show.
Has a certain ring to it, dontcha think?
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Classy.
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Hi Dom
I keep posting for you but unfortunately you seem to keep missing them, below is the latest
Yet you donate your precious hours trying to defend them, it really is pure comedy gold.
The lack of self awareness is quite surprising from an intelligent guy like yourself Dom.
I have left a few posts for you and Ducky but unfortunately you both seem to keep missing them. Below is the latest.
“I dont trust estate agents any more or less than anybody else. I just find it hard to believe that anybody with more than half a brain cell would base investment decisions on this forum and i cant believe you or Dom think that anyone would which makes me wonder why you both defend Purplebricks but no other companies (that I am aware of)?If you are crusaders for the truth and objectivity in order to inform potential investors I haven’t seen you challenge any of Purplebricks claims or their lack of transparency. Both yourself and Dom seem to be as Pro Purplebricks ad the vast majority of posters are anti. I can see the motivation in the posters being Anti PB but i cant for the life of me understand why you and Dom invest so much time and effort in supporting PB ?”
Genuinely interested in both your motivation.
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AgentQ73
I’m not sure why I have to explain myself on a industry forum comments section, however as you have been insistent I will explain a couple of points.
1. Private investors will do their own research of investments they make, this can involve a whole raft of information and industry publications is one of them. In order to give a more balanced view of the PB debate I offer an alternative to the anti agent sentiment and narrative.
2. I have personally been involved with property for 20 years, I was an agent for 5 years then studied in surveying and project management. I have invested in property since 2006 including refurbishment projects, student lets, holiday lets and standard buy to lets.
3. I have dealt with dozens of agents over the years and have paid an average selling fee of between £5-7k, in which I don’t think once I felt the agent commanded the fee that I paid.
4. I have dealt with PB on selling last year and have now instructed them with a new property just last week, and yes there may be some flaws which could be improved but when I’m saving £5-6k it is great value.
5. I believe that the industry has been coasting along with poor professionalism and high fees for too long and I’m delighted a new alternative has been so successful and will continue to support that model.
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Hi Dom
You dont have to explain yourself so I appreciate the response.
I can see the points you make above and can understand why you would hold those opinions, even if i dont agree with them.
I still cant believe anybody thinking of investing in PB would take the comments on here with anything more than a HUGE pinch of salt. Even if they did surely that would help an share trader like yourself, for every share you buy and sell you must feel you know more than the buyer or seller of that share. Surely this forum would give you and Duck an “edge” ?
However your points above could apply to many industries and sectors of the economy, so other than feeling you have overpaid Estate Agents in the past (i guess you are in the South East, so the “savings” you claim dont apply to vast swathes of the country) I still cant understand why you spend so much time and effort defending a business that you have successfully used once ?
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Spot on again AgentQ, but I’m beginning to realise they only answer certain questions…the ones they want to answer, or have a half decent argument with, others they just ignore, I like you am convinced there is an ulterior motive…My guess is they are employed by PB in public relations….No two people would put so much time and effort in on one single company (and its just not this site either)……Why else would you do it??
I’ve tried to look at it from their perspective and come up with this:
In my 23 years as an agent I have been with 3 different accountants, the first two I wasn’t happy with for different reasons and one even got stroppy with me when I told him I was going elsewhere….Now if I was Duck or Dom would I find an accountancy forum and slate every single accountancy firm and spend day after day calling every accountant useless/deceitful con men??
No I have better things to do with my time……mind you if I was getting paid for it!!
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Dom,
As with AgentQ73, I have posted the below comment but have not yet received a reply, you state you are not in out industry so you can’t be aware of just how poor a service they give, I would be interested in a response either now or after you have sat with a local agent.
‘I will give it one last go to make you understand why us agents don’t like PB.
A lot of us on here are proud of our profession and will do all we can to stand up for it and make it better.
To put it into perspective, 2 years ago a local family run independent (with 10 offices) opened up in my town. According to Rightmove they currently have 11% of the local market stock, in my area PB have .9%.
I don’t slate this new company, basically, because they are very good and very efficient, if I am involved in a chain with this company, I know when i call them I will get a good sales update (in turn I can give my vendor a good update which makes me look like a good agent) and between us we often can get an iffy sale through to completion and I will get my commission.
Unfortunately, this can’t be said of PB, I am being completely honest with you here, they are a nightmare to deal with, no call backs, no assistance, no experience, no interest (they have already been paid) etc etc. Three of my sales collapsed last year due to their inadequacy and buyers/owners losing patience.
Your naivety is due to you not having to deal with this company day in day out. I would love you to sit next to me when I attempt a sales progression call to a PB LPE or their incompetent conveyancing firm. I think then you might change your mind. There’s an idea, how about asking one of your local E/A if you can do just that if you don’t believe me.
Having PB in a chain makes us all look incompetent and this is the problem and this is why we don’t like them, in my area, PB are pretty much a non-entity, I don’t fear them at all but I do put my head in my hands whenever they are involved in one of my chains. I hope you understand, I am not being bitter or nasty, just honest’.
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We are just lucky the public know they are rats. The sales chase argument hasn’t been picked up by any media outlets yet and Ian still waiting the otm or property mark to create a tv advert to fight this fake war for its members..
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@davehedgehog
I’m aware that the sweat shop conveyancing firms can be tricky at times and it really all depends on which legal exec is dealing with the case.
The sales progression team has been extended vastly and i’m not going to agree with you that they fail to call back and sales progress.
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‘Tricky at times’ my God you really are naive aren’t you!
PB and their conveyancers cost me in excess of £5,000 last year plus whatever the clients paid out in surveys,searches and abortive conveyancing fees, if this is the kind of company you promote and defend then good luck to you.
Are you a fan of Phillip Green too?
Once again I reiterate I am just being honest Dom, I am not the the kind of agent/person that will go to these endeavours without due course, Pop your head in a couple of your local agents and ask what they think of PB if you don’t believe me.
You had 5 years as an agent you say, I can guarantee you would have a completely different attitude if you were still in the profession.
When their is a damp/woodworm issue, drainage issue, electrics need testing, price needs re-negotiating etc etc. Getting hold of an LPE or if you manage to (if you are lucky) they are either not interested, can’t be bothered to help or don’t know how to help.
To a certain extent selling a property is the easier part, getting it to completion takes a lot more skill and experience and I’m sorry Dom this is where they are a poor poor company.
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Too many good points to get a response from #FanBoy but, if you do, I guarantee it will include some form of insult.
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Property Pundit you will delighted to know i have just undertaken 2 viewings from my PB listing, and unlike some I actually work.
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Dom – have you considered that selling a refurbished property with no onward chain is the reason why Purple Bricks works for you. If I have to concede that Purple Bricks have a place in the industry then this is it. You and PB are well suited.
I’ve been in the property industry since 1993 and have recently sold a vacant property to cash buyers. It was troublesome due to the legals / planning / searches / building regs / certification etc
The local traditional estate agent I employed went above and beyond to get the sale through to completion in 8 weeks and charged a flat fee equivalent to 0.5% based on the selling price. Putting my estate agent hat on, I don’t believe a PB agent who is paid on instruction for listing the property, and is therefore keen to chase down the next listing, would have had the time or inclination to put that much effort into completing the deal. And this was a relatively “easy” one due to there being no previous or ongoing chain.
Basing your “fanDom” of PB on the most simple of transactions and saying it is a model fit for all is not a balanced view now is it.
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Great post Room101.
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Couldn’t have put it better myself, davehedgehog. Absolutely nailed it!
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AgentQ73…..Comedy gold is actually contributors like yourself and many others on here who are constantly criticizing and offering opinions on a company that they know little or nothing about. The ones of us that have a good insight into PB find your misinformation and biased perception of how they operate “comedy gold”.
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MrLister
Can you point out where i have “constantly criticized” ? There is no criticism of PB in any of my posts above.
Can you point out any misinformation I have put.
What makes you certain I know little or nothing about PB ? How do you know i dont have a good insight into PB.
Unlike many any opinions I offer are opinions not stated as fact.
The comment re comedy gold was a reference to a previous post of Doms.
Next time you feel the need to have a rant at least try to base it on what has been said rather than what you think has been said.
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Mr Lister,
Your heart is clearly not in independent estate agency if you can’t stand your ground and defend what you do in comparison to a Call Centre Listing service which charges people whether they sell or not.
If I was a vendor I really wouldn’t want you batting for me, when you are always sticking up for a cheaper alternative that you feel does the same kind of job.
I would suggest you swop over to the other side that you clearly have more belief in!
BSOS23PC
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What do you feel has caused the drop in share price since the end of Jan ?
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No chance of making a profit. Investors like growth which IS why new York has been put out there to cover more bad news.
Investors are easily tricked but it only takes the daily mail to turn on you and your toast
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“Purplebricks UK having their biggest instruction month ever in March in the UK are absolutely flying”
How’s about you compare like for like, dom-boy. What about the Year-on-Year increase in listings – how’s that looking?
Feel free to leave in the multitude of RElistings we see daily – #Purple_ducky has already stated that the percentage is fairly constant at around 15%.
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Around 100% Year on Year.
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Not.
Even.
Close.
Have another go, dom-boy…
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They say revenue growth will be close to 100%.
Guesstimates…
Factor in about 8-10% revenue from lettings which appears to be growing. 5% in 2017, 8% in 2018 H1.
Factor in another increase in revenue per instruction. H1 2018 to H1 2017 was 14%.
So they don’t have 100% instruction growth but probably around 70%.
Traditional agents aren’t growing instructions at all though are they PeeBee?
YOPA also seem to be growing instructions.
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Hey, something else that is growing for PB is the chasm between what they say they are worth and their actual worth.
“Is Purplebricks a successful global real estate brand?” – https://www.purplebricks.com/faqs
Only circa £230,000,000 adrift. Your fact checking OCD radar not going ballistic with that one Cyberduck?
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This is the perfect red warning light to anybody looking to sell with PB
DOM & Duck are talking about listing property NOT selling property. This is just from a couple of bedroom investors.
Surely to be taken seriously PB need to SELL not just LIST property, PB will not even give out these stats….. Wonder why?
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>Wonder why?
Traditional Agents don’t publish how they calculate and charge their commission, I wonder why?
Traditional Agents don’t disclose whether they negotiate over commission rates. I wonder why?
Traditional Agents don’t publish their listing to sales conversion rates. I wonder why?
Unless everybody is fully transparent then it would be foolish for a company to provide commercially sensitive data.
Out of time for today. I can’t wait to hear exactly the same things over and over agian from bitter traditional agents next time PurpleBricks make an announcement.
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A lot of agents publish their commission, you also ask and you are told and it between 1 – 1.5% as a rule depending on the area your property is in. Most agents round our way offer a fixed fee based on price and saleability of a property.
All agents negotiate over commission.
Traditional Agents do not charge a fee unless they sell a property, are conversion rates even needed?
Run away Ducky 😉
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>A lot of agents publish their commission
If anybody reads this I recommend they go looking to see how many agents publish their commission. I’ve looked many a time and I think I’ve found 2. One of them is Foxtons who charge 3%.
Pick a sample from the A-Z list found at https://www.zoopla.co.uk/find-agents/
>All agents negotiate over commission.
The point was on transparency. Again you won’t find Agents tell you they negotiate which means some vendors end up paying more for the same thing.
>Traditional Agents do not charge a fee unless they sell a property, are conversion rates even needed?
Yes, if you want to be transparent.
So smile please, you can’t ask for transparency from others when your industry is not transparent.
Really “a lot of agents publish their commission”? How many out of the 20,0000 out there?
I’m surprised other Agents didn’t correct you. Shows you and them for what they are.
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“Shows you and them for what they are.”
Which is what, exactly, ducky?
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Cyber,
In regard to me publishing my sales conversion rates (something that I am happy to do) I am an independent agent spending MY OWN money, not someone else’s (investors)….there is a difference don’t you think.
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For transparency and fairness which firm do you own or work for @davehedgehog?
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Who do you work for Dom?
Dom mate, I like you work for myself that’s all you need to know…Aren’t you a hidden anonymous detractor too?
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I work for myself, who do you work for @davehedgehog?
Or are you going to stay hidden and anonymous like most of the detractors on here?
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No i post under my real name and don’t hide.
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“No i post under my real name and don’t hide.”
Sorry to be a pedant, dom-boy – but “dompritch134” ain’t your real name.
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>In regard to me publishing my sales conversion rates (something that I am happy to do) I am an independent agent spending MY OWN money, not someone else’s (investors)….there is a difference don’t you think.
Been investing for many years. It’s normal practice not to provide shareholders with information that would give competitors an advantage.
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“No i post under my real name and don’t hide.”
Must be your HMRC Reference Number, then. I’d hate to think that they didn’t know where and who you are – cos then they couldn’t send you the CGT forms for all these properties you’re flipping… and we can’t have that, can we?
Speaking of which – we know that you are now listing (at least) your second property with PB.
And as you have previously stated you have a number of student properties you own which you state you’ve been shafted on, presumably you now have enlisted their PurpleServices to manage these also.
So the question is – your revulsion of all things Estate-Agent related and all – where are you buying them from, dom-boy?
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Biggest Instruction month ever?
So, that’s NOT sales then?
Because at Purplebricks sales don’t matter?
Yet Purplebricks claim to be Estate Agents?
However, sales don’t matter, just “Instructions”.
Of course, when you only charge upfront regardless of the outcome, sales DON’T matter, just “Instructions”
So, just to be absolutely clear “Instructions” are what matters for Purplebricks, NOT sales.
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Dom,
Posted this higher up on another thread, here it is again in case you missed it
Spot on again AgentQ, but I’m beginning to realise they only answer certain questions…the ones they want to answer, or have a half decent argument with, others they just ignore, I like you am convinced there is an ulterior motive…My guess is they are employed by PB in public relations….No two people would put so much time and effort in on one single company (and its just not this site either)……Why else would you do it??
I’ve tried to look at it from their perspective and come up with this:
In my 23 years as an agent I have been with 3 different accountants, the first two I wasn’t happy with for different reasons and one even got stroppy with me when I told him I was going elsewhere….Now if I was Duck or Dom would I find an accountancy forum and slate every single accountancy firm and spend day after day calling every accountant useless/deceitful con men??
No I have better things to do with my time……mind you if I was getting paid for it!!
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They managed to achieve around 6,,000 instructions in March. Nothing wrong with that but it only shows a modest increase over March 2017 They are going to have to continue breaking records if they are going to meet the forecasts set by Hardman way back in Sept 2016
Source:Hardman
Growth in estimated number of UK LPEs Year end April 15 16 17E 18E 19E 20E
LPEs average in year 35 153 275 390 490 590
Number instructions 4330 19200 41000 57000 77000 100000
You will note 77k ie over 6,000 pcm forecast for the financial year starting May but this was based on 490 LPES The current complement is around 740 so they are going to have to grow instructions substantially since the forecast to feed all these extra mouths.
Australia
Great Barrier Reef hit with number of experts reduced from 99 to 94 Natural wastage!! Current instructions are around 1365 which have grown at a pedestrian pace
As for California s-its just dreaming with very few sellside instructions!
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‘Purplebricks UK having their biggest instruction month ever in March in the UK‘
Let me correct your point for you Dom:
‘More people paid Purplebricks UK around £1000 during March than any other month ever resulting in the biggest cumulative loss ever in one month to vendors who will not actually achieve a sale through Purplebricks UK’
Just how many £ms is that Dom?
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Hear, hear Property Pundit.
Based on Brucey’s pie in the sky number of “78% sold” and an average £1000 fee that’s circa £1.32 million of fees collected upfront in March for NOT selling houses. (£1.12m if reduced by 15% for property returning to market)
However, should the sold/completed conversion rate be closer to 50% then an easy £3million in fees in March for NOT selling houses. (£2.55m if reduced by 15% for property returning to market)
Even based on the most cautiously generous end of these statistics anyone proudly defending PB pay up front model should show some shame. They owe the industry and their dissatisfied, out of pocket vendors an apology.
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Room101
Sorry to be a pedant (for the second time today…) – but you mean 88%
The then-CEO Mr Bruce blarted out “88%” in the BBCMoneybox radio programme waaay back in October 2016.
It was the now-CEO Mr Wainwright who blarted out 78%, whilst being Royally squiffed by Adrian Goldberg in his Radio5Live broadcast two short but jam-packed full of fun months ago.
There are several theories as to where this latest figure emanated – but my personal favourite is that he seemingly read it on the back of a Crackerjack box for a totally unrelated factoid and simply liked the look of the number. Maybe because he was all at sevens and eights during his small but highly amusing performance.
However it came about, no-one can blame him for picking that number – it’s so much easier to say than “fifty-one point six percent”…
…especially if you’re fighting back tears of sheer embarrassment at the time.
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No worries PeeBee. Apologies for the Bruce / Wainwright 88%/78% switcharoo, but either way with any figure less than 100% its highway robbery!
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So general consensus is around 6000 NI in March. With now 740 hungry LPE mouths to feed at an average of 8 NI each, there’s a lot of hungry people out there. Looks like a classic pyramid !
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6000 minus the average 15% to 20% that they have already been paid on (source cyberduck46). Which is most likely a very generous guesstimate from cyberduck46 of the amount of property returning from marketing breaks and fall through.
Which would make it closer to 6 new instructions a month on average per LPE. Thats if they still had 740 LPE’s.
Oddly enough, showing they are down to 728 LPE’s today. I wonder why that is?
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If anyone’s ever seen million dollar listing on the TV imagine PB turning up to a val or open day!
all The razzmatazz that the agents over there spin and PB wouldn’t even be able to get the price right.
Astonishing strategy seeing as they haven’t even sustained the UK market yet. May be the strategy is to get another load of US Investors and then Cash in just before the stock starts to slide.
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I suspect the quick expansion to foreign markets is because PB UK now realise you are not going to get consistent listing months all year round.
March & April normally good, December normally bad so forth and so on.
So what the investment hand in the UK doesn’t see the PB magician says hey look over here in New York or Australia or Madagascar or wherever.
What’s the game con artists call it “find the lady” ?
I’m pretty sure PB UK may not ever make a real profit but hedging their bets on the US & Aussie market might save their bacon?
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I wonder how many people are employed in the Purplebricks PR and Review Police Departments.
All that spinning, all those words that mean nothing, that lack of any verifiable sales results.
It’s like looking at a giant pyramid that is balancing on its pointy end, just waiting to?
In my opinion it’s shameful that any company uses “Reviews” to promote their business when those reviews are sought at the beginning of the whole process? Surely the ASA should enforce a “Review Evidence Disclaimer” along the lines of “The Reviews referred to by Purplebricks are predominately for properties simply listed for sale, NOT sold. Purplebricks customers pay regardless of whether their property is sold or not.”
I would love to see “end of transaction” reviews for Purplebricks, what a different picture we would most likely see then.
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“I would love to see “end of transaction” reviews for Purplebricks…”
That was suposedly what their Stock-Market announced ‘partnership’ with FeeFo would have provided, GeorgeOrwell.
That “early 2018” roll-out clearly went swimmingly.
Lucky for FeeFo it hasn’t apparently materialised, I reckon.
Maybe PB will set their own “reviews” site up – call it ‘FoFum’ and claim it was a typo on the RNS Statement.
Just think of the fun that their #NUKE_SQUAD could have there…
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@dompritch
PurplBericks have not revolutionised anything all they are doing is charging people MORE than proper agents do in our/some areas and are taking the money up front and it’s 50/50 if they sell.
They are making their customers pay around £300 MORE on legal transactions compared to what the client gets charged going directly to the SAME conveyancer. They charge £360 for viewings package EVEN IF THERE ARE NO VIEWINGS.
The creme de la creme is that the LPE gets a whacking £25 IF the property sells – ZERO motivation for property to be sold unless £25 motivates you of course.
A terrible business model which will fail even further once the lying TV ads have to end because of lack of profit.
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DiBiase is an appropriate name for this bunch of Million Dollar Men…
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Ha ha – I was going to ask if ‘Ted’ was his brother 😉
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O-KAYYY…
Somewhere above, dom-boy had a stab at the Year-on-Year increase in PurpleListings, in response to my invitation following his comment
“Purplebricks UK having their biggest instruction month ever in March in the UK are absolutely flying”
His best shot:
“Around 100% Year on Year.”
Well unfortunately Mrs PeeBee dragged me away from my PC at the end of March last year, but I can offer ‘Last 30 days’ figures for both 2017 as of 6/4/17 and 2018 as of today, courtesy of Zoopla:
2017: 4199 Listings
2018: 5197 Listings
which I would suggest be as good as anything that the duck’n’dom duo can come up with to use as a point of reference – but welcome any further input they wish to make.
SO… we have an increase of 998 listings YoY, +23.77%. Not bad at all, in the spirit of fairness… but COUNTRY MILES away from dom-boy’s stab.
Not bad at all – BUT… here’s the Yang to the Yin above.
According to their Shareholders Presentation, at end April 2017 they had 448 LPEs
As of today, they have 735 – give or take a couple.
That’s an increase of 287(ish) YoY, or +64%
Erm… that’s not good growth ratio per head count.
Is it.
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A 24% uplift in instructions YOY, not bad. A corresponding 64% in mouths feeding off that increase. Oh dear.
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Assuming that the existing LPEs didn’t do less than the previous year, that would equate to this years’ intake averaging 3.48 listings per head.
Even being generous and saying that the average body has only been on the job for four months, that would give them 10.4 each – roughly £2600 in income plus add-ons which wouldn’t even come close to doubling the paycheck. And of course there’s the very real prospect of clawbacks…
No wonder there’s a reportedly stonking churn of ‘talent’.
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Er Pee Bee!
2017: 4199 Listings
2018: 5197 Listings
That’s still a trend I was hoping I wouldn’t see. It’s interesting to find they have increased their staff again and therefore should be listing more but firstly where in the UK are they showing positive growth, where I am in the Welsh Boarders they have reversed their fortunes showing only three listings in my territory since Jan and I am pretty sure they had seven last year. I also understand they have gone through three or four “listers” (LPE’s) in the last twelve months too for the area.
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CSI PIE – starring PeeBee 😉
I’ll only give you my name, rank and number, however that may be too much info for you to work with! lol
Acknowledgement as always PeeBee for your graft to balance the showboat comments with facts.
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Your acknowledgement gratefully received and appreciated, Sir. Or Madam. Or They – I believe that’s the current term of choice for some.
Is this the ‘sexism’ thread?
That being the case – thank you all.
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I’m just an Old Face with a New Name. Rebranding I think they call it! No plans for changing gender albeit at New Year I look a little different?! lol
Keep challenging, in between doing your Day Job.
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fao smile please.
Above, ducky has a proper quack on about ‘transparency’ in relation to Agents publishing Fees and to what extent they are prepared to negotiate on their (published?) Fees*.
It’s tantamount to a criminal offence in his purple-tinted eyes that this does not happen.
YET, in the share world he seems to accept non-disclosure of precisely the type of information that he wants published in 72-point bold on every website and snippet of literature that Estate Agents produce as not only the norm – but perfectly acceptable:
“Been investing for many years. It’s normal practice not to provide shareholders with information that would give competitors an advantage.”
You know what ducks are like – they want to buy their cake at the cheapest, nastiest price… have it… eat it…
…then moan about everybody else’s cake on the basis that his cost less but everyone else seemed to get SOOOOOO much more value and enjoyment out of theirs.
* Is it me – or if an Agent publishes a “Standard Fee” of, say 1.5% but are prepared to negotiate down to a discounted rate of 1.35%…
…doesn’t that then make their “Standard Fee” 1.35%?
That being the case – what does ducky expect to happen next? Where does his logic take him from there?
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Good luck to the duck.
The thing is i offer a very different service from the agent next door to me. His standard fee is 0.75% but his staff are not as good as mine, he is not as good as me and we do a lot of extras such as virtual tours, pictures from drones, floorplans all as standard.
So if i advertise X% and it is higher than his 0.75% which is Joe Public going to chose on just an advert? – My staff need to educate the seller on the benefits. And we can also tailor our package to suit a seller.
And we have moved away from % on high end properties. For example a 750k property we have just taken on we are charging a flat fee of 5k – I believe more agents are doing this now.
You just cant advertise a rate card as every property and every vendor is different. The one guarantee on fee we and all other traditional agents give is you only pay us if we sell it. In other words we earn our fee unlike the purple lot who charge best part of £1,200 just to list it on the website and circa 50% do not even get a sale.
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Don’t you people get sick of moaning and whining about Purplebricks? It astonishes me that you clearly haven’t taken the time to find out how the business works but you’ll happily waste your time whinging about what you “think” is going on!
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jackobabe70 – Ahhh, hello Mrs B, nice of you to drop by.
Don’t you people get sick of moaning and whining about Purplebricks?
No smoke without fire. Perhaps it is because agents can see through the thinly veiled cloak.
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