Online agent Purplebricks is now offering auctions in physical sales rooms to vendors, through a tie-up with Auction House.
A Purplebricks spokesperson said: “Offering an auctions service adds further value and choice for our customers and we see it as a great addition to our complete estate agency service.”
Roger Lake, founding director of Auction House UK, said: “Auction House works with hundreds of estate agents, including Purplebricks, to offer customers greater choice in how they sell.
“Auctions are growing in popularity and many estate agents now offer this service.
“First half results for Auction House had lots sold up 3.6% to a total of 1,571, which further underlines that progress.”
It is understood that the formal relationship between Purplebricks and Auction House commenced quietly in January, but without an announcement from either.
A search on Google reveals 27 Purplebricks auction properties, some of which have already been sold with others are entered into sales this month and next.
The sales are ‘real’ ones held in physical venues, as opposed to online auctions.
The venues include hotels and football clubs.
Auction House’s half-year results show there were 1,571 lots sold from 2,096 offered, a success rate of 75%, raising almost £200m in the process.
https://www.google.co.uk/search?q=%22auction%22%20site:www.purplebricks.co.uk
Comments (5)
So what’s in this for purplebricks or AH for that matter? How is the deal set up with AH? How do AH get paid, out of PB’s up-front/deferred fee? Genuinely curious.
I think there’s a very hefty buyer’s premium out of which PB pay AHUK, and which will naturally affect what the buyer will pay for the property. Conflict of interests? Neither seems to care. Whatever PB may say, hardly anything entered has sold at auction, a low single-figure percentage I believe.
I have had so many bad experiences with Auction House over the years and opted to go with far better regional and national firms who did not “bull” me about stats and sales (most of which happened after the auction as they could not sell them. Seems a perfect partnership to be fair, both desperate to shift unwanted stock at any price and any cost to the customer…..good luck and I hope every independent agent in the UK pulls their stock from AH immediately.
No names but some agents have parted company with AHUK due to their association with PB.
The most hated OLA to be assisted by the HSA’s that hate them the most? Really???????