Purplebricks boss Vic Darvey has vowed to get his house back in order.
He has also said that the agent sells the most homes in the country – and strongly insisted that the firm will not change its fixed fee format.
In the full interview with the Daily Telegraph yesterday – an abbreviated version was published at the weekend – Darvey told the paper that the format will “definitely not” alter.
He said: “We firmly believe we have the most successful model in the industry. Why do we say that?
“We sell more houses than anyone else in the marketplace.”
Elsewhere in the article, the Telegraph says that Purplebricks has taken criticism for not publishing the number of homes it sells.
However, Darvey quotes industry research claiming that Purplebricks sells more than three times as many homes as the next biggest estate agent, with 77% sold within a year.
In July 2018, the claim was made in research by Twenty Ci. More recently, the same data analyst said that the total market share of hybrid firms stands at around 7%, and that firms in that sector would have to change significantly in order to raise that proportion.
Darvey told the paper: “We’re here to sell houses, not to list houses.”
He also says that it is currently looking at how to compensate its Local Property Experts “in a way that is in partnership with the desired customer outcome”. He did not go into details.
The Telegraph also notes in the article that Purplebricks’ Canada arm is loss-making “while the UK operating profits of £5.2m scarcely justify even the much reduced share price”.
However, Darvey, 46, sounds a confident note, saying his three main goals are to boost profit margins, increase the average ‘basket’ size of sales as sellers pay more for services, and raise Purplebricks’ market share to 10%.
He added: “As far as the shareholders are concerned, I say stick with us, we’ve got a very clear plan.”
Yesterday, Purplebricks shares closed at 112p, up about 1% on the day’s trading.