The latest figures from Purplebricks, contained within the agency’s annual report released this week, claim that 81 per cent of its listings were sold within 12 months, in the year to April.
Sold, in this case, being completed, exchanged or sold subject to contract - there are still no specific figures for completions, seen by many in the industry as the key market indicator of success.
The report is stridently upbeat for the agency’s UK performance, saying that it now has 74 per cent of what it calls the ‘non traditional’ (that is, online) market in the UK, and that it completed on sales faster than any of the top 10 largest estate agency brands in the UK.
It says it’s better known, in brand terms, than Rightmove or ZPG, citing 96 per cent brand awareness.
It also says it secures the best price of any agency on average - it claims a typical uplift of £6,000 on sale price in the £250,000-£300,000 range.
Amongst other claims, the agency’s annual report says:
- it sold 3.1 times the number of properties than the next largest UK estate, increasing to 3.3 times in the second half of the year;
- it had the highest level of conversion to SSTC of the top 10 estate agency brands in the UK and has the best year to date improvement in conversion;
- that it completed faster than any of the top 10 agencies;
- that on average its revenue per instruction continues to increase and is now £1,168 “and we have new initiatives that will be launched in FY 19 which we expect to drive further progress”;
- that it is “the most positively reviewed estate agent in the UK on independent review site Trustpilot. This is testament to the culture, commitment and dedication to always enhancing the customer experience.”
As for the future, the agency says: “We continue to drive down our costs of acquisition through innovative pay per click strategies and new technologies. Our customer experience is continuously being enhanced with new onsite journeys being deployed for both valuation and instruction bookings and the introduction of CRM capabilities.”
The agency says it will continue to invest in marketing in the UK and will broaden its strategy “to engage more closely with people on a local level in order to win that next swathe of people considering our service.”
And, as we revealed on Estate Agent Today some months ago, Purplebricks wants to forge an ongoing relationship with customers. In the annual report, global chief executive Michael Bruce promises that new investment in his company will see it move towards the provision of products that make “everything much more simple, convenient, informative, innovative and supportive for our customers” and keep Purplebricks in customers’ minds outside of house sales.
The annual report also contains less good news on the company's financial performances in Australia and US - you can see the entire document here.