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TODAY'S OTHER NEWS

Purplebricks to expand further overseas thanks to "total cultural shift"

Purplebricks has this morning announced that it’s to expand its US activities still further, breaking into Florida for the first time.

It says this is down to a "total cultural shift" in the US, with less trust in established professions - including traditional estate agency.

Purplebricks already operates in Los Angeles, San Diego, Sacramento, Fresno, Phoenix, Las Vegas and the New York DMA, which includes counties in New York, New Jersey and Connecticut.

Its new patch - the Tampa and Orlando DMAs - has a population of around 5.2m and what the company calls “3.4m addressable homes”. 

Average house prices in Orlando and Tampa respectively are US$321,194 and US$290,415.

Michael Bruce, global chief executive of Purplebricks, told shareholders in a statement this morning: "This is our fifth regional launch since starting out in Los Angeles twelve months ago, and reflects our confidence in the U.S. opportunity and the reception we are achieving state by state. 

We are encouraged by our progress in the U.S. and excited about the potential in Florida, and we continue to identify new markets in the US where our value proposition can greatly benefit both consumers and agents."

"We are seeing a total cultural shift favouring complete transparency as Americans' faith in a number of professions, including real estate, has dwindled. Our recent research suggests that only 11 per cent of Americans "completely trust" real estate agents. In response, Purplebricks' offering is designed to give consumers total transparency and control over their home sale, and this is why we are being successful." 

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    It's nothing to do with people losing trust in traditional estate agency. In fact peoples trust in traditional appears to be growing on the back of companies like PB trying to pull the wool over their eyes. PB is the Wonga of the property industry, not entirely honest, a little bit sneaky and while their adverts cleverly tell you they are the consumers champion, they're actually not... sadly by the time you have succumbed to their "Con-misery" (the feeling of being conned into paying in advance for a service you will never ever receive) its all too late. "Here's my money, please give me a for sale board and and a password to a snazzy online portal where I actually sell my own property... hang on, no, wait!".

    Purple bricks have been clever - they've spent £millions setting themselves up as an online agent, and £millions more on TV ads trying to convince us they're not!!!

    Don't even get me started on their bolt on services.

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    I remember a time when I was thinking also. But you need to face the truth - people earn money. Our world is such that there are different ways for this and it does not have to be liked by everyone. A person is a consumer and if you are able to create conditions, lure this consumer, persuade him to buy - you are more successful than most people. To sell and be a good person or company is a long time already different concepts.
    I liked how author used same example in article - Home education UK

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    https://www.afr.com/real-estate/residential/purplebricks-troubles-leave-axel-springer-80m-in-the-red-20180924-h15rx9

    Success!

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