After selling their property agency they decided to start an online estate agency that offered property services to UK homeowners throughout the United Kingdom. Purple Bricks currently have over 9,000 properties listed on their RightMove account which means they probably list over 500 new properties every month.
They listed their business on the stock exchange in 2014 with a current market capitalisation of over £380m.
Video interview about Purple Bricks stock listing
With this sort of scale it is safe to say Purple Bricks are aiming to become the largest Estate Agency in the UK. In fact based on instructions they are already number 3 after the large high street chains Connells and Foxtons.
Purple Bricks have a network of self-employed estate agents located throughout the UK. They work from home and handle all the local leads from people enquiring to sell their property on their website.
After you enter your details the local property agent will visit your property, estimate how much your house is worth and offer you to list the property on their portal.
They will charge you an agency fee normally in the region of £800 + VAT which is payable after completion.
They normally split the commission 50/50 with their local property agent.
Without having access to internal information we have to base our assumptions on national data from other online agents. Typically, 20% of their listings are likely to complete which means they probably sell 100 homes every month with an average sales cycle of 14 weeks.
It all depends on what you require in terms of service. If you’re looking for the cheapest way to sell your house with an Estate Agent we think their service might be a good fit. However, with over 9,000 listed properties it is difficult to see how they can deliver a personal service to all their customers. If you’re looking for an estate agent who will keep you in close contact, you will probably still be better off using your local high street estate agents.
According to Trust Pilot the online estate agency has over 11,000 active reviews with an average score of 9.4 which is an extremely good review compared to other online estate agents.
One Purple Bricks Review from a Mrs Green said:
The process has been simple from start to finish. Darren Matthewson was professional and readily available to help with any questions or queries. The property details were quickly ready and on the website and Rightmove.
The booking, feedback and offers system was easy to use and worked well.
I would recommend Purplebricks to anyone wishing to sell a property.
You can read more feedback here.