Purple Bricks who are they?
Purple Bricks is an online estate agent. Purple Bricks is also known as a hybrid estate agent.
These types of online estate agent carry out the bulk of the house selling process work online. Their aim is to harness the latest technology to bring house sellers and buyers together to transact online.
They are a market leader amongst the top 10 online estate agents in the UK.
Why should I use Purple Bricks over high street Agents?
Purple Bricks don’t use estate agents like your traditional method. They call the people you physically meet and deal with “Local Property Experts”. They do not have local offices like conventional high street estate agents do. They organise everything from one central office by phone or email.
They market your house online, using property online property search portals. They do not use techniques like window displays and newspaper advertisement as your old traditional agents do.
Purple Bricks charges selling a house on a fixed fee basis, as do many other online estate agents. Traditional estate agents usually charge for selling your house a percentage of the selling price.
Purple Bricks’ basic fixed fee for London is £1,399, which includes VAT. For the rest of the UK, it is £999, including VAT. You will have to re-check the fee at the point of entering into a contract as the fee structure may change.
You may attract other Purple Bricks fees in addition to the standard fixed fees for add-ons.
They offer all the usual agency services like inventories, conveyancing, survey, and property valuation.
The central support team can usually manage all the main tasks that drive the operating costs down, enabling them to offer attractive fixed fees for selling or renting. The online reviews on Trustpilot seem to suggest they generally do a good job.
What are the advantages of Selling using Purple Bricks?
Selling a house using Purple Bricks is simple, straightforward cheaper. First, they will put you in touch with a local property expert. So, you will not have to deal with an estate agent.
A property expert is usually a local person who knows the local market and area well.
With online agents, you will have to show any potential buyer or renter around the property. Now due to the easing of the COVID-19 rules, accompanied viewings are possible once again.
Most online agents don’t seem to offer the same comprehensive service as Purple Bricks, which is what the positive reviews suggest.
Selling a house online seems to be a more modern, 21st century way of doing business.
Your typical real estate agent cannot compete with an online estate agent on the selling fee or conveyancing fee online agents offer as a package.
Purple Bricks’ fixed fee rates are cheaper than estate agents’ commission in most cases. They are estate agents, local and online agents who are more affordable than Purple Bricks. Do they offer the same level of service?
Purple Bricks, in some cases, may be an expensive choice, depending on the package you have selected. The add-ons can drive up the cost, which may work out more than some other online agents.
One of the main reasons online estate agents is capturing the traditional estate agents lion share of the business is very simple.
They have a vast online audience when selling or renting a property for a property owner. This means the property owner will sell or rent much quicker, and the sale price or rental value will be achieved.
Purple bricks houses for sale
Purple bricks houses for sale covers England, Wales & Scotland and you can search by town or Postcode. The search result will also show all types of property including land. You can also search for recent properties sold.
You can also see the properties available for rent and this is particularly useful for landlords. You can use this to search the rental value of your property if required.
Alternative Real Estate agents to consider:
Purple Bricks was founded in 2014 by brothers Michael and Kenny Bruce. Both brothers have extensive experience in the UK property market. Their accounts for about 75 percent of the UK’s online estate agency sector.
Its online agents model is simply a hybrid agent taking advantage of centralising everything reducing operating costs. This way of doing business has seen the company mushroom into one of the largest estate agents in the UK today.
They list properties for a fixed fee of around £999. This is the fraction of the cost a high street agent would charge.
However, high street agents in the UK typically ask for payment only if they sell the property. No sale, No fee!
Purplebricks and other online agents, the fee is paid upfront in advance, however, an online estate agent will generally charge a lower fixed fee.
The company has been under the spotlight, as its annual results showed losses of £52m. The company has seen 75 percent of its share price wiped off since its high in 2017.
In May, Purplebricks’ co-founder, Michael Bruce, abruptly quit. The same month, the company announced more bad news when it shut its Australian branch.
It also announced it was withdrawing from the US property market two months later. This was only about 2 years after starting operations in the US.
They announced that the decision to exit the two businesses, the US and Australia, has “allowed us to refocus on our UK and Canada businesses.” They are not the only property agent struggling in the UK. According to a recent accountancy firm Moore Stephens survey, 27% of estate agents are in “financial distress”.
Author: Amanda Goldsmith Date: 10th of September 2021
Our top read Blogs: