Purplebricks has claimed to be out-performing the industry by selling properties faster than any other estate agency brand in the UK.
Meanwhile in the States its former CEO Eric Eckardt appears to be building out a new business called dwellowner. He is said to have recruited former US Purplebricks real estate experts.
In the UK as well as selling faster, Purplebricks also says it is selling more properties than the next largest agent, achieving top prices, and that it has market share of properties under £1m.
Its claims are based on a new report that it commissioned from data company TwentyCi.
A number of Purplebricks’ claims and comparisons are based on sales that have not exchanged or completed but have gone under offer as SSTC (sold subject to contract).
For example, it says that the average time taken to ‘sell’ in the UK is three days longer than last year at 60 days.
It says: “Purplebricks remains the fastest selling (SSTC) estate agency brand, selling properties at over a week faster than average (52 days).”
Purplebricks also claims to complete a sale faster than the UK average of 168 days: “Purplebricks is beating this with an average of 165.7 days between new instruction and completion dates.”
On the number of houses sold, Purplebricks says the top ten agents by size in the UK – including Purplebricks – are selling an average of 291 homes a week, or 1,262 per month.
Purplebricks claims to be doing over three times better than this average, selling 1,023 homes a week and 4,435 per month.
It claims that Purplebricks sold SSTC 3.5 times more properties than the next largest estate agent.
Purplebricks also claims to have the highest conversion rate, at 75%, compared with 53% for the 50 top estate agent brands.
It continues: “Not only do they [Purplebricks] have the highest conversion levels but they also have the lowest withdrawn levels as well.”
In terms of market share, Purplebricks claims to list the most properties under £1m (96.6% of the entire market). It says its strongest market share is in properties up to £200,000 and from £200,000 to £350,000, at 4.2% and 4.1% respectively.
Purplebricks has not given out information as to fall-through rates either for itself or the other agents it has compared itself with, or whether sales that completed actually did so through the original listing agents.
Purplebricks CEO Vic Darvey said: “The fact that we’ve sold quickest for the second-year running is due to how we’ve digitalised the process, making communication between buyers and sellers much simpler.
“Using up to the minute data, with a real-time view of market trends, we’re able to price more accurately, meaning this speed of sale isn’t achieved at the expense of value.”
The agents that were compared with Purplebricks in the research are:
TOP 10 ESTATE AGENTS (alphabetical order)
Bairstow Eves
Connells
Haart
Hunters
Purplebricks
Reeds Rains
Savills
William H Brown
Yopa
Your Move
TOP 50 ESTATE AGENTS (alphabetical order)
Abbotts
Allen & Harris
Andrews Estate Agents
Bairstow Eves
Barnard Marcus
Belvoir
Bridgfords
Butters John Bee
Chancellors
Connells
Cubitt & West
Dexters
Dixons
Doorstep Agents National
Entwistle Green
EweMove Sales and Lettings
Express Estate Agency
Farrell Heyworth
Fine & Country
Fox & Sons
Foxtons
Haart
Hamptons International
Housesimple
Hunters
Kinleigh Folkard & Hayward
Knight Frank
Leaders
Martin & Co
McEwan Fraser Legal
Miles & Barr
Newton Fallowell
Northwood
Pattinson
Peter Alan
Purplebricks.com
Reeds Rains
Robinsons
Romans
Savills
Slater Hogg & Howison
Springbok Properties
Strutt & Parker
Taylors
Ward & Partners
Whitegates
William H Brown
Winkworth
Yopa
Your Move
In the US, where Purplebricks is reviewing its operations, its former CEO has launched a new business, charging sellers 1% to list. Eric Eckardt left Purplebricks in February. http://dwellowner.com/about/
In the UK, co-founder Kenny Bruce has tweeted that he has completed his last day at Purplebricks. He hinted that he is already involved in a new project, saying: “Super excited about the next project: work starts today. #Dontletthegrassgrowunderyourfeet.”
Industry veteran Harry Hill tweeted: “Good luck Kenny. You boys certainly lobbed a rock into the estate agency pond and many people will be intrigued to see your next ‘target’.”
Comments (55)
All STORMZY needed was to add PB into his lyrics.
They are the only agent to cover the entire UK so of course they will have the biggest market share and with that sales and exchanges. Still only around 4% market share from their pool of potential customers though. Add connells with sequence and the countrywide brands and then they wont be number one. A succesful local agent wouldnt be much good with 4% share. It’s all relative. It’s like Greggs probably sell more sausage rolls then the local Baker down the road. Dont make it any better, dont make it better value and certainly dont make it taste better. Withdrawals is a dumb claim as of course your going to stay if got to pay regardless and as for quicker to exchange. I simply smell something…
Totally ignorant and uneducated comment. Read it, digest it, understand it, form an opinion, check your opinion and then comment.
Given the weather on Saturday, I’m going to put Michelle’s contributions down to heatstroke…or booze….or a combination of the two.
What’s more interesting is where PB will be a year from now. Speculation, but operating in 1-2 markets with a Skelton crew. Vic Darvey has no agency credentials. Kenny Bruce was too emotional and all hot air so basically, they are f#cked. Bruce brother should have been pushed out once they expanded outside of the UK. They better all learn how to speak German. Perhaps, Paul V. can give them some lessons. One of the Bruce brother’s mates they protected after they cashed out. Placed him out of the line of fire in the JV hiding. We are also waiting for new blood at the board level. US is now a dead horse and Aus RIP.
Since I first got into agency 16 odd years ago, the general mantra has always been don’t bad mouth the competition, focus on delivering the best service and sell the benefits of your own business and you will succeed. What worries me is that time and again PB are not taken to task over misleading claims and false advertising. The general public continually buy into these mass marketing pushes and of course don’t see the negatives until the upfront payment has been made. The LPE in our area is claiming to have sold more properties in the City year to date than any other agent using Rightmove figures comparing PB’s 270 odd sales to the next nearest agent. Unfortunately they neglect to mention (or don’t understand) that PB is registered as one branch with RM whilst we have 7 across the same area. Add up each of our 7 branches and we outsell PB by 2 to 1. The general public however buy into this claim and more and more sign up to throw their money away. I am aware that this isn’t a new tactic but with PB it is taken to a nationwide extreme. Until the ASA, trading standards or the NAEA get involved, this steam roller of unethical marketing is going to continue and damage the reputation of the (already historically under fire) industry to a degree that it may never recover from. Don’t get me wrong, the Bruce brothers have pulled off an incredible feat from a business point of view and as much as it sticks in the throat I don’t blame them for spotting a money making idea and exploiting it to the full, but the current cult that has been developed in the training procedure at PB has now exploded an awful lot of brainwashed LPE’S out into the world.
There is a way of combatting this. If you contact me I will show you what I use.
Why don’t you share what you use? Is it possibly deceitful, misleading and underhanded? Typical estate agent!
I’m astounded that 94% of sellers buy into the “we do more for fee”
I don’t understand why, after 5 years, the general public still believe the lies you feed them about being worth every penny of your over-inflated fees
That’s because you don’t understand Estate Agency, Michelle – perhaps you should have stuck to selling mobile phones?
The Purple People Cult is over – you need to move from denial to stage 2 of the grieving process.
‘but the current cult that has been developed in the training procedure at PB has now exploded an awful lot of brainwashed LPE’S out into the world.’
As if by magic one suddenly appears…
PB are counting the sales from the SSTC stage because they leave the progressing to other agents in the chain.
I feel sorry for the people that work there, having to pretend they are estate agents when they are really just monkeys with sticks.
Wow they get given sticks, where do I sign up!
I thought you’d applied and got turned down. You clearly can’t be trusted with a stick
Why would you feel sorry for someone or something and then insult them.
Insincerity comes naturally to most high street agents.
So the hype is starting preparing itself for the 3rs July announcement. Anyone who believe PB will ever announce anything negative about itself is deluded and announcements should be treated as nothing, but best self promotion.
PB do not have the handle on exchange times. That is all dependent on a number of factors, surveys, lenders, conveyancing, chains and completion date requirements. Unless they are selling no chain properties they should be taken to task as misrepresentation in their claims. They have shown a consistent behaviour in misinformation and getting close to investigation by the city, in manipulating its track record?
There is still the issue of PB is only a network of self employed LPE’s which means it is not a single agency and cannot compare itself to those agents who are “as one business’s”.
“There is still the issue of PB is only a network of self employed LPE’s which means it is not a single agency and cannot compare itself to those agents who are “as one business’s”.”
Something I have often wondered is how PB is set up on the portals, do they pay per LPE or one single fee? If there are 5 LPE’s working a patch should each count as a ‘branch’?
I think they use the non-geographic pricing model, whereby they have to pay for a branch for every 31 available properties for rightmove.
None of your business
They don’t sell anything in our patch of London and couldn’t value a £5 note so this definitely doesn’t apply to my part of town. An embarrassment to the industry.
Your industry was an embarrassment long before PB came along to introduce a level of honesty and transparency to the antiquated process of selling and buying.
Great work PB. Keep it up. Simply the best
I agree with DoSomeWork. Great work PB
I accompanied my brother on his house search today. Shockingly bad estate agents who not only lie, one told me hisvendor was an idiot and I should make an offer £40,000 below the asking price and he’ll try to convince him to accept. All because my brother agreed to sit with his mortgage advisor.
#neverhappened
Lies, damn lies and statistics
Opinion isn’t fact Client1st.
Prove its a lie.
This is from a report commissioned by PB themselves! Enough said.
if you don’t trust it Josh, why don’t you commission your own. Instead of top 50, you could ask TwentyCi to list the top 2000 to insure you’re featured
Simply the best at denial of the truth: https://www.allagents.co.uk/purplebricks/
Show me your TP, feefo and Allagents reviews. I dare you
What’s the actual source of this? They’re a PLC and it’s nowhere?
Read the article. TwentyCi
Purple who? What a load of tosh! Very rarely come across them and when I do, WOW what a shambles…
AndrewWhyman69 not coming across them doesn’t make it “tosh” it just means you’ve not been very busy
You can’t compare For Sale By Owner/DIY with a Full Service Offering.
Property Poke In The Eye – tell me more about your full service offering. I’d be interested to hear
In my patch they’re about the slowest. Typically 15% off on price and converting about 25%. Albeit a small sample as people here sense it’s ****. Mostly.
surrey1 why don’t you publish your findings instead of blurting made up stats
Why don’t PB publish actual sales figures rather than blurting out made up stats?
Does Purplebricks also have the house marketed for longest? I’m sure the chap that asked them to sell his bungalow on 10th February 2015 feels that he got a great deal
Purplebricks would argue that he’s had THE best deal as he’s paid less than £200 per year for all that exposure and marketing! He’s definitely got more bang for his buck!
But marketing any house for three years without it selling will have done irreparable damage to its final achievable sale price.
Most potential buyers will now be ignoring it, believing there is something inherently wrong with it!
I agree AgentV, I was just trying to illustrate how the masters of spin would no doubt try and sell it. I’m in a very sarcastic mood today!
One can also argue failure to sell after four years. How much longer do they need? Look really good on a CV.
ArthurHouse02 scrapping the bottom of the barrel
A 70% drop in share price is always a sure fire indication that you are ‘The best’ ????
Moveaside01 there’s no logic in your comment and
If that top 10 list really is the “best” 10 agents in the country then god help us all. What a load of tosh.
Has this report been released into the public domain?
Check TwentiCi
Purplebricks?
Donkeys!
…..and just for balance, from Trustpilot PB Reviewer, posted 20 hrs ago
Avoid! Awful company lock you into fees to use their solicitors who charge double the cost of your own.Lure you in with the “cheaper than haybrooks spiel” then do absolutely nothing to sell your property as they don’t care if it sells or not they get paid anyway! Avoid! Use a company that get paid if they sell then they will work for you to get your house sold. Would not recommend at all.
……and Sean posted his Trustpilot PB Review 2 Days ago
Do yourself a favor use a local agent, don’t use PurpleBricks or any of there Conveyances
Do yourself a favor use a local agent, don’t use PurpleBricks or any of there Conveyances.Agent – Rude, didn’t listen, always seemed to be doing something else when I spoke to her, had no idea what she was doing. Raised issues with her whilst on the market, during the sale and after never every did she give it any attention. The advert was rubbish, pictures terrible, wording incorrect, map point in the wrong place and most of all didn’t use any of the benefits as a selling point. The aftersales is shockingly bad just a body on the end of the phone no interest or knowledge at all – really really poor.
wish I had read this earlier in the day!
Purple B cover the whole of the uk, That’s a lot of data. One central office, low overheads, huge patch. If you added together all of the data for the top 10 agents… branded them as Yellow doors, guess what, yellow doors would be selling the most, the fastest and for the best price, BECAUSE OF THE DATA VOLUME!
Abbotts for example, are part of countrywide, add together the 30 odd brands of countrywide and all of a sudden the figures look better… they’re selling more, faster.. you get the drift.
Add the fact that properties are selling quicker because – They have no sales support. When have you ever had a sales chase from a purple bricks above or below you in the chain… me? never.. simply because they sell the property, quickly, for whatever price, then leave the sales progression to the agents in the chain around them.
You’ll probably find as well, they sell faster because the no sale no fee model has a time limit. If you are on the market for 12 months… they ask you to pay anyway! hmmm
Lowest withdrawal levels? well yes… if I’d paid for my mars bar in advance, I’m not going to return it to the shop without a refund am I … 🙂
Better a donkey than a worm GPL