Transparent, Flat-Fee Real Estate Model Scales Rapidly as Americans Crave Greater Trust
Purplebricks Group plc (AIM: PURP) (“Purplebricks” or “the Company”), the next-generation real estate agency, announced that home sellers and buyers in Orlando and Tampa, Fla., now have a more transparent and cost-effective way to transact. As of today, home sellers in both cities can list their homes with the innovative flat-fee, full-service agency. Aaron Drucker, a real estate professional with more than eight years of experience in the Florida market, has been tapped to serve as Florida State Director.
“Both Tampa and Orlando are experiencing sellers’ markets with 2.5 and three months’ supply of inventory, respectively, which is leading to rising home prices. Now is the perfect time to introduce consumers to Purplebricks’ revolutionary platform, through which clients can save thousands”
The Florida launch comes as Purplebricks celebrates the one-year anniversary of its entry into the U.S. Since launching in Los Angeles in September 2017, the Company’s footprint has expanded to comprise seven states, including California, New York, New Jersey, Connecticut, Arizona, and Nevada, in addition to Florida. Rapid national growth over the last year is a clear sign that consumers have grown weary of traditional brokerage models – which often charge exorbitant commissions while limiting access to information instead of seeking agencies that offer greater control over the home buying and selling process.
“We’ve seen a huge cultural shift favoring total transparency as Americans’ faith in a number of professions – including real estate agents – has dwindled,” said Eric Eckardt, U.S. CEO, citing a national study* the company commissioned to compare trust levels among a number of occupations, which revealed that only 11 percent of Americans “completely trust” real estate agents. “The fact is that before Purplebricks, there was little to no visibility into the home buying and selling process – the agents had all the control, which allowed them to hike up commission fees and dole out information as they saw fit. We have remedied this conundrum by providing a full-service offering that grants total transparency into the entire process, empowering our clients to play a greater role in the sale of their homes in partnership with our local real estate experts.”
Residents in the Orlando and Tampa regions can list their homes for a flat fee of $3,600 and, upon closing, pay the buyer’s agent commission, which is standard in U.S. real estate transactions. The flat fee is the same for homes of all values across the regions. Purplebricks agents provide a full-service offering that includes pricing and staging advice, professional photography, signage and marketing, an immersive 3D virtual tour and dedicated support through closing. A homeowner selling a $306,000 home in these regions would save approximately $5,580 using Purplebricks compared to paying a real estate brokerage commission of 6 percent.
“Both Tampa and Orlando are experiencing sellers’ markets with 2.5 and three months’ supply of inventory, respectively, which is leading to rising home prices. Now is the perfect time to introduce consumers to Purplebricks’ revolutionary platform, through which clients can save thousands,” said Mr. Drucker. “What attracted me to the Purplebricks platform is the value proposition to both the consumer and the agent; it’s the best in the industry. Furthermore, Purplebricks is nimble and able to scale rapidly without sacrificing on service. I look forward to leveraging my extensive expertise in the Florida real estate market to make an immediate impact for customers and agents.”
Purplebricks works exclusively with experienced agents who are dedicated to providing exceptional customer service. All agents benefit from an extensive training program that covers all aspects of Purplebricks’ culture and business model and platform, designed to help them work more effectively. Purplebricks’ agents have territorial exclusivity determined by zip code with central resources available, including a robust lead generation pipeline, for them to build and grow their business. This approach guarantees Purplebricks agents have exceptional local market knowledge and the ability to provide expert advice to sellers and buyers.
For more information on Purplebricks’ platform, savings and services, visit www.purplebricks.com. Real estate agents interested in joining the Purplebricks team are encouraged to email their resumes to firstname.lastname@example.org.
*Online survey conducted by Kelton Global to 1,028 nationally representative Americans ages 18 and over, with a margin of error of +/- 3.1 percent.
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