Purplebricks on Expanding into the Lettings Sector
The online estate agency´s role in how homes are bought and sold looks set shape the evolution of the property industry in the coming years. Established in 2014, Purplebricks was the first to adopt the “hybrid” model, bridging the gap between using the experienced local knowledge of traditional agents with the convenience of online and mobile access. As a result, with a current market cap £746.63 million, the company has been able to position itself solidly in what is a massively competitive sector and remove itself from some of the negative murmurings regarding this non-traditional sales route. Comparative research by Which?, for example, demonstrated that vendors using Purplebricks had to reduce their asking prices the least compared to other online estate agencies and, interestingly, online/hybrid agents sell on average 38 days faster than traditional agents. With the company now bringing its expertise into the rental sector,... [Read More]