Purplebricks has informed the Press Association that the company wants to secure over 10% of the agency market share in the UK as well as launch a new service for customers called 'Purplebricks Plus'.
Purplebricks CEO Michael Bruce said in a recent interview with Press Association that the new Purplebricks Plus will allow sellers to see all their domestic suppliers on one online platform.
The only other detail revealed in the interview was the Purplebricks Plus will go live next April.
Bruce said Purplebricks Plus will successfully keep the company's bran in the users' minds, even though estate agencies are used during moves every seven or eight years. “My vision has always been to have a long lifetime relationship with our customers,” he told PA.
The CEO believes the UK market is ready for Purplebricks to expand its share to about 10%. Bruce also argues that the accuracy of some claims about his agency's conversion rate of listings into completions.
Bruce says, when it comes to further overseas expansion, that it's imperative to follow the model of his company's recent acquisition of Canadain firm DuProprio/ComFree.
The agency has Germany and Europe in general in mind for its expansion, according to PA. DuProprio/ComFree had received £125m in funding earlier this year from the German publishing giant Axel Springer, which owns some 11.5% of the hybrid agency, and will use this investment to help expand.
Bruce says that more than startups, acquisitions would be the model he would prefer when moving into new territories.
“We’d be more interested at this stage in an acquisition than putting some troops on the ground,” he told PA.
“We’re not directly touting, but it’s clear that people know us and the brand and what we’re trying to achieve.”
“We know who’s doing OK in these markets and we’re observing them,” he says.
Purplebricks had announced that it had acquired DuProprio/ComFree earlier this month, which held 39,000 property listings in 2017.
Purplebricks described it as having “a profitable 20.2 percent market share of the real estate market in the province of Québec, and has more recently launched into new territories, securing a 2.0 percent market share in Ontario and 2.3 percent in Western Canada (Manitoba, Saskatchewan, and Alberta).”
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