Jeffries, a consultancy firm, has released new data indicating that controversial property portal Purplebricks has sold 51.6% of their listed properties in ten months. These numbers line up with the average success rate of the industry as a whole.
This is interesting, however, as Purplebricks had previously offered up a number of 88% of their properties being sold. Jeffries and its parent company City has previously been vocally opposed to how Purplebricks has operated previously, not releasing their numbers to the public in a timely manner.
“We admire the speed at which PB has grown and the sheer scale of its ambition, from recording its first revenues in FY14 to disrupting the estate agency markets in three continents [Australia, US and Europe] by FY17. No one can doubt that it has disrupted the markets in which it operates and we can see the attractions of the revenue growth from its upfront fixed-fee model,” said Analyst Anthony Codling.
Purplebricks later fired back, claiming the numbers were off. “The reason this analysis is incorrect is that it’s based on just one month’s data and does not include properties which have exchanged, have reached SSTC, or are on marketing breaks (ultimately we will market properties for as long as it takes to sell).”
Join us in Bangkok from the 28th of February to the 1st of March for the 22nd Property Portal Watch Conference. The theme for this year is The Future of Online Real Estate Marketing – Getting Closer to the Transaction.