Purplebricks Switches From 'Hybrid' to 'Online' Model

March 29, 2020
Share this Post: 

Purplebricks hasn't been immune to the struggles companies across the world are being hit with while COVID-19 rampages every major country. 

The British property portal is taking a number of measures to keep up, starting with seeking government assistance to help pay staff wages, with major layoffs being the alternative.

Purplebricks will begin facilitating virtual viewings and digital valuations to continue business while citizens continue self-quarantine. The company is still expecting the worse as UK property sale numbers tick downwards. 

The company has also announced that it will be implementing a lean operating model moving forward and lasting until the end of the Coronavirus pandemic. Purplebricks also has plans to reduce supplier costs and overheads and will be suspending all TV and radio advertising in a move to cut costs.

Yet, Purplebricks has reported that it currently retains around £35 million of cash on its balance sheet and has no debt. 

Purplebricks is answering this with exchanging its title as a 'hybrid agency' to that of a 'complete online model', making its workforce completely remote and utilizing technology like video software to continue business as usual, facilitating virtual tours, valuations and connecting potential buyers with agents through the Purplebricks platform.

The UK government has asked anyone looking to buy or sell property at this time, to delay and has put in place a ban on all travel but that which is deemed essential. This expands to those who have already exchanged contracts to move and sell to pause all business related to the move until the stay-at-home rule has been lifted. 

March 29, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 1454624438
U.S. Portal Operator OJO Labs Acquires The LEAD Syndicate

The U.S. PropTech operator OJO Labs has announced that it has acquired The LEAD Syndicate, a provider of teach solutions...

Read More
Onthemarket Employees
OnTheMarket PR Push Continues with Agent Signups and Roadshow

The UK's number three portal OnTheMarket (OTM) is definitely ramping up its PR in the early months of 2024 with...

Read More
Product Roundup 13March24
Product Roundup: FangDD, Yandex, Redfin, Realtor.com, Keyper, OneDome and MagicBricks

Another week, another big product roundup for portals and proptechs worldwide. Here's what we've spotted...   FangDD shares soar 80%...

Read More
Proptechfundingroundup060324
PropTech Funding Roundup: Cove, FOIP, EasyKnock, GoFlint, Rukita

While the average value of this week's proptech fundraising roundup hovers around the $3M mark, one of today's featured startups...

Read More