Selling your house the Purplebricks way
Purplebricks is a well-known online estate agency website which allows buyers and tenants to book viewings, make offers and agree sales, at any time of the day. The website or app can be used to ask sellers and landlords questions securely. It can also be used to get property valuations and free appraisals in case the property seller has no idea how much value should be put on the property prior to offering it for sale.1
The website offers full estate agency services for a fixed fee without extra costs like commissions. Its built on a hybrid platform that utilises the advantage of accessibility and convenience of online transactions, and a pool of experienced local estate agents, whom property sellers and buyers may get in touch with from initial appraisal, negotiation, and conveyancing of the property, and ask for guidance and expert advice related to purchasing or selling a property.2
Purplebricks a different way of selling your home
Aside from its pool of experts, the website also provides videos that provides answers to frequently asked questions related to estate agents. It also features a savings calculator, which allows sellers to sell their property at a much lower fee.3
At present, Purplebricks have sold over 78% of the properties listed on its website, based on its claim. Purplebricks at present is operating in Australia and the UK, but its growth and success has caused it to prepare for its expansion in the US, in its third year of operation.4
Other well known online estate agents like eMoov, Tepilo, HouseSimple, and YOPA, have shared the success of Purplebricks in the online estate agency industry.
More consumers are flocking into the digital platform away from traditional estate agent due to the savings in costs and time spent in meeting estate agents, site visits, and open house events. Traditional estate agents typically charge 1.5% of the sale price which seems steep compared to the fixed price charged using online estate services which ranges only from £200 to £1200.
These websites also keep a pool of legitimate and trustworthy estate agents who are required to be members of grievance bodies and commissions like the Property Ombudsman, Property Redress Scheme, and Ombudsman Services Property. As member of these grievance bodies, you may pursue a claim against these agents in the event things go wrong. The listed properties on the websites are also visited by agents and third parties to verify them using a 100 data points criteria. The properties may also be booked online upon payment of the required booking fee.
Viewing Purplebricks properties
Online agents found in online estate agency services use websites like Rightmove and Zoopla, among other property portals, to publish a listing of available properties for sale. This allows a wider reach of audience and potential buyers interested in purchasing estate agency properties. These websites use high quality photos, map based searches, sky and neighbourhood view, virtual tours, and 360 degrees photos of the listed properties to provide a holistic experience for the potential buyer. Aside from online viewing of properties for sale, actual viewing of the property can also be arranged with the online estate agents for an additional cost or sometimes included in the services.5
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Online Estate Agents v Traditional Estate Agents
Sellers who want to be in charge of the process of selling their home or property, save from additional cost of getting a traditional estate agent, and a quick and easy method to advertise their property, will find using the online estate agency websites to their advantage. The advantage of using these online estate agency services is that it combines both traditional and online services. Since most estate agents have limited local knowledge for purposes of appraisal, online estate agency services have integrated appraisal features based on collated online data. Sellers may also request the services of expert local property appraisers through these websites.6
With these online tools and websites made available today, researching prior to buying and selling has become easier. However, it is still important that this is supplemented by expert advice from estate agents who will guide you through the step by step process of purchasing or selling your property.7
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4 Purplebricks estate agent defends business model. BBC. (2 February 2018) http://www.bbc.com/news/business-42915433
5 McLaughlin, K. “Buying A Home Sight Unseen Is Easier Than Ever—and More Common”. The Wall Street Journal. 22 June 2017. https://www.wsj.com/articles/buying-a-home-sight-unseen-is-easier-than-everand-more-common-1498140215
6 Friedman, R. “How to Sell Your Home Without a Real-Estate Agent”. The Wall Street Journal. 21 March 2018. https://www.wsj.com/articles/how-to-sell-your-home-without-a-real-estate-agent-1521640801
7 “Should I Hire a Real Estate Agent to Sell My Home?” Money. Time.com. http://time.com/money/collection-post/2803544/should-hire-real-estate-agent-to-sell/