Anyone sell via PurpleBricks?

Question

Hi all,

Does anyone have any experience with PurpleBricks? It's an online-based MLS broker that was a big hit in the UK. They have since expanded to the US Market... I'm considering selling my primary residence and am contemplating using them to save almost half on commissions. They charge a flat rate ($3200) to list. I'd be paying that plus the buying agent's fees.

For those of you familiar with the process and their services, please give me the good, the bad, and the ugly.

Thanks,

Omid

Noi K. · Answer

Account Closed , did you end up using them?

My wife met and liked an agent from Purplebricks to list our condo. I looked into listing with them in AZ - the flat fee is $4950...

So let's say if the house is $200k, Purplebrick's fee ($4950) plus Buyer's agent (2.5% = $5000) is almost $10000. Difference is only $2k compared to conventional agents (6%). It may not make sense to use on a house that is less than $200k.

Anyhow, let me know if you have any more insights.

Account Closed · Answer

@Noi K., I did not end up using them, as I’ve still to list the house in any method. Still have a few months to figure out which path is best... Maybe FSBO? 😀

Reba Marabotto · Answer

I would guess a lot of conventional brokers include professional photos, but not the 3D virtual tour. I myself have included regular videos. As for Zillow and the other platforms, they all feed from our MLS, so it goes out to all of them. We have found them to have accurate information, but it may not be as updated as often as the MLS.  Just for the record, I personally can offer 4% on a sale if I've also represented you on the purchase. I'm not sure what others offer.  Would love to help you out if/when you are looking.

Mitch Coluzzi · Answer

@Noi K. a lot of brokerages have gotten aggressive with their listing rates, which vary SIGNIFICANTLY between brokerages and even agents within those brokerages depending on level of autonomy.  Every brokerage offers different components to their marketing package, but most include MLS and professional photos.  Majority of the MLS systems I work with integrate directly with Zillow/Trulia, and some folks syndicate to hundreds of other sites as well.  If doing a virtual tour, get an example of what they are doing... There's a big difference between a photo slideshow and a full-blown 3D Matterport.

Lastly, some of the flat fees (not all, just some) are not cooperating brokerages.  As such, they do not list on the MLS nor do they compensate out-of-brokerage agents for producing a buyer.  That just means you are working exclusively with their agents and buyer pool.  Triple check this before making a decision on who to list your asset with.

It is worth a conversation with conventional brokerages to compare services... Equally important is the actual agent you sign on with at that brokerage.  :)

Noi K. · Answer

Account Closed thanks for your input. I read about their issues in UK but wasn't aware in US. with 5% commission, there's essentially no savings from using Purplebricks. But they do promise to include professional photos, 3D virtual tour, advertising on Zillow/Trulia etc. Do conventional brokers include these services these days?

Reba Marabotto · Answer

@Omid Boloori. Definitely worth educating yourself to what they offer in services. Just be careful. Word is They are going through some litigation with some of their agent employees. I’m not going to say anything bad, as it’s hearsay to me. I do know from discussions with buyer agents that have been through the purchase process of these listings that’s it’s a bit frustrating to get things accomplished. May or may not be worth the savings. Most of us agents are now offering a 5% commission to split between brokers for full service. Worth asking questions, for sure.

Antoine Martel · Answer

How are they different than Redfin? I believe Redfin has the same thing.

Anyone sell via PurpleBricks?

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