A UK-based firm which is hoping to shake up the US real estate brokerage model is making a further push into the market
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A UK-based firm which is hoping to shake up the US real estate brokerage model is making a further push into the market.
PurpleBricks, which launched in September 2017 in Los Angeles, says it intends to expand to the New York DMA by June 2018.
The firm already operates in the UK and Australia and uses a technology platform along with professional real estate agents who work exclusively with the company in a designated zip code.
The New York operation is headquartered in Midtown Manhattan and will charge a flat $3,200 fee to sellers listing their homes and a 2.5% buyers’ agent commission.
“It is a sign of confidence in the potential of the U.S. business that we are today announcing our expansion to cover both the East and West coasts, with our planned entry into the New York market,” commented Michael Bruce, founder and group CEO of PurpleBricks.
He said that New York has higher than average rates of commission and transaction volumes, making it the firm’s natural choice for expansion to the East Coast.
“Purplebricks has broken down barriers in an industry that has historically been reluctant to change,” added Eric Eckardt, the firm’s US CEO. “We are excited about our planned entry into the New York DMA, which is the largest in the U.S. with more than seven million households.”
PurpleBricks, which launched in September 2017 in Los Angeles, says it intends to expand to the New York DMA by June 2018.
The firm already operates in the UK and Australia and uses a technology platform along with professional real estate agents who work exclusively with the company in a designated zip code.
The New York operation is headquartered in Midtown Manhattan and will charge a flat $3,200 fee to sellers listing their homes and a 2.5% buyers’ agent commission.
“It is a sign of confidence in the potential of the U.S. business that we are today announcing our expansion to cover both the East and West coasts, with our planned entry into the New York market,” commented Michael Bruce, founder and group CEO of PurpleBricks.
He said that New York has higher than average rates of commission and transaction volumes, making it the firm’s natural choice for expansion to the East Coast.
“Purplebricks has broken down barriers in an industry that has historically been reluctant to change,” added Eric Eckardt, the firm’s US CEO. “We are excited about our planned entry into the New York DMA, which is the largest in the U.S. with more than seven million households.”
