Purplebricks claims higher recognition than the 134 year old Raine & Horne group

Purplebricks claims higher recognition than the 134 year old Raine & Horne group
Purplebricks claims higher recognition than the 134 year old Raine & Horne group

Purplebricks now claims it is the third most recognised real estate brand in Australia, behind Ray White and LJ Hooker, says its CEO.

After just a year in operation, the low-cost estate agency is now the third most recognised real estate brand, according to its UK chief executive Michael Bruce.

Mr Bruce cited brand awareness research it commissioned in May through market research firm PHD which found that one in 10 people mentioned Purplebricks when asked: "If you were thinking of selling your home, what companies would you think of contacting first?"

This was up from just four per cent in March. It spent over $6 million in its first-year in Australia promoting the brand through television, radio and online.

Since then Purplebricks has leapfrogged well-known Australian brands including McGrath, Hocking Stuart, Century 21 and Raine & Horne, according to the PHD research, following its expansion into Sydney, Perth and Adelaide

Ray White ranked first with 27 per cent spontaneous awareness and LJ Hooker second with 24 per cent.

"We're at 10 per cent spontaneous awareness in Australia and are now the third most well known real estate brand in Australia. And we have achieved that in eight months," Mr Bruce told The Australian Financial Review, which has been pushing the low commission website through its editorial articles.

"Australian people are taking to Purplebricks quicker here than the UK," the AFR reported.

"We're growing quicker on every key performance indicator (KPI): revenue, local property experts, listings and sales. All of those things we are ahead of where we were in the UK," he said.

According to its Australian website, Purplebricks has sold about 1100 properties in Australia and won more than 2000 listings since launching. Vendors pay between $4500 and $5500 to sell their home through a Purplebricks "local property expert".

Australia accounted for 7.4 per cent of Purplebricks' full-year revenue in 2017 of £46.7 million when the company reported its results recently.

The agency secured a $3.1 million Oyster Bay riverfront weekend sale for property developer David Fam after it was passed in at its one registered bidder auction.

Agent Joshua Singer told AFR he had sold 35 properties since joining Purplebricks in January from traditional agency Century 21. 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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