Member Info for chilting

One minor update - The fact that REDX is in administration has just been added to the website, with a brief news story dated 24th May.

Albanylad Yes, totally agree.- I guess it might take another 6-8 weeks for a solution to be made public. If they do manage to save the company under new management things may no be so bad - especially if new funding is agreed. Don't forget the pipeline is very strong.

milly Bricks offer various packages, including viewings conducted by the LPE and legal services - full payment when these are used is taken at completion. The main difference is that the LPE works from home via the internet, connected to one central office. Rather than the myriad of expensive premises we see on the high street for traditional agents. Hence costs are lower and reduce with economies of scale as the business volume increases.

Don't fall into the trap of thinking that all online agents offer the same service. Bricks offer the same level of service as a traditional agent - they just do it online. The real clincher is that the bricks service is actually better than many traditional agents and it is very flexible, giving the seller maximum control over their sale. This is true disruptive technology - read up on Woodfords involvement.

Nothing new - the Liverpool Echo report is still the most relevant I think. http://www.liverpoolecho.co.uk/news/liverpool-news/liverpool-council-2m-loan-row-13107432

It looks like gravity is finally winning - but how low will it go??

Fetherbourne I would not argue with that but frothy sentiment doesn't usually take a share this high - why does it keep going up? I sold out when I thought it was going down at £3.70 and just left my profit here but that was clearly wrong.

Smug and rather perplexed!

Slimboy I think that Jon Moulton's comments in the Liverpool Echo are the nearest we are going to get to firm information. If he is correct it is going to take them 6-12 weeks to sort things out. I guess the first we will hear will be an RNS when things are sorted one way or the other or maybe the company will be sold then I think we do have some input???

There are two ways that bricks could increase the percentage of properties that it sells - 1, Don't accept properties on its books that the LPE considers to be overvalued. 2, Offer a refund if the property remains unsold for an extended period. These changes would sharpen the business model and put pressure on the LPE to perform.

Lots more info in the report from the Liverpool Echo. http://www.liverpoolecho.co.uk/news/liverpool-news/liverpool-council-2m-loan-row-13107432

Yes, I guess there is a lot more that we don't know and probably never will. The trouble is that even if REDX does start trading again the SP will be shot to pieces - damage done!! Our best hope is a takeover.

What you say may be correct but the simple fact is that the loan repayment was overdue and Liverpool council have a duty, like any other public body, when it comes to accounting for their taxpayers funds. The loan should have been repaid.

I haven't been able to find any new information since the RNS on the 24th May - press reports since simply relay the facts. I guess no news is good news and things are still happening behind the scenes. We just have to wait.

cyberduck It could be that the LPE gave the impression to my niece that he handled everything connected to the marketing - so you are probably correct. As you say, like any salesman LPE's are very results led and would naturally want a sale - in our experience they are extremely proactive - also they have a stake in bricks with the employee share incentive scheme.

Some people seem to be under the illusion that bricks simply take the £849 and do nothing more than market the property. This is totally misleading, for an extra charge the LPE can conduct all the viewings and bricks also offer a full legal service. In this case all the charges are levied after completion. The listing can only go live via the LPE. - the LPE has total control over all the marketing.

Maybe back on the market after sale has fallen through?

Profit comes with increased market share and economies of scale. PURP will dominate the market within 5 years local agents and their sharp practices will make it easy for them!!

My nieces house sale with Purplebricks as the agent has just fallen through - the elderly lady changed her mind! My niece contacted the local agent that she was using for her purchase and told them. Their response was - "we will talk to our seller and try to persuade them to wait on you finding another buyer IF you agree to let us sell your property at 1.75% commission alongside Purplebricks who don't care if they sell the property or not" Needless to say she told them to get lost!!! The point is that I think that bricks is missing a trick here - if they promoted themselves as the honest Property Agents offering a simple straightforward service without the dubious practices that have got Estate agents such a poor name, I think they could do themselves and their clients a big favour.

The relationship between bricks, RM and Zoopla is an interdependent one - at the moment. RM and Zoopla's USP is that they offer all UK property on their sites so to say that they would compromise on that is ludicrous - especially as bricks market share is growing. It would be up to bricks to terminate the relationship at some time in the future - maybe, but I guess if bricks play of RM with Zoopla and Zoopla with RM over a period of time the saga could run and run!!!