15 Jun 2018 09:00
15 June 2018
PURPLEBRICKS GROUP PLC
Purplebricks US Expansion: Las Vegas and Phoenix
Purplebricks Group plc (AIM: PURP) ("Purplebricks" or the "Company"), the hybrid estate agency, is pleased to announce that, following its successful launches in California and the New York Designated Market Area ("NY DMA"), it is expanding its offering to Las Vegas, Nevada and Phoenix, Arizona.
Both Las Vegas and Phoenix are fast-growing cities with buoyant real estate markets with circa 61,000 and 143,000 annual property transactions respectively (to February 2018). Average property prices are around $290,000 in both cities. Effective from Tuesday 19 June 2018, Las Vegas and Phoenix residents can list their homes with Purplebricks for a flat fee of $3,600 and, upon closing, pay the buyer's agent commission, which is standard in U.S. real estate transactions. A local homeowner selling a $261,000 home would save $4,230 using Purplebricks, compared to paying the standard real estate brokerage commission of 5 to 6 percent.
To oversee its operations in Las Vegas and Phoenix, Purplebricks has named local real estate agent Marcus Fleming as Regional Director, bringing a decade of experience in the local real estate market. He will report to Eric Eckardt, US Chief Executive Officer of Purplebricks.
This news comes on the back of several Purplebricks launches in the US over the last nine months. In September 2017, the Company announced its initial US launch into Los Angeles, with subsequent roll-outs into San Diego, Sacramento, Fresno and the NY DMA following in January 2018.
Purplebricks' low fixed costs and hybrid offering ensures that the Company is agile and able to penetrate the best-suited markets quickly, including non-adjacent regional and international markets.
Commenting on the launch, Michael Bruce, Group Chief Executive Officer, said:
"The Purplebricks model has continued to achieve great results on both coasts by providing excellent service and saving home sellers in California, Connecticut, New Jersey and New York thousands of dollars. We see tremendous opportunity in Las Vegas and Phoenix, as both markets have ideal demographics comprised of consumers eager to buy and sell homes while saving money."
Enquiries:
Purplebricks Group plc
Michael Bruce, Group Chief Executive Officer James Davies, Chief Financial Officer
| +44 (0) 20 7457 2020 |
Instinctif Partners
David Simonson, Mark Reed, George Yeomans
| +44 (0) 20 7457 2020 |
About Purplebricks
Purplebricks is the leading next generation estate agency in the UK with operations in Australia and the US that combines highly experienced and professional Local Property Experts (Local Real Estate Experts in the US) and an innovative use of technology to help make the process of selling, buying or letting so much more convenient, transparent and cost effective. Purplebricks is transforming the way people perceive estate agents and estate agency.