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Can the U.K.'s Purple Bricks business model work in the U.S.?
Have any of you heard of Purple Bricks?
I'm not surprised if most haven't. Purple Bricks is a U.K. based estate agency.
They have recently announced that they will be expanding into the U.S. real estate sales market this year.
They have been around in the U.K. for 3 years now and have taken the market by storm. Other established estate agents hate them because they offer a low, flat rate listing fee instead of charging a commission....
Does this sound a little like Redfin to you?
The Purple Bricks business model is a great solution for folks in the U.K., I just wonder how it will work in the states. They have recently opened in Australia and are seeing a lot of success there as well. But again, will it work in the U.S.?
In the U.K., estate agents are not licensed, there is very little education available (and absolutely NONE required), agents in the U.K. are primarily paid salary with a little commission and bonus added on. Agencies typically charge .75% to 1.5% commission and there is no MLS system and no other form of cooperation between agencies. Each office only shows and sells their own listings.
Estate agents in the U.K. are looked at like ... more

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