If you haven't heard, the U.K.'s real estate agency, Purplebricks, is launching in a few days in California.
How many U.S. agents and REALTORS© are aware of this, and how Purplebricks works?
Will their business model work in California and/or the rest of the states?
What does the NAR think of Purplebricks?
Will homebuyers and sellers embrace the change in approach to the process?
These are just a few of the questions I have come up with. I have been a licensed REALTOR© in Missoula, MT and Spokane, WA and now I am working with Purplebricks in the United Kingdom.
To be completely honest, they are a breath of fresh air in England. The home buying and selling process in England is a complete nightmare and the typical "high street agent", as they are called, is on par with the worst, stereotypical used car salesman from the 70's (ugly suit, silly hair, chain smoking and most of all.... full of shit). Purplebricks has knocked the property market on its ass by actually valuing and emphasizing customer satisfaction. They impress upon all of their agents the importance of good client reviews and empower the client by giving them more control over the process and operating openly and transparently.
But will that make as much of an impact in the U.S. as it did in England? Do real estate agents already operate that way in the states, therefore it won't be anything really new?
Purplebricks not only allows, but suggests negotiations directly between seller and buyer rather than between agents. That idea would make many of my REALTOR friends heads explode.
Due to the lower flat rate listing fee approach to compensation, will they be charging the buyers a fee to represent them in the purchase. Will that work with the American buyer?
These are just a couple of the diferences you are about to see from your new competitors.
What are your thoughts? I really would love to get your comments.
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