Purplebricks claims to be the best-selling estate agent organization in the U.K., with more than three times more sales than any of its runners up. Purplebricks said it made £45 million in profit, and sold 81 percent of its houses in 12 months or less, and also claimed to be the market leader in converting leases into sales. Purplebricks executives attributed its success to such factors as high brand recognition and an employee culture focused on making a complete sale, not on maximizing commission.
Key Takeaways:
- Purplebricks claims that it had sold 3.1 times more properties than its competitors.
- The firm is popular with customers because they don’t focus on commission.
- However, some people feel the company needs to back up their claims with figures.
“Reporting its full year results to the end of April this morning Purplebricks said that its profit margin in the UK was 57.7%, with an adjusted operating profit of £6.5m and EBITDA of £8.1m – up from £1.7m the year before.”