Just when you think you are comfortable with the real estate landscape, something new pops up on the horizon. Enter, Purplebricks.
It's been only a couple of weeks since I started seeing commercials for the newest company to arrive in New York but they're shown so often that I needed to learn more.
A British company that was started in 2012 by two brothers, has no brick and mortar presence as their business model.
According to their website, this branchless real estate agency charges a $3200. upfront fee rather than paying commission in the end. Home photos are taken by the company and put up on several sites for as long as it takes to sell. You can also buy through them.
Clearly, there is no MLS involved and no co-broke percentage offered.
Will they make a dent in our real estate industry? Only time will tell. Recognizing them on ActiveRain may not be in our best interest but they're here and people are talking regardless.
As of this writing, other than the U.K., and Australia, they can be found in LA and NY.