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Purplebricks exits Australia

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So, you probably heard the news that PURPLEBRICKS will exit the Australian market, two and half years after entering it with a promise to shake things up.

Purplebricks initially grabbed the attention of the selling market with its fixed fee offers and misleading assertion about portraying industry practitioners as pimped and preened show ponies – which gave us a good giggle (and lets face it, some in our industry are not so humble) but Purplebricks attempt to downgrade the entire real estate profession backfired when they forgot to focus on business.

“During the two and half years that Purplebricks has been operating in Australia, market conditions have become increasingly challenging. This, combined with some execution errors, has resulted in the business not delivering the progress the board expected,” the company said in a trading update.

Blaming the market conditions seems “a bit of a smokescreen” if you ask me.

In Australia, both home buyers and sellers value having someone to walk them through a transaction as significant as a property sale. In this way, their model wasn’t quite cut out for this market. The importance of nurturing a long-term relationship far outweigh any commission structure in Australia.

While we understand the public don’t relish in the idea of making real estate agents ‘richer’, I think selling your house is one area where it might be false economy to aim to save a few (thousand) dollars.

With a very good negotiator on your side – and the incentives in place – you will be very surprised at the final price and the service. Truth be told, selling a property is harder than people think.

Whilst property transaction volumes have dipped by 20 – 30% and this is going to affect anyone working in the real estate industry, there are plenty of businesses who are doing very well in these conditions. The biggest innovators and hardest workers show through when conditions are challenging and when there is demand for a new way to do things.

You need big thinkers not big talkers in this era of real estate to be a game changer.

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Nikki Gervasi | Real Estate Agency in Melbourne | Nicole Gervasi Property Group

AUTHOR

Director of Nicole Gervasi

Nicole has led over $1 billion in property transactions, building a future-focused business driven by repeat and referral clients. Known for her strategic mindset and strong national and international network, she has built a reputation for pushing boundaries and delivering results. Passionate about the art of negotiation, Nicole helps clients unlock long-term property growth with confidence and clarity.

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FAQs

There are different ways to value a property, including an agent appraisal, a bank valuation and other automated valuations.

We use many different data points to estimate a value.

We analyse a whole suite including;

  • property type (i.e. house, townhouse, strata title etc)
  • land size and location
  • comparable sales (i.e. similar homes that have sold nearby)
  • market trends, current and historical
  • property characteristics, such as the number of bedrooms, bathrooms, garages, and the size of the property’s footprint.

We also overlay data from government bodies and other sources – pinpointing the value of a home by looking at all of its components – land plus building.

Rather than look at what season to sell it, there are other major factors that drive property values up and down.

  • Supply and demand in the current property market (Your current property market)
  • Location
  • Interest Rates
  • Property features, size 7 type
  • Property & Land potential
  • First impressions and emerging trends: For example, don’t underestimate street appeal, or if there is a policy momentum behind an emerging trend, such as energy efficiency features.
  • The state of the economy

When selling your home, there are various approaches to consider that can help you maximize both the speed of sale and the sale price. One method is selling off-market, where interested buyers and investors are invited to view the property and make an offer before it’s publicly listed for sale. While this approach can be advantageous in some cases, it’s important to also consider the potential downsides before deciding if it’s right for you.

We aim to secure a good tenant for the property as soon as possible. In our experience, a well presented, well priced property will go relatively quickly. Factors such as rental vacancies in the area, property features, owner expectations, condition of the property, presentation and price will all contribute to the time a property is on the market.

We begin by verifying the applicant’s identity through a 100-point ID check and request rental references from their current agents or landlords to assess their history as tenants. Employment checks are conducted to confirm their financial stability and ability to meet rental payments. Additionally, we perform a detailed search to ensure they have no history of payment defaults, tenancy disputes, or property damage.

During our routine inspections we compile a detailed inspection 3D full HD walk through that also includes photographs outlining the condition of the property and note any preventative maintenance that is required and any damages that have occurred. You will receive one of these every six (6) months. We always update our owners on how the tenants have treated/cared for the property throughout their tenancy when it comes to lease renewal. Maintenance that has been addressed at a property will be inspected and we discuss with our tradesman to ensure that all work completed has been completed to a high standard.

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