Purplebricks offers consumers flat fee listing savings and buyer’s refunds for select cities in California, New York, Connecticut, Nevada, Arizona, Florida, and New Jersey.
As of October 2019, Purplebricks no longer offers real estate representation services to consumers in the United States.
Purplebricks is a consumer-focused flat fee real estate broker. As a listing agent, Purplebricks works with a seller to prepare homes for listing, including taking professional photos, pricing home, and publishing marketing materials.
Purplebricks lists all homes on the local MLS as well as typical MLS Aggregators. Sellers don't have to pay anything until the property is sold or until 6 months have elapsed. In the unlikely event that the property hasn't sold after 6 months, Purplebricks will still market the property until it is sold.
Purplebricks maintains a well-designed online platform that allows sellers to communicate with all parties involved in a sale.
As a buyer's agent, Purplebricks works with buyers to find a home, schedule inspections, negotiate repairs and finalize the purchase.
Purplebricks offers a buyer's refund incentive of $1,000 paid at closing and it keeps the rest of the commission, typically 2.5%-3%. While Purplebricks offers great savings to sellers, the buyer’s refund policy is a bit weak - Purplebricks keeps almost all of the buyer's side commission.
It is not unusual for some agent to offer a much better 50% commission refund. Purplebricks has also suffered some initial problems entering the US market and it’s not yet clear if these have been fully resolved. For sellers, the listing fee is charged up-front and is non-refundable, although that is a very minor setback compared to thousands saved over a typical 3% sellers’ commission.
Purplebricks should be near the top of the seller’s list, but for buyers, there may be better local options. Still, $1000 buyer’s refund is better than zero refund offered by traditional buyer’s agents.
Purplebricks offers overall great value to consumers looking to buy or sell a home.
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