Another household name in even less time is Purple Bricks, a company who’s entire brand has been built on the ethos of slagging off the very industry its owners learnt their trade in. But, like the dinosaurs, if you don’t evolve you die. Before Facebook was MySpace, remember them ? Purple Bricks share price has tanked in recent days as shareholders reel from the collapse of emoov which had only earlier in the year incorporated Sarah Beeneys ‘Tepilo’.
With both shareholders and customers alike losing millions of pounds, and Purple Bricks policy of taking upfront fees leaving unsold vendors more than a little disgruntled and being constantly hauled up in front of the Advertising Standards Authority for its misleading if catchy adverts, PBs share price now languishes in the 130p’s from a high of 445.
It’s worldwide expansion has hit more than a few snags with the business model being unworkable in Australia and the US, both of where now benefit from the no sale – no fee model, unlike the UK where believers in the ‘commissary’ message only realise what real misery is when they’re £1000 out of pocket.
That disparity in its worldwide operation brings to question whether PB now believes its own message and how long it can continue with the shareholders seemingly unrelenting support but with the loss of both US and UK CEO’s since the new year it’s unlikely decisions will be being made any time soon.
Even PB have jumped on to the latest innovation to herald even forth-to-come changes to how we buy and sell property with the advent of the ‘Modern Auction’. Using the Ebay model and the migration from the High Street to the world wide web, modern – or conditional – auction offers buyer with mortgages the chances to get in on the cash buyers act, and sellers to avoid the costs that are attached to the auction room.
Leader in the field is Iamsold.com, based in the north of England who, just a decade ago started out with a first year turnover of 100k. Last year it was over twenty million.
What’s over the hill ? Those of us that still cherish the service in the high street model.