Understanding How Purplebricks Works: A Comprehensive Guide

Introduction

Purplebricks is a modern, online-based real estate agency that has revolutionized the property selling and buying process. This guide provides an overview of how Purplebricks works, the benefits and drawbacks of using their services, and key considerations for both sellers and buyers.

What is Purplebricks?

Definition

• Purplebricks: An online estate agent offering property selling and buying services through a digital platform, providing a cost-effective alternative to traditional estate agents.

Key Features

• Fixed Fees: Charges a flat fee rather than a percentage of the sale price.
• Online Platform: Utilizes a digital platform for property listings, viewings, and offers.
• Local Property Experts: Provides access to local property experts for valuations and advice.

How Purplebricks Works

For Sellers

Step 1: Valuation

• Online Valuation Tool: Sellers can use the Purplebricks online valuation tool to get an initial estimate of their property's value.
• Local Property Expert: A local property expert visits the property to provide a more accurate valuation and discuss the selling process.

Step 2: Listing the Property

• Photography and Description: Professional photography and a detailed property description are prepared.
• Listing on Portals: The property is listed on the Purplebricks website and major property portals like Rightmove and Zoopla.

Step 3: Managing Viewings

• Online Booking System: Potential buyers can book viewings online at their convenience.
• Accompanied Viewings: Sellers can opt for accompanied viewings where the local property expert conducts the viewings.

Step 4: Offers and Negotiations

• Online Offers: Buyers can make offers online through the Purplebricks platform.
• Negotiation Support: The local property expert assists with negotiations to achieve the best price.

Step 5: Sales Progression

• Sales Progression Team: A dedicated sales progression team helps manage the process from offer acceptance to completion.
• Legal Assistance: Purplebricks can recommend conveyancers and provide guidance on the legal aspects of selling.

For Buyers

Step 1: Searching for Properties

• Online Listings: Buyers can search for properties on the Purplebricks website and major property portals.
• Property Details: Listings include detailed descriptions, professional photos, and floor plans.

Step 2: Booking Viewings

• Online Booking: Buyers can book viewings directly online at times that suit them.
• Flexible Viewings: Viewings can be arranged with the seller or accompanied by a local property expert.

Step 3: Making Offers

• Online Offers: Buyers can submit offers online through the Purplebricks platform.
• Negotiation: The local property expert assists with negotiations to finalize the purchase price.

Step 4: Sales Progression

• Sales Progression Team: A dedicated team helps manage the process from offer acceptance to completion.
• Legal Assistance: Purplebricks can recommend conveyancers and provide guidance on the legal aspects of buying.

Benefits of Using Purplebricks

For Sellers

Cost-Effective

• Fixed Fees: Lower costs compared to traditional estate agents who charge a percentage of the sale price.
• Transparent Pricing: Clear, upfront pricing with no hidden fees.

Convenience

• 24/7 Access: Sellers can manage their listing, viewings, and offers online at any time.
• Local Expertise: Access to local property experts for valuations and advice.

For Buyers

Ease of Use

• Online Platform: Simplifies the property search and viewing booking process.
• Transparency: Clear information on properties, including detailed descriptions and photos.

Support

• Local Experts: Assistance from local property experts during viewings and negotiations.
• Sales Progression: Dedicated support team to manage the buying process.

Drawbacks of Using Purplebricks

For Sellers

Upfront Costs

• Non-Refundable Fees: The fixed fee is payable upfront and is non-refundable, even if the property doesn't sell.
• Limited Service: Some sellers may prefer the more personalized service offered by traditional estate agents.

Reduced Local Presence

• Less Face-to-Face Interaction: Fewer in-person interactions compared to traditional estate agents.
• Self-Managed Viewings: Sellers may need to conduct their own viewings if they don't opt for the accompanied viewing service.

For Buyers

Limited Personalization

• Online Process: The largely online process may lack the personalized touch of traditional estate agents.
• Variable Quality: The quality of local property experts may vary, impacting the overall experience.

Key Considerations

For Sellers

Assessing Your Needs

• Service Level: Consider whether the level of service offered by Purplebricks meets your needs.
• Upfront Costs: Be prepared to pay the fixed fee upfront, regardless of the sale outcome.

For Buyers

Evaluating Options

• Online vs. Traditional: Consider whether the online process suits your preferences and needs.
• Expert Support: Evaluate the quality and availability of local property experts in your area.

How Fraser Bond Can Assist You

Expert Guidance

Comprehensive Support

• Property Valuation: Provide accurate property valuations and market insights.
• Sales and Marketing: Develop effective sales and marketing strategies to attract potential buyers.

Personalized Service

Tailored Solutions

• Bespoke Advice: Offer personalized advice and support throughout the buying or selling process.
• Local Knowledge: Leverage local market knowledge to achieve the best outcomes for clients.

End-to-End Support

Smooth Transactions

• Sales Progression: Manage the entire sales process from listing to completion.
• Legal Assistance: Provide guidance on the legal aspects of buying or selling property.

Contact Fraser Bond to learn more about how we can assist you in buying or selling property.

Conclusion

Purplebricks offers a modern, cost-effective alternative to traditional estate agents, leveraging an online platform and local property experts to streamline the buying and selling process. While it provides numerous benefits, it's essential to consider your specific needs and preferences when choosing an estate agent. Fraser Bond offers comprehensive support, personalized service, and expert guidance to help you navigate the property market successfully. Contact us today to discuss your needs and find out how we can assist you.

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