Estate agent comparison site GetAgent has handed a lifeline to struggling Purplebricks sellers.
It has announced that it will give home sellers impacted by the financial trouble of Purplebricks £300 cash back on their estate agent fees if they need to instruct a new agent to get their home sold.
Purplebricks’ share price plummeted by 60% this week as it was revealed that the firm is in danger of running out of cash.
Two of its major shareholders have also sold their holdings and online rival Strike is in talks about a takeover.
Purplebricks which claims to be the UK’s largest, charges £1,349 upfront, more in London and the surrounding areas, and has previously claimed to list over 5% of properties available for sale in the country.
However, GetAgent said this will do little comfort to the hundreds of sellers who, having paid upfront, now stand to lose their money while paying a second time around for another agent to sell their home.
To help ease their financial burden, GetAgent, has offered to pay £300 of their estate agent fees should they have to instruct a second agent in order to sell.
Sellers who are currently listed with Purplebricks can search GetAgent for the best performing estate agents in their area and once their selected local estate agent steps up to help them sell, the website will give them £300 cashback on the fee owed to their high street agent.
Estate Agent Today has queried how long this offer lasts and what happens if Purplebricks is sold and becomes financially viable.
Colby Short, chief executive of GetAgent, said: “It was simply a matter of time before yet another online agent fell financially short and once again, it’s their sellers who stand to be left out of pocket having paid their fee upfront.
“The good news is that the nation’s tried, tested and trusted agents are on hand to help, having proved their property selling pedigree and local expertise time and time again.
“We’re confident that our agent partners are up to the task and then some, as they consistently rank as the best performing in their respective markets. We urge anyone who does find themselves out of pocket to list with one of them, and we will be more than happy to pay a proportion of the fee owed on completion of your sale.”
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An evasive answer to the query of "how long the offer lasts and what happens if Purplebricks is sold?"
Those foolish enough to instruct PurpleBricks in the first place are naive enough already without further encouragement.
Even better idea is to speak to agents directly and ask will they match the £300 off because if we get your details from these guys, we have to pay them 0.25% of your selling price, not our fee.
What absolute nonsense.
1. If your property is not selling it’s more than likely due to price
2. If your property is worth say £350k , your fee with a high street agent at 1% is £4200, with Purplebricks your fee is £1799 inc vat,
So even if you are offered £300 , in this instance you are still paying £3700 nearly double your Purplebricks
3. Where is the evidence to support the claim that Purplebricks change of ownership is affecting their ability to sell houses? It’s business as usual
4. Here is an idea! If you really want to help Purplebricks vendors , how able paying their full fee, from the 1% minimum comission high street agent charge
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