Purplebricks

Purplebricks will report its financials on July 3rd for the year. With the company imploding in Australia – the stock market will be watching intensely, the July 3rd Purplebrick’s earnings statement. If earnings are down – there may be 1 less competitor in the marketplace.

Purplebricks said May 7th; it’s shutting down in Australia after 2.5 years. It’s U.K. stock price fell 65% in the past year, according to Bloomberg. It also announced it’s conducting a “full review” of operations in the U.S.

Purplebricks began in the U.S. in late 2017, launching in Los Angeles. The company has struggled financially, with its U.S. and U.K. CEOs leaving in February, and the company reducing its expected revenue guidance.

The company pivoted its model in the U.S. to begin offering varying fees in different markets and success-based pricing where a homeowner only pays those fees if the home sells. It was a move that brought Purplebricks more in line with traditional real estate brokerages than the “disruptor” it was billed as when it launched.

Mike DelPrete, a real estate tech advisor, recently took a deep dive into the numbers and found the company’s massive marketing spending was failing to generate enough customers. Now the company’s shuttering its Australian outpost.

Michael Bruce, the company’s founder and current global CEO – who also oversees U.S. operations on an interim basis after U.S. CEO Eric Eckardt’s departure – is also stepping down….Or is he bailing out? On July 3rd – we’ll know!

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Kurt Galitski Real Estate Group

Distinct Strategies. Record-Setting Results.

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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