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Flat-fee real estate agency Purplebricks plans expansion to New York

Last year, flat-fee real estate agency Purplebricks expanded into the U.S. after building a successful business in the United Kingdom and Australia. The company charges sellers a flat fee of $3,200 to list their home and a “highly competitive” buyers’ agent commission of 2.5% once the home sells. According to Purplebricks, the New York designated market area, which includes more than 20 million people in select counties across New York, New Jersey and Connecticut, is “particularly well suited” for what the company has to offer. The company claims that real estate commissions can reach as high as 7% in the New York area, and with an average home sales price of approximately $560,000, its flat fee model will save buyers thousands of dollars. We are providing a simple and convenient way for both buyers and sellers to conduct business and save thousands of dollars at the same time,” Purplebricks U.S. CEO Eric Eckardt said. We are excited about our planned entry into the New York DMA, which is the largest in the U.S. with more than seven million households.” According to the company, Purplebricks can charge less than other real estate agencies because it offers a technology-focused selling experience. Sellers can also used Purplebricks’ “easy-to-use online platform that provides an unparalleled level of control and transparency over the entire sales process.” Purplebricks is “currently recruiting” licensed real estate professionals in the New York area to serve as the company’s local real estate experts. “It is a sign of confidence in the potential of the U.S. business that we are today announcing our expansion to cover both the East and West coasts, with our planned entry into the New York market,” Michael Bruce, founder and group CEO of Purplebricks, said. “With higher than average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks. Our local team have an in-depth understanding of the U.S. market and considerable experience of New York specifically,” Bruce added.