In February this year Michael Bruce, CEO of Purplebricks announced its plans of expansion to the US. The company raised £50 million and has finally announced its move to the states. Following the region by region launch in the UK and Australia, the US roll-out will start in Los Angeles before extending across California and other major states.
Earlier this month, Purplebricks were recruiting Local Real Estate Experts for California, a state chosen because of what the company describes as its “strong housing and economic fundamentals”.
Online advertising says LREEs could earn up to $100,000 in year one “and the opportunity to double your income every year from there, building a profitable business.”
The firm said: “As the 6th largest economy in the world by GDP and the leading US state in terms of both number of annual real estate transactions (442,320, source: California Association of Realtors®) and an estimated commission income of $12bn p.a, California is the natural launching point for US expansion.
“Although California, at 12.6m households has less than half the UK equivalent, the level of commission income in California is more than double that of the UK.
“The diversity and density of the Los Angeles population and broad spread of low to high price properties, will enable us to demonstrate the high quality of service across all demographics and the potential savings that customers can achieve.
Michael Bruce added to the statement saying: “Launching Purplebricks today in the US is the single biggest moment in the company’s three-year history and a proud moment for me personally. It is testament to the quality and dedication of the team that we have achieved this ahead of schedule and expectations.
“We are excited about the opportunity, in this $70bn market, while mindful of the challenges.”
Purplebricks is now in three continents in the space of just over three years.
Bruce said: “We are confident that we are leading irreversible change in the industry and that we are best placed to realise the future global opportunity.”