What many believe to have been one of the nastiest TV adverts in recent years - Purplebricks’ attack on traditional agents’ fees - is set to make a return.
In a surprise statement the troubled online agency - which at one time was priced on the London Stock Exchange at 500p a share and is now languishing at around 15p - said it was to resume attacking “the unnecessary expense” of commission-based agents.
Returning to its infamous “save yourself from commisery” slogan, the new adverts call for customers to be more confident when choosing their agents.
A statement from Purplebricks, which issued a profits warning earlier this year, says: “The national TV and Radio spots parody the traditional estate agent pitch, showing how the joy felt on completion can suddenly turn to commisery - the feeling of spending thousands on commission but getting nothing more for your money – when you realise your property was always going to be sought after and you needn’t have second guessed the outcome.”
The PR statement goes on to say: “This campaign is designed to make consumers question whether they could make big savings by assessing the quality and desirability of their home before the choose to go with the flow.”
Just last month Purplebricks announced a new director of risk and compliance, following its lettings division’s high profile error when it failed - for an unspecified period of time - to properly serve legally-required documents to tenants explaining their deposits had been put into a national protection scheme. Purplebricks has put the financial liability of the error at between £3m and £4m.
Before that Purplebricks’ controversial new chief executive, Helen Marston, had her appointment delayed because of compliance checks on her past record, which includes an incident in 2014 when she voluntarily declared herself bankrupt, before this was discharged a year later.
Marston says of this new advertising campaign, resuscitating the old slogan: “This campaign encourages owners of lovely homes to reconsider whether they truly need the outdated approach of the old high-street.”
The new campaign is the latest policy flip flop from Purplebricks. In 2019 it said it was ditching the Commisery concept as its then chief executive - Vic Darvey - felt it unhelpful to criticise other agents in the industry. Now that view, too, appears to have been abandoned.
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Always found that advert somewhat enraging every time it came on because it's simply untrue.
Reluctantly bought our house through Purple Bricks and found them (unsurprisingly) shambolic. I know you buy the house and not the agent but you do still have to deal with them and it's summarily unhelpful to speak to people who seem to have no concept at all of what they're doing.
Prime example of getting more for your money with a proper & professional agent: Prospective buyers who have been financially qualified and are actually proceedable rather than having endless offers accepted and falling through as they aren't able to proceed as is the saga with a house down the road from us that has been yo-yoing on and off the market for the last 12 months with Purple Bricks and is currently for sale again.
Can only assume that their Lettings offering is similarly underwhelming. Never come up against them in over 4 years in Lettings but can't imagine they're stiff competition.
I genuinely can't wait for the opportunity to be in 'competition' with them on a lettings property appraisal- although I won't hold my breath, it's happened once since they launched.
Kristjan
Please clarify ?
Their share price is a fraction, but only a fraction above its lowest ever. Is this all the new C suite have to offer? Copying a marketing campaign that worked when people actually believed that PB could be a viable and profitable business? Bet that was a quick board meeting.
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