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Purplebricks is here: UK low-fee brokerage invades LA

09/15/2017

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U.K. hybrid brokerage Purplebricks launched in the Los Angeles area today, marking its official U.S. debut. The renegade’s expansion from across the pond draws on more than $60 million raised in a special stock offering. Purplebricks will begin its run in the Golden State by diagnosing Californians with “real misery,” a condition for those who think they overpaid their real estate agent. Though not yet listed in the DSM-5, the disease is prolific in the brokerage’s latest marketing push. After introducing its business model to California, the company, which is traded on the London Stock Exchange, plans to invade other big states with the low-fee formula that shook up the U.K.’s real estate market. While Americans have shrugged at such offerings in the past, Purplebricks believes its blend of self-service tools and agent support will find purchase here. ‘Brilliant agents’ need not fear “We’re embracing real estate agents but in a new world in a different way and those that a…

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