Purplebricks is to spend some of its £63 million cash reserves on further developing its tech in a bid to become the UK’s first ‘real-time, mobile-enabled’ hybrid estate agent, it has revealed.
Three quarters of the UK population now use their smartphone to access the internet, while figures among younger renters and buyers reveal over 90% use their smartphone to go online.
Purplebricks spent £2.8 million on bespoke tech for its business last year and, following the company’s exit from both Australia and the US, it says the new focus of the company will be on using technology to take on traditional agents.
“Rapid expansion into international markets over the last few years has been distracting and the product and technology teams have been stretched to the limit,” says its CEO, Vic Darvey (left).
“There is a huge focus on continuing to take share from incumbent traditional operators and extend our market leadership.
“However, there is also a recognition that we need to do things differently, none more so than in product and technology.”
The focus of the company’s investment is to include driving more revenue via its My Purplebricks app, which allows buyers and sellers to communicate directly, and also focus once more on launching Purplebricks Plus, which will enable home owners to see all their household bills on one dashboard, heralding the company’s first activity outside house sales and lettings.
Purplebricks Plus had been scheduled to be launched in April this year but has been postponed partly by Purplebricks concentrating on its problem in the US and Australia, and the departure of its founder directors, Michael and Kenny Bruce.
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