Purplebricks plc (LON:PURP) co-founder Michael Bruce says traditional agents sell only around 50 per cent of the homes that they list, so spend half of their income from commissions underwriting the costs of the home owners who fail to sell.
In a long and detailed podcast produced by Irish workplace compliance consultancy Legal-Island, Bruce now chief executive of Purplebricks worldwide says the traditional agents’ business model of no-sale no-fee is “fundamentally unfair.”