THE INCREDIBLE SHRINKING PURPLE LISTINGS

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  • #48175

    PeeBee
    Member

    In his recent interview, Zeus Capital Research Director, Robin Savage, states among other ‘interesting statistics’ that PurpleBricks are now “the largest UK estate agent by numbers of properties on Rightmove”

    He doesn’t go on to quantify that statement in any way, shape or form.  No figures; no comparisons – just the throwaway statement as reproduced above, and as was reported upon here on EYE:

    <span style=”color: #0000ee;”><u>http://www.propertyindustryeye.com/purplebricks-is-now-the-biggest-agent-in-uk-by-listings-on-rightmove-claim/</u></span&gt;

    But before I go on to gnaw at that particular juicy ankle (as I do…), in the interview/advertorial, Savage – quoting information straight from the AGM Trading Statement – also chirps merrily that PBAustralia produced “revenues many times ahead of last year”

    What he failed to add was the apparently extremely insignificant final few words of that Trading Update – “…although they had only been trading two months in the comparable period.”

    But I suppose it was there if anyone wanted to read it…

    And taking into considering that PBAus opened its’ cyber-doors on August 30, 2016, you would hope that Savage’s expectations of  improved H1 performance from PBAus would be the case.

    SO – enough of that for now – and back to the aforementioned ankle.

    As said, Mr Savage’s “largest by numbers” claim has not been backed up by numbers.  It is stated that the comparison is based upon listings on Rightmove – a claim that is incredibly hard to quantify for a number of reasons – the “number” in this instance being the actual number of places that PB’s listings are squirreled away.

    There are over twenty different Purplebricks microsites on the Rightmove portal, from ‘Anglia’ to ‘Yorkshire’.  Figures I checked last week (4 October) gave a total of 31790 properties, of which 15951 were said to be ‘For Sale’.

    By way of comparison (in best estate Agency fashion…), the same check on the PurpleBricks website gave a total of 28920, and 16518 of them when you tick the box not to ‘Include Sold?’ – and the Zoopla site’s ‘For Sale’ figure was pretty similar, at 16502.

    Why the Rightmove figures are down in terms of ‘available’ listings I don’t know – maybe I’m missing an area or two… but then that would push up the total by at least the 500-odd ‘missing’ properties – and more likely by at least 1000, seeing as the total number being quoted is pretty much double that of the unsold part.

    That would be a discrepancy of between 3500 and 4000 properties – a rather large number to give a believable explanation for, wouldn’t you agree?

    SO – how do you suggest that PurpleBricks will give a believable explanation for the mahoosive drop in total listings on their own website that started on 25 September – A TOTAL OF 5426 PLUS OVER 2500 ADDED?

    Of that rather-awkwardly-large-to-explain number, well over 2500 of them ‘did a Lucan’ on the morning of 29 September – which someone was kind enough to remind me was the morning they also released their pre-AGM Trading Statement.

    Some might think that’s a rather large coincidence.

    I’d rather think that someone will now have to explain where the neck-end of 8000 listings have been squirreled.

    And I can’t wait to read it.

    Notes to PB’s Totally Infeasible Excuses Department:

    1.  Someone on Twitter has already suggested “Down the back of the sofa” – so that’s out – scratch #1.

    2.  You’ve already used “Human Error” this week – scratch #2

    3.  You should be asking in advance for a pay-rise – ‘coz if you can blag this one you’re worth your weight in Gold-pressed Latinum.

    “IF” being the most important word in the above sentence, of course…

    Screenshots are of course available for the avoidance of doubt…

    • This topic was modified 2 months ago by  PeeBee.
    #48183

    Andrew Overman
    Member

    Oh Peebee, this is brilliant. I have a day off today and apart from my eldest daughters first ever ‘reception class’ assembly first thing, I’ll be nipping out to purchase popcorn ready to sit back and watch this little beauty unfold!

    #48189

    PeeBee
    Member

    Unfortunately I’d keep the popcorn unopened for now, Mr Overman – posts here on ‘The Arena’ get single hits so I’m not expecting my lit firework to go off with anything other than the resonance of a wet f@rt in the middle of a field.

    It would be good though to get it onto the main site.  Watch this space – and keep the popcorn handy, mon ami!

    #48190

    smile please
    Member

    ZEUS Capital … Why does that name ring a bell?

    Are they affiliated with the OTM float????

     

    #48191

    PeeBee
    Member

    Although it bears no relevance (or does it??), yes, smile please – the very same people.

    #48192

    smile please
    Member

    I just find it interesting that a company such as PB that is interested in putting high street agents out of business is working closely with ZEUS

    The same company (ZEUS) is now working closely with OTM who <span style=”text-decoration: underline;”>were</span> all about protecting high street agents from onliners.

    Is it just me that this does not sit well with?

    #48193

    PeeBee
    Member

    In that context I agree wholeheartedly.

    But since when did Gold Members ever have a say…?

    #48197

    AgentV
    Member

    Just a thought, but does anyone else suspect that the reason for listings disappearing and reappearing might be  a way of minimising the payments to rightmove and zoopla? For instance, aren’t they effectively charged a membership fee on rightmove for every 32 properties listed?

    Therefore if you were to rotate your listings you would end up paying a lot less. Its a terrible way to sell, as potential buyers find properties disappearing and reappearing very confusing…and naturally believe there is something wrong with them. However its a good way to save on portal costs

    http://media.rightmove.co.uk/pdf/Geographical_Advertising_Guidelines_for_Newly_Identified_Geographical_Advertisers.pdf

    #48240

    PeeBee
    Member

    **UPDATE**

    At 0745 there was 27341 total listings on the PB website.  At 1745, there are 27040 – a difference of -301.

    There have, in addition, been 126 listings added to their Zoopla page in that time period – so ‘on paper’ it looks like as many as 427 properties have fallen down the back of the sofa/’done a Lucan’/add your own explanation (delete where applicable)  in TEN HOURS!

    TOTAL number of listings removed?  Lots.  And lots.

    And lots more, besides.

    Best estimates – points to between 5700 and 8300.  17.5 to 25 percent of the sum total on 25/9/17.

    Anyone disagree that either of those figures equate, in layman’s terms, to anything other than “lots”?

    Come on, dom-boy – how’s about you putting YOUR best spin on it?

    #To_You

    #48241

    Chris Wood
    Member

    Great work, as ever PeeBee. The deeper we dig, the worse it smells.

    #48244

    Ostrich17
    Member

    Maybe PIE could ask Mr Savage to comment. After all Zeus Capital’ Research Director will have exercised the necessary due diligence before making such a statement, and will,therefore, have the numbers to back it up.

    #48248

    PeeBee
    Member

    You are absolutely correct in that assumption, Ostrich17.

    Or, at least – you should be.

    #48250

    Ostrich17
    Member

    Either way, he will be spinning like a top trying to explain such a large discrepancy.

    #48252

    PeeBee
    Member

    Ohhhh YESSSS!

    As Mr Overman suggests… get your popcorn at the ready!

    #48317

    PeeBee
    Member

    At 0830 this morning, the PB website was showing a total of 26460 listings.

    That is down a further 580 on that of the update posted  at 6pm on Wednesday.

    A minimum of 513 properties have been added, according to Zoopla, in the intervening period – so Mathematics 101 strongly suggests that almost 1100 listings have ‘done a Lucan’ in 64 hours (being, as it is, a 24:7 business)

    Simply put – their register is contracting at a rate of 2 to 1.

    Are we witnessing the beginning of a Supernova?

    #48523

    PeeBee
    Member

    Update

    As of the time of posting, the PB website is showing 25798 total listings – down a further 662 on Saturday’s figure. Add to that the best part of 900 properties ‘listed’… that’s another 1500 that have disappeared! So it’s obvious that there’s a new quantum singularity for property listings on the block – which I would like to give the official stellar name of “#CONmisery *1 NSPR”.

    Quite fitting, I think you’ll agree…

    • This reply was modified 1 month, 3 weeks ago by  PeeBee.
    #48653

    PeeBee
    Member

    *UPDATE*

    At the time of posting, PBs ‘listings’ total has fallen by another 520, to 25278. There have been at least 512 ‘listings’ added on Zoopla to get to this total, so in reality another 1000+ properties have ‘done a Lucan’ in 3 days.

    Is there any other Agency capable of this feat of statistical miracle?

    #48832

    PeeBee
    Member

    **FURTHER UPDATE**

    PBs ‘listings’ total has today dropped below 25,000.

    At the time of posting, they have 24,818 total properties listed on their website, of which 16,353 are ‘Unsold’.

    That’s a further 460 units down on the total only THREE days ago.

    I wonder where this leaves their proxy claim, via Robin Savage, that they are the largest UK Estate Agent in terms of “listings”?

    I can think of at least one single-word answer…

    Maybe dom-boy would like to comment?

    #48836

    EADadof3
    Member

    I am amazed at this, I watch our local agents and you can watch their listing ebb and flow with almost total clarity, why would their be a difference between Rightmove, Zoopla and their own website, surely the upload is equal to all sites.

    Seems to me that vendors will need to check their property is listed every day, or perhaps, they relist sold properties, exchanged properties etc for one day, rightmove won’t show as a new instruction unless been off fourteen weeks, so would just increase numbers without showing as a new instruction. on our rightmove old stock report, PB have two of the oldest stock properties, click on them and they show as removed by agent, when I queried with rightmove I was told relisted within fourteen weeks so show as continuous marketing.

    #48841

    The JB
    Member

    Someone on twitter said ‘down the back of the sofa.’ What buffoon would say that?

     

    Great post PeeBee.

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