British Realtor commission-free expands to Canada
British Realtor commission-free expands to Canada- Online realtor Purplebricks PLC is expanding into the real estate market of Canada with $51-million purchase of commission-free online realtor DPCF i.e Dupropio/ComFree Network.
Instead of collecting commission on final sale price of a home, DPCF and Purplebricks charge an upfront fee to the home sellers. DPCF users in Canada sellers pay as little as around $599 an upfront fee of a house in Canada, in Quebec packages that range from $699 – $1,099.
DPCF said that this had around 39,000 listings across Canada in year 2017 and had revenue of nearly $45.6-million, and an announcement of purchase by Purplebricks said that this has grabbed around 20% of Quebec real estate market, although just 2% in Ontario and 2.3% in west.
Yellow Pages has bought DPCF in year 2015, for nearly $50-million when this company started earning $40-million in year 2014. Divesting online brokerage comes like Yellow Pages Ltd. which continued to struggle with decline in its listings business and stagnant growth in all of its digital efforts. In January year 2018, Yellow Pages cut nearly 500 jobs, about 18% of its work force at this time.
Marco Dodier, CEO at DPCF is a Canadian startup which appointed jobs in year 2009, and all of his management team is intended to remain on job after purchase. Around $15-million of amount will be invested to fuel the expansion of company.
Purplebricks raised an amount of $177-million in March when Axel Springer, German media titan bought 11.5% stake, and has expanded recently to the United States and Australia. Company said that this had revenue of $81-million for the first half of year 2018, and capitalization of its market sits nearly $1.6-billion.