CEO of Purple Bricks Australia, Ryan Dinsdale, has left the company.
Purple Bricks* (PB) keeps saying "everything is fine"... and then next month more changes occur.
We've seen this before. Purple Bricks, the company, keeps telling everyone that everything is fair dinkum.
Yet they keep making changes internally... leading us to believe some important things in their operation are still not settled.
Mr Dinsdale has been in his position for 2 years, and has been through the recent company changes to better recompense its employees.
But still he is leaving. After, just a month ago, the company said that wasn't happening.
This is a pattern we've written about before: say one thing, a few weeks later something else happens.
On Monday, Purple Bricks released a statement saying that Ryan Dinsdale and the company had "mutually agreed that Dinsdale will leave the company to "pursue new opportunities".
Most of us know that is a euphemism for "fired" or "quit", when the parties involved do not wish to disclose which of those it actually is.
We at PropertyNerd suspect the latter. But we do not have strong evidence.
Not long ago Purple Bricks Australia CFO Brad Rom, who had been with the Australia operation since the early days, left them to join the Mable health care company.
That might be a bit of a clue.
Brent May, NSW state sales director, abandoned ship in August.
NSW training manager Michael Good also left in August.
Kerry Sacilotto, manager for WA and SA, left clear back in January.
Most of them are still listed as "leaders" of PB Australia, on the corporation's UK website.
Purple Bricks Australia has suffered a very high turnover rate since opening in Australia, with many agents complaining that no matter their effort, they could not make a decent living.
Others have criticized PB for it's "toxic environment", which paid employees for each listing but did not reward actual sales.
Yet the company continually demanded sales.
It became notorious for low conversion rate: many listings, long time on market, low settlement rate.
Not long ago, PB Australia, along with international manager (and now AU resident) Neil Tavender, announced that PB now will approximately double (or slightly more) an employee's commission if the listed property sells.
That might go toward fixing much of the problem.
But even with these fixes, many in upper management continue to bail, giving the impression that the ship is sinking.
Last December, Mr Dinsdale cashed in 40,000 Purple Bricks share options, when the market price was £3.65 ($6.44). Today the same shares are less than £1.80 ($3.17).
It remains to be seen whether the structural changes in AU will fix the company's problems in this country.
It is pretty obvious that its central model, which was quite successful in UK, did not translate well to AU.
Its success or failure is still up in the air.
We shall see.
* While other sources tend to call them Purplebricks, their own advertising and government business registrations, with few exceptions, say "Purple Bricks": two words.
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