'Uber For Real Estate' Launches In Newcastle

It's promising to save sellers thousands

'Uber For Real Estate' Launches In Newcastle

A British company dubbed 'Uber for real estate' has arrived in Newcastle, promising to shake up the local property market.

Unlike with traditional real estate agents where you pay commission, Purplebricks asks for a flat fee of $4,500 to sell your home.

It promises sellers "everything they would expect from the traditional sales process, but with a greater level of transparency and convenience".

The agency claims Newcastle homeowners wanting to sell can save on average $18,560 per sale in combined commission and marketing costs.

Homeowners are provided support during the sale process from a local property expert who is a licensed real estate agent.

They also have access to 24-hour online support.

However traditional real estate agents are warning "buyer beware", saying customers can expect a "budget service at a budget price."

"I think when people are selling their most precious and expensive asset, they look for someone a little more professional to handle the transaction for them," said Wayne Stewart from the Real Estate Institute.

"The services that are provided by an agent today can't be provided by companies such as Purplebricks."