PHOTO: PurpleBricks Australia
Faced with a mounting backlog of unsold properties and pressure from angry vendors, PurpleBricks Australia has been offering cash prizes to agents in New South Wales who convince the most vendors to reduce their asking prices.
In a competition the company dubbed the “NSW Raffle,” agents were required to secure a minimum price reduction of 5 percent on three properties to be eligible for a $5,000 prize, The Australian Financial Review reports.
President of the Real Estate Institute of New South Wales Leanne Pilkington (LinkedIn profile) called the competition “outrageous” and said she was “horrified and speechless” upon hearing the revelations.
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