On the latest episode of the Two Russells podcast, the top team at eXp Realty US, together with UK boss Adam Day, took a time out of their tour of the UK, to talk to Russell Quirk and Russell Jervis.
Quirk and Jervis were joined om the show by Glenn Sanford, founder and CEO of eXp World Holdings; Leo Pareja, CEO of eXp Realty; Michael Valdes, chief growth officer of eXp Realty; and Adam Day.
The four answered a range of questions around eXp’s scale – agents, global revenue, country presence and market capitalisation, as listed on the NASDAQ.
What’s the most that eXp agents are earning in this country?
How big are eXp UK’s overall ambitions in agent terms and in market share?
And which competitor does Adam Day fear the most?
A stand out comment from Glenn Sandford when discussing industry innovation and technology use: “Estate agency progress can sometimes be dinosaurs teaching other dinosaurs to be better dinosaurs. That’s simply not us.”
Leo Pareja says to the seeming obstacle of going alone alone: “In weighing up the risk of moving to a self-employed role in the UK it can be said that the biggest risk is not taking the risk at all.”
And Adam Day talked of a great example of the “special relationship” between the US and Britain existing by way of the success of eXp UK in partnership with eXp Realty US.
Impressive.
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You’ll need 6 months back up money at least. That’s if you list from day 1.
Exp have done an amazing job tbf. It’s a tough sell.
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Declaring the “top” income is the same as comparing your own salary to the highest earners in the UK. It’s almost meaningless. Disclosing and discussing average income across self employed agents is a genuine measure of reality.
And don’t forget: no sick pay, no holiday pay, a self-employed person can’t get a mortgage until several years of consistent earnings. And, completely different to a real owner of a business – nothing at the end of the journey as the agent does not have a business they can sell. Bus fare home?
A real agent, running a business they own outright, has a valuable business to sell at the end of their professional journey.
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Disagree, no sick pay etc, worth it when like me (a exp agent) my annual profit is 5x my previous employed salary. Also, a businesses value is only really your rental portfolio – sales businesses don’t really have a worth. Your name and reputation is your worth and you can leave at anytime and take that with you along with your properties. I also have been gifted $48k of shares completely free, that’s my pension . So I am a real agent running my business under the exp platform with no targets and a life changing bank balance. (Started 4 years ago) x
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My local exp agent has 1 property on the market for sale and 2 for rent
Its a bit like saying Harry Kane earns 400ka week so any footballer can do the same
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But the potential is there – it’s upto you how far you want to push your business, how many hours you wish to work, etc. some people at exp want it as a part time business or semi retirement. That’s what’s great, but everyone has the same opportunity to earn huge figures.
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My local agent is a guy I udsed to work with
He was utterely useless – sacked within 6 weeks
He has a wife a kid and mortgage
He needs to earn money
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They have done a great job – but earnings aside a sales business has little value. To create an asset you really need to build a lettings book.
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It’s great to see this “model” growing in the UK. As a UK / US Estate Agent / Realtor, I can safely say there is so much more that unites as than divides us when comparing UK Estate Agency to US Real Estate Brokerage. And, in so far as there are various “self employed” models on offer, there is also MORE that we share in common than separates us. Although a couple of major difference are around the quality and availability of coaching and training available PLUS some models welcome brand new Agents and some don’t. But at the end of the day this is and will always be a PEOPLE business and so Adam is right when he says – “don’t talk to me, talk to one of our Agents”. Just as is the case when choosing your Real Estate Agent as a Seller or Buyer, choose wisely. Do your research. Take your time to make the best decision for your needs. Any “model” that delivers a better experience to the consumer and puts the Agent in the driving seat, empowering them to deliver a better quality service while earning a great living doing what they love is the future. There’s room for ALL different types in the UK and a rising tide will lift ALL boats.
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Not to forget that there are lots of independent agents up and down the Country who are offering the EXP experience. If you can find one of these near where you live, then this could be far more beneficial, especially if that agent is long established in that area.
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