eXp UK has launched a new buyer representation programme, driven by estate agency trainer Richard Rawlings, which is an initiative designed to allow its member agents the opportunity to boost their earnings.
Buyer representation is a common practice in many other countries, whereby an agent works on behalf of a homebuyer to help them identify suitable properties, whilst also negotiating on their behalf and helping to drive the purchase through to completion.
eXp UK unveiled its latest offering to member agents at its recent conference in Birmingham just a few weeks back, an offering which eXp UK says will see its agents potentially double their income by earning extra revenue if they generate fees from buyer representation, with the income going towards the agents existing cap, and with no additional charges involved in offering this service to clients.
Rawlings will be spearheading this new initiative. He said: “Buyer representation is very much the next chapter in British Estate agency. Having now developed a “Buyer Representation Lite” system for the UK market, I’m delighted to be rolling this out across the whole of eXp UK with a view to doubling the revenues of those agents who choose to embrace it.
“With their truly global network of agents, eXp UK is the perfect vehicle for serious nationwide referrals too, as a buyer client is a virtually guaranteed transaction, and faster than a regular seller client too, with completions in approximately half the time of a regular instruction.
“Buyer Representation is still in its infancy in the UK and although the appetite for it is significant (Channel 4’s “Location, Location, Location” is now in its 41st season), most regular estate agents misunderstand the opportunity here. One ridiculous aspect of British estate agency is that agents can usually only sell their own stock, but watch this space – this is about to change, and to the substantial advantage of our industry too, in terms of both reputation, and revenue.
“The system I am training eXp UK agents to adopt is simple, often zero-cost, and gives the agent and their buyer client access to everything on the market, and some off-market too. The excitement and commitment I am seeing from eXp agents across the UK over this, is a wake-up call to any agent who thinks that “the only way is their way”. Think again!”
The head of eXp UK, Adam Day, commented: “The eXp model has dramatically altered the landscape of UK estate agency since launch and we’ve continued to evolve our proposition so that our member agents not only have greater freedom and a better work life balance, but also the opportunity to increase their earnings as, when and how they see fit.
“The launch of our buyer representation programme and the significant investment we have made in working with someone like Richard Rawlings, demonstrates our belief in how we can continue to evolve the estate agency model in the UK, while helping agents at eXp to continue to benefit financially by creating new revenue opportunities for them. We also believe that having an agent acting on behalf of a buyer can be incredibly advantageous for the nation’s property market.
“Whether they’re taking a step onto the ladder for the first time, or tackling an onward purchase alongside their own sale, the expertise and guidance of an agent can help them to make their move with greater speed and stability.”
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It’s high time that UK adopts this as a standard practice….
Great to see exp are thinking about it and are training their agents to benefit from it…
It’s nothing new as Property Deals Insight Agents have been using our platform to allow agents to act on their behalf and identify properties suitable for their clients from whole of market….(including the OFF MARKET Properties)
We would be very interested to work with any agents who want to give an extra edge to their clients and more than double their earnings potential…
More than happy to chat to any Exp agents who want to know more.
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I’ve been offering Buyer Representation for the last 4 years since moving back from the USA. I’ve been coaching our agents in Buyers Agency and our firm regularly hosts Buyers Agency training events. And I’ve been collaborating with many Home Search Advisors and Buyers Agents from across the UK to help their businesses grow. This is not a ‘new’ thing…The biggest barrier of entry for most Agents to adopt this opportunity is the Value Proposition and the required amount of customer nurturing. Most agents who are accustomed to the more traditional listing business find they don’t have the patience or the requisite lead generation skills to develop the buy side business…The business is there – its a case of whether the agents are willing to adapt their models and behaviors to serve the clients!
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“eXp has Dramatically altered the landscape of UK Estate Agency since its launch “ … Absolutely not true just another chest out statement with no basis of fact. Another business with another get rich quick angle and good luck to them. The last business to “ dramatically change the landscape of EA in the UK “ was PB and look what happened to them .
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