eXp UK has partnered with Nexpad to provide mortgage services to its network of more than 900 agents.
Under the agreement, Nexpad will act as the primary brokerage for eXp UK and operates as an appointed representative of HLPartnership.
The partnership allows agents to refer clients for mortgage advice earlier in the transaction process, with the aim of improving oversight and reducing delays.
Agents may also be able to acquire equity in Nexpad based on referrals and usage.
Adam Day, head of eXp UK and Europe, commented: “One of the biggest issues within the industry is that agents are often expected to generate significant value through referrals, particularly when it comes to mortgages, but see very little of that value beyond a one-off fee.
“In many cases, they are effectively helping to build someone else’s business without ever sharing in the success of it, and that’s something we fundamentally disagree with.
“At eXp UK, we believe that if our agents are contributing to the growth of a business, they should benefit from that growth, whether that’s through a stronger share of the revenue being generated or through longer-term alignment as the business scales.
“This partnership is a clear step in that direction. It not only strengthens the support we provide to our agents and their clients, but also ensures that the value being created is shared far more fairly with the people driving it.”
Stuart Dare, CEO of Nexpad, added: “Securing a national contract with eXp UK gives us a strong starting point. Home buying is time-sensitive and often slowed down when advice is introduced too late. Nexpad has been built to bring regulated advice into the process earlier, improve coordination and support good consumer outcomes.
“What makes this so exciting for brokers is that national estate agency lead sources have traditionally been tied to employed [PAYE] roles, often with mandated in-branch presence. Uniquely, Nexpad gives brokers the opportunity to be self-employed, manage their own diary and still benefit from the security and consistency of estate agency–driven lead sources. Our model is also very culturally aligned with eXp’s which will inevitably lead to some very strong agent/broker relationships.”