eXp UK has launched a new letting service with agents joining now able to offer a move-in service to their clients.
The letting product that agents can offer to landlords and tenants will be a move-in-only service to begin with, which will allow agents who join eXp to keep all the management fees that they generate from any clients, whilst building up a residual recurring income, which can translate to future value for their business.
Adam Day, leader of eXp in the UK, commented: “As we know, lettings is an important part of the estate agency makeup here in the UK, and we always intended to add lettings eventually.
“We were conscious that we had to get things right operationally with residential sales, before we launched our lettings service and we’re confident we’re in that place now.”
Additionally, eXp UK, which now has more than 100 agents operating under its banner, has introduced a new corporate website, which incorporates an agent search section, whilst agents who join get their own personalised ‘microsite’ built for them as part of their membership at eXp UK
Day continued: “As soon as we started to see some serious traction with the model and huge appetite from agents looking to join eXp, we were keen to invest in a new-look website that would further advance our brand’s online presence.
“Our whole model revolves around personal agency so that the client can get the maximum benefit from a tailored service. Through the site, clients can search within their area for an agent they want to work with on a personal, one-to-one basis.”
eXp says that it has seen a number of their agents build pipelines of well over £50,000 since the country emerged from lockdown, of which the agents receive 70% of this pipeline on completion.
Day added: “We haven’t even reached our first year of operating in the UK yet, but the number of quality, experienced agents that we’re assembling within the business – many of which are building some impressive pipelines – has given us great confidence that the model we have developed for the UK is one which will continue to grow rapidly, and one which we will continue to invest in.”
Bravo for any brave agent who approaches this model. Mr Day is wax lyrical re the number of agents he has appointed, and rightly so, as they are at no cost to him.
I would though if I were Mr Day be a little more reserved when talking of pipelines. Most agents currently sit on huge pipelines, and are struggling to get them through. By my calculations and given the time a transaction currently takes to get through, you would probably need to fund yourself for at least 3 to 5 months before you realised any income? Please do correct me if I am wrong. If you have bills to pay, family to feed, expenses for doing the job etc etc, You will need both large cajones and and large savings account.
The fall throughs are beginning to happen, which most could foresee. Being a self employed agent with an evaporating pipeline in a challenging market, its therefore a good job they will now have a lettings outlet to help support them. It may well be needed.
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Good luck with finding enough landlords to make it worthwhile. We have seen landlords selling up at a faster rate than new landlords coming in. We are still seeing agents charging crazy low fees. 10 or 20 rental properties will not pay the bills…
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