eXp UK has announced the launch of a new partnership designed to help agents unlock additional income streams.
The programme, titled ‘Making Money in Your Sleep’, allows eXp agents to generate extra earnings through an optional conveyancing partnership initiative with conveyancing service provider, Simplify.
Powered by estate agency software provider Loop, this programme offers agents the opportunity to cross-sell conveyancing products through a dedicated specialist team who act as an extension of their business. The process is designed to help agents enhance their earnings without additional workload.
Participation in the ‘Making Money in Your Sleep’ programme is entirely optional for agents, ensuring they retain full autonomy over their business.
Adam Day, international expansion leader at eXp, commented: “This programme is about empowering our agents to maximize their potential earnings while maintaining complete control over their business. We’ve learned from the mistakes of others in the industry, and so this initiative is built on the principle of complete choice, rather than obligation. Our agents asked for more opportunities to grow their income, and we’re proud to deliver a solution that’s simple, effective, and completely voluntary.”
Oliver Gleave, managing director of Loop, said: “We are delighted to be part of this innovative approach to matching agents and their clients seamlessly to the UK’s top conveyancing provider. From Loop’s perspective, we ensure that the process of referring sellers and buyers to Simplify is frictionless. It’s a win for the agent and a win for all involved in the property transaction itself”.
Mario Pitzioris, national sales director at Simplify, added: “Simplify’s transparent referral commission process will also make it more than worth each agent’s while for those that decide to embrace this new arrangement between our organisations”.
‘Making Money in Your Sleep’, great name what wizard came up with that
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Surely by now estate agents recognise that what they ought to be focusing on, rather than trying to squeeze a few more quid out of the transaction and force feed yet more work to clunky conveyancing businesses is to identify local, efficient conveyancers and do what’s best for the consumer and direct their client or the buyer to efficient conveyancers thus increasing the possibility of completion and the receipt of the fee.
That and complying with Material Information instead of ignoring it, listing the property whatever and trying to whip the conveyancing donkey to a successful conclusion.
The way to improve the property transaction experience of consumers doesn’t lie with yet more technology or digitisation or referral fees or portals but in getting property purchase ready before listing and encouraging the seller and buyer to instruct an efficient conveyancer early in the process.
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I hope these people realise that it will only encourage more “conditional selling” which is in fact illegal. All they are doing is blocking the pipe by ensuring the work gets concentrated to the conveyancing factories and is in no one’s interests – surely the agents want to get paid quicker for the actual work that they have done rather than hanging around for an extra 6 – 9 months for an extra few hundred pounds? I thought ‘cash flow’ was meant to be king?
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“We’ve learned from the mistakes of others in the industry, and so this initiative is built on the principle of complete choice, rather than obligation. Our agents asked for more opportunities to grow their income, and we’re proud to deliver a solution that’s simple, effective, and completely voluntary.”
I am not sure they have learned from the mistakes of others at all. Since when was recommending factory conveyancers in return purely for referral fees and not for service or speed, a model that was good for clients? It is just another way for everyone to make money and as usual, the poor clients will suffer. Seems like they are admitting they are only interested in money, and hopefully prospective sellers will notice that.
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‘Making money in your sleep’ while your clients endure sleepless nights due to the factory conveyancer they are now using.
Sounds like a great idea!?!?!
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Bearing in mind that a very large number of eXp Agents are ex Purplebricks, who once had no option but to refer to Simplify , I find it highly unlikely that they will be rushing ‘to make money in their sleep’ by going back to referring to them after having previous (sometimes a nightmare) experience in using this conveyer belt type firm. Whether you agree with it or not, referral fees are nothing new and part of Estate Agency but surely the whole ethos of eXp is the personal bespoke service that cannot be offered by them recommending a ‘sausage factory’ type firm of conveyancers. There are very good local experienced conveyancing firms in every area across the UK where more personal relationships are or should be built, along with referral fees if required and reciprocal business. Using Simplify will simply slow down their pipeline by months, affecting vital income stream as well as gaining some very unhappy customers.
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