eXp UK is currently the best-performing estate agency when it comes to growth in market share in terms of both new instructions and sales agreed thanks to its self-employment model, the online estate agency claims.
The company points to the latest data from TwentyEA, which compares the performance of the top 50 estate agency brands in the UK from the whole of 2020 to the whole of 2021. It shows that eXp UK saw growth of just over 242% in sales agreed in 2021 compared to 2020.
eXp UK also saw growth of 172% in that period for number of instructions, thanks largely to significant growth in the number of agents now signed up to the hybrid style estate agency.
exp UK has signed up 270 agents – the company expects to break the 300 mark later this year.
The company launched in 2019 and has benefitted from a rising demand in agents wishing to work from home and be considered self-employed members of staff, managing their own time and areas.
eXp UK international expansion leader Adam Day explained: “I’m confident the market share growth we’re experiencing is down to the quality of agent we’re bringing on board, all of which must have a minimum of two years’ experience. By focusing on bringing in ambitious, dedicated and talented agents and giving them all the support and tools they need to build their own personal brands to be successful, the agents are able to deliver a much more personalised, tailored experience to the client.
“The overwhelming feedback from eXp UK agents is that the autonomy they have over their business, as well as the time they’re able to dedicate to each client is a major element of their success. We’re looking to continue growing at this rate and look forward to working with new self-employed personal agents powered by eXp UK.”
Comments (10)
As an eXper who retired from ill health I just want to say that Adam and the team do work really hard to support the individual agents to succeed. I do agree that there is an over focus in attracting new agents to the business from some and this comes from the US head office. The majority of agents just want to sell houses while having the freedom to live their lives on their own timetable. If you have low overheads then you don’t need to sell huge numbers of houses to have a good life. It’s a good idea with a good team behind it
“There are three kinds of lies: lies, damned lies, and statistics.” Benjamin Disraeli (1804-1881)
I’ve written before about the numbers behind eXp UK [LINK REMOVED – PROPERTY INDUSTRY EYE TERMS & CONDITIONS #6. Users posting comments on the site may not post direct hyperlinks to other websites and especially may not do so by use of their username. Users may not use comments to promote a service or business.]
With a hint of narcissism, the “eXp UK International Expansion Leader” has clearly taken delivery of the Emperor’s new clothes and splashed on a bit of snake oil! There is the inherent danger that might start to believe his own hype!
Rather than extrapolating the numbers with a good dose of massage oil, I challenge Adam Day to publish the actual data in rank order for ALL the eXp UK estate agents so the grown-ups in the room can see and appreciate the actual numbers.
The good news for those agents who have signed up to eXp UK is that there are various miss-selling laws that should cover you…
I wonder if this is really self employment in the true sense of the term or just another USA pyramid selling scheme where you don’t pay people for working, you just skim off the top
Honestly, I know of a couple of EXP agents, and from what I see on LinkedIn also, is that if they spent as much time selling houses as they do trying to recruit into the pyramid scheme, then they might actually sell some houses
What is really happening at eXp, because all I’ve seen is that some of its warrior-recruiters on the socials who “have retired from agency because of our big fat revenue share” have gone quiet and gone back to doing what they were good at – being an estate agent. (Nothing wrong in that, but evokes curiosity)
Also I think it’s important to look at agent production whilst accepting some opting for self employment may only need to transact on one completion a month to earn what they need to – these models are not based on high numbers of transactions. As they have grown the numbers have dropped meaning many are maybe no longer engaged or producing.
One to watch for sure
In fairness, you can’t knock what Adam has achieved especially during Covid. Exp has done this without rubbishing the competition and just quietly getting on with it. As someone once said, ‘results count, everything else is just noise‘. See Purplebricks article. 😉
I agree with PepeM that from a low base, then the claimed increases aren’t that impressive, but if exp are in the top 50 brands in the UK, in the space of 2 years, then I have to admit that is ver impressive
Perhaps worth a quick look at the numbers then. Their website is showing an average of 2.5 properties available and under 6 properties SSTC per agent. This clearly suggests that many of the 270 agents are really struggling and will do well to survive. So yes at this stage as I said delusional!
I take your point about measuring growth for any business at a very early stage. However, these figures are still impressive in my view and Adam and his team appear to be doing an excellent job… good on them!
Delusional! When you start from nothing any growth looks good in percentage terms. It’s sustainability and performance that matters.