Hybrid estate agency eXp UK has now signed up more than 400 estate agents with the firm expected to expand further this year, the company has revealed.
Launched in November 2019, the digitally-focused platform initially signed up 50 agents but by The middle of last year had 300 agents on board, as more agents seek self-employment with a view to managing their own business.
eXp UK allows individuals to trade with their own ‘name above the door’, but charges agents up to 30% of the commission they generate in exchange for access to its business support package and branding.
eXp UK has been actively looking to expand its presence across the country by signing up more self-employed agents to business model. The business pledged last year to reward top-selling agents with stock awards worth up to £16,000.
The company launched an ICON award, an initiative that recognises agents who ‘cap’ and then deliver a further 40 transactions, or those agents who achieve a gross commission income of at least £400,000 involving a minimum of 10 transactions, within a 12-month period.
The awards package includes £16,000 of gifted shares to the agent, at eXp World Holdings – £8,000 is first awarded in stock and vests for three years, with the other £8,000 being awarded upon the successful agent taking part in various cultural events, including training others in the art of becoming an ICON agent, and attending in-person events.
For those who may be considering the move, the eXp UK Roadshow will take place in June. With a raft of special guests, eXp UK will be visiting Edinburgh, York, Manchester, Bristol, Birmingham and London, with further details to be announced at a later date.
The head of eXp UK, Adam Day, commented: “It’s quite extraordinary to think that from such humble beginnings just over three years ago and with a handful of agents on board, eXp UK has accelerated to one of the UK’s largest estate agency businesses in such a short period of time.
“The flexibility and increased earning potential that the self-employed model provides has no doubt been a contributing factor in this journey. But it’s a combination of the support, technology, innovation and culture of the eXp offering that really sets us apart from the other competitors in the space who have so far failed to replicate what we’ve achieved.
“We’re certainly not done yet and we expect our ongoing expansion plans to further bolster the eXp team sheet over the coming year. For those who might be considering a change, our summer roadshow is not to be missed and we look forward to seeing old faces and new for what is shaping up to be a schedule of fantastic events.”
And precisely what will you be doing to actively monitor the behaviour of your members or is this another grift company?
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Woodentop can I just quote you back when we launched in 2019.
‘America is different, it is a multi listing market. Dommed as they are offering nothing to the public other on-line agents have tried and failed’
How do you take your humble pie?
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My local ExP agent has the princely sum of 3 houses listed,
He must be earning a squillion
LOL
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How unpleasant to write lol at the end of that sentence Jan-byers.
Do you offer motivational talks? Be interested if you could email me your rates
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Pie in the sky is more like it. All the ones before have now gone after grifting promise after promises. What’s different? by your answer I hit the nail on the head. Its a network not an agency.
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KW is ran by corporate bods, that experienced agents are trying to escape.
Their brand is too diluted as their agents are able to use their own branding and the ‘powered by l’ slogan. Agents are building their own brands which is not helping KW.
KW recruitment is wrong, it’s led by the MC owners who are too corporate and are juggling too many things at once and not really offering any real support other than the American style training and videos.
KW needs more market centres to grow but the bar is set too high as it’s not cheap to acquire the franchise and questionable wether the brand has any value yet in the UK.
After 5 plus years in the UK, KW as a franchise model is failing.
EXP branding is more consistent and by only bringing in experienced agents there is no need for a market centre or for anyone to shell out money for a master franchise.
EXP model is more sustainable and ownership is probably more relatable and entrepreneurial.
EXP should be an easier business to grow but what happens to those agents who want a bigger piece of the pie? I know they can recruit and get a percentage of earnings but I’m sure some would like their own version of a market centre/ franchise and will probably take a leap of faith to start their own business.
I have worked for both and can say there are good people and good agents in both. Some of the inexperienced agents at KW are fantastic but just need a bit more hands on support which I think is lacking.
So to me no surprise that EXP is growing faster.
Arguably KW is closer to a Remax or Century 21 so shouldn’t really be compared side by side to EXP.
There are fantastic success stories in both models and regardless of which one you favour it will come down to the agent, as neither of the brands are household names that can guarantee any kind of success.
Good luck to all the agents in both models.
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