Hybrid estate agency eXp UK has now signed up more than 300 estate agents with the company expected to expand further later this year, the firm has revealed.
Launched in November 2019, the digitally-focused platform initially signed up 50 agents but by June last year had 200 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 earlier this 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.
International expansion leader for eXp UK, Adam Day, said: “It’s an incredible achievement to have experienced so much growth within such a short period. This is clear proof of how effective the agent-centric value proposition is and reflects our commitment to ensure our agents have all the right tools they need to reach success.
“More than anything, our success is down to the high calibre of agents we are bringing on board, all of whom must have a minimum of two years’ experience. Our business model allows these talented individuals to flourish with the right level of autonomy and support, as well as benefit from our continued growth plans across the UK.”
Comments (11)
Well as an ikon agent my self, what can I say to the above comment.
I only paid 30% for 4 months, then flat fee of 250 per transaction for 4 months then 100 per transaction for 4 months.
– so can’t say the figures don’t work to my favour!!!!
– life changing.
– earning 5 times more than I ever have previously!!
– best decision I ever made!
Handing over 30% revenue seems like a poor decision when your own name above the door (and you) is what is winning the business.
Sounds like they are EXPerts at making people think the 30% is money well spent.
Work harder for your 70% and they get 30% for doing….?
Just curious.
It is 30% down to 1% Ric.
The 30% is well spent Ric – the full toolkit, access to RM, Z, our own microsite, social media campaign templates, CRM, I really could go on.
I previously had 2 x high street branches – one sales and one lettings and the monthly costs are huge – those are fixed costs and when the market gets tougher, as it will, income for many will go down but the costs will remain the same, and as a percentage of income to cost ratio will increase. Businesses will close and people will lose their jobs I am afraid.
We only pay for success – when we complete on sales, then we pay the 30% and when you look at the huge number of people who have now capped (£80,000 gross, £24,000 paid to eXp on success), we then keep our fees less £250 per transaction for the remainder of our own individual financial year.
The 30% is also used to pay those who have recruited other successful agents and benefit from Revenue Share and we also are gifted shares in the company, as well as being able to purchase 5% per transaction at a 10% discount – so we also own part of the overall eXp Realty company.
Globally, we are now 84,000 agents so there must be something in it perhaps?
When you think how much estate agency staff actually get paid on basic salary and then, how much do they actually keep of the commission they earn the company? It is why EA is one of the worst paid occupations out there for the vast majority – models such as eXp help us build our own business, not someone elses and we do make more money – after a while, the independence and also the work/life balance all adds up as time is also a commodity.
If you or anyone really would like to explore the model, even just out of curiosity, including real-time figures, please do get in touch via LinkedIn.
Whilst I can see the benefit of a lot of things you mention above, the accounts filed at Companies House tell a very different story.
I don’t think so – my financial year end is 31 Aug – I will happily send you a copy and what accounts are you talking about – as individual limited companies there are over 300 of them.
I am happy to post my accounts for the first 2 years here – no problem?
My Sage accounting package this year is currently on £40,000 PROFIT – it will come down – I will do all I can to bring it down, as I will then have to pay £8,000 corporation tax – but we do things properly this side of the fence!
Would you like to post yours?
There is no need to send your accounts as they are available on Companies House. The last set filed on the 13th July 2022 show capital reserves of £780.
Whilst £40,000 profit is ok, and I appreciate the benefits of a work / life balance, it is not going to provide the lifestyle that a lot of the self employed portals promote.
I have no need to publish mine, I am not trying to promote the emperors new clothes, although my corporation tax bill for the last financial year was considerably in excess of £8,000.
This is not a criticism of you or your limited company, just an observation.
A great effort and not a penny spent on agent recruitment – the huge benefit of current agents attracting other experienced, quality agents and them benefiting through Revenue Share based upon success.
21 August saw me start my Year 3 with eXp – it really is an outstanding model for those wishing to be their own boss and dance to their own tune.