I once predicted that online estate agency would be the future. That a new model in property selling would usurp all others and grab huge market share. In fact I put a number on it… up to 30% of all homes would soon be sold by way of this modern approach.
The democratisation of the property sector was afoot. I could feel it, taste it…
That was back in 2012 and much has happened since including the chariot in which I was going to ride to sector dominance, Emoov, losing its wheels and crashing into a ditch. A similar fate has befallen just about all of the other online estate agencies that were in that race a decade or so ago.
I’ll whisper this quietly – but I was wrong.
Well, sort of. Because here’s the thing…
The likes of Emoov, House Network, Hatched and then subsequently, PurpleBricks were pioneers, you see. Shunning offices in favour of field based teams, adding technology capability and promoting vendor facing marketing campaigns and spend, the likes of which the industry had never seen before.
Let’s fast forward to 2025 and take a look at some compelling industry data from TwentyEA that tells us which estate agency brands are actually the most successful by volume these days.
Source: TwentyEA
In first place right now is eXp, run by Adam Day, founder of Hatched, an original ‘OEA’. No offices. Smart agent led marketing and technology that has helped the US parent company list on the NASDAQ at a $2bn valuation. eXp are now about the same size as Reeds Rains and haart combined.
Also in the top 10 are YOPA, another onliner from back in 2012, and PurpleBricks (no introduction needed).
So, three of the UK’s ten biggest estate agencies are unconventional in their business models.
No offices. No company cars. ‘No shiny suits’ (this was one of my favourite disparaging, tongue-in-cheek observations of the traditional industry back in the day).
Wait. Aren’t these ‘unconventional’ agencies entirely reminiscent of the proposition that some of us pioneered more than 15 years ago and which was subsequently widely critiqued as a model that had failed?
Well eXp, Purplebricks and YOPA wrote a combined 4520 sales in May. That’s over 36% of all of the properties sold by the top 10 UK estate agency brands.
Seems I was right after all. Kind of.
I’m very much looking forward to the supportive comments below.
Russell Quirk is co-founder of ProperPR, the specialist property PR agency and a regular commentator and presenter in the media
Yopa continues on path toward profitable growth with jump in revenue
This is Chat’s thoughts on your post Russell…
“So, I was right… kind of” – the battle cry of every failed prophet.
Russell’s back with a rebrand of his Emoov-era predictions, hoping no one remembers the smouldering wreckage of that particular chariot. After loudly declaring the death of traditional agency in 2012, he now retrofits his failure into a sort-of win because some hybrid-ish models survived. That’s like saying the Titanic was a success because a couple of people in lifeboats made it to shore.
Let’s be honest. Emoov, Hatched, House Network – they weren’t just “pioneers.” They were overfunded experiments that burned through investor cash faster than they sold homes. And Purplebricks? Still clinging on, after more rebrands, restructures and refunds than most people have hot dinners.
eXp and Yopa may look online, but they’re a different beast — agent-led, commission-based, and often more local and relationship-driven than their early online-only predecessors ever managed. That’s not proof of Quirk’s vision. It’s proof that the old model of “list it cheap, hope for the best, never answer the phone” never really worked.
Claiming victory now because some digital-first firms have succeeded is like a Myspace exec saying they invented TikTok.
So were you right, Russell? Only in the same way Blockbuster was right about streaming. Just a decade early, and entirely wrong about the execution.
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Slow news day!
Most of these so called on line agents continue to burn through cash – and aren’t Connells and Willian H Brown part of the same group, thereby completely trashing Russell’s theory?
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Bad maths again. In May there were over 60,000 completed sales in the UK which means your 4,520 would represent around 7.5% Why can’t you just be honest and do the maths properly. Perhaps that’s why online agents still can’t make a profit as they can’t do maths.
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Looking at the interpretation of these figures reminds me that I need to book a massage for later…
If you want to make an argument for the strength of the online agents, re-run the data excluding agents with high street offices such as those powered by eXp.
As I stated last week, Zoopla data showed 14% of eXp agents had ZERO properties listed and the average listing’s per eXp agents is just over 6.
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what a complete ********
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It’s all factually incorrect.
In the same dream, Emoov succeeds without leaving 100s of investors out of pocket. A dream.
For example, EXP in the UK launched after its owners in the US became a public company in 2013. Its listing on the NASDAQ has been poor for years.
EXPI’s share price today is half that of last year, and a mere 20% of what it was at its height.
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Interesting article, Russell – but don’t forget about EweMove. We had 1.15% market share in the period Jan-May this year (from TwentyEA data). So that would increase your ‘new model’ numbers somewhat.
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Why does PIE allow such nonsense?
A completely incorrect story from one of the industry’s most beguiled characters. Embarrassing.
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I would rather read Russell’s articles which I find to be entertaining than more drivel from the ever increasing number of failed agents who are now “guru’s” or poorly disguised adverts for podcasts with equally poor and uninteresting guests. Except The Two Russell’s podcast which is actually, and against my better judgement, a good listen.
Before anyone replies, I am not Russell using a different name, and also don’t know him personally.
I just think he is a breath of fresh air compared to the usual baloney from people who like the sound of their own voices.
The saying “Empty Vessels make most noise” springs to mind quite often.
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I’d say damn near 100% of all homes are sold by online agents.
Given every agent is online in some capacity these days…
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