eXp UK now has more than 200 self-employed estate agents under the eXp umbrella across the UK, up from 150 agents three months ago.
Adam Day, who has previously worked with three well-established online agencies, including Hatched.co.uk, launched the operation, which allows agents to trade under their own personal name powered by eXp, in November 2019.
Agents earn a minimum of 70% of the commission they generate, and can receive up to 99% depending on the number of sales they do within a year.
Day said, “It’s quite an achievement to have grown at such a fast rate in such a short space of time. We launched just over 18 months ago, and to have 200 agents already having joined, it goes to show how powerful our technology, platform, systems & processes truly are.”
He added: “The eXp model helps agents to build a secure financial future and it’s just one of the many reasons that we’re growing at such a rate. As an estate agency business that puts the agents at the core of everything we do, those in the UK who have joined us, are realising that we truly do live by that.”
eXp Realty was launched in the US in 2009 and debuted on the Nasdaq in New York in 2014. The company has opened in a further 12 other countries since launching in the UK, in November 2019.
eXp UK recently announced a roadshow with a view to expanding its presence across the UK.
Comments (8)
The success of the model will depend on the individual, the patch that they operate in and their reputation.
I have a colleague who spent c20 years with the same company in the same office in a small town, he left to go EXP and so far appears very successful. Many of his clients have used him in the past, albeit through the agency that he worked for, but if you are good, the public care little about the name over the door! With an August launch he has 26 properties under his belt, assuming 0.75 fee he’s looking at c£65,000 in fees. In 10 months from a standing start, it obviously works for him. More local to us, EXP agent set up about the same time, also with about 20 years experience with various agents in the area has 3 properties under his belt, just 2 available and again at 0.75% fee about £35,000 in total fees. The question now, as supply starts to dry up is who will survive, Mr £65k or Mr £35k, assuming that they keep 70% of their fees that takes it to £45k & £25k in their first year.
It would be nice to know. How much they actually making – NET.
Last time I checked you have to give back about 30/40% of fees to EXP.
So the question to ask. If you went alone would this be a better move for the individual long term
Hi
This model actually helps you access EA without the high upfront costs and lengthy portal costs and tie ins.
You need about £600 pcm for costs including prospecting costs and then income to sustain you for about 5 months.
Get through that and you have a good chance of success.
The low costs mean a single good exchange pcm can sustain you and if you get to 4 a month, at £2,500 plus VAT each, then that is £120,000 a year.
Take off 30%, leaves you with £84,000, Take off £600 monthly costs (£7,200) and you have £76,800.
Build from there.
2 weeks notice to leave if not happy and take stock with you.
Huge benefit, different to some other models, is £80,000 turnover cap for 30% (£24,000 to eXp).
Then you keep all commission less £250 per property till individual joining anniversary.
Early joiners are now capping.
Very good model. I am enjoying it.
Interesting points however you need to input for 30% to 50% fall through rate (always a wave). Seen these predictions so many times and where the wheel comes off is when (a) Recession (b) Chains issues (c) Lack of instructions and without the later any figure is suspect. This is a USA self-employed model working from home that does not fit into UK market of high street dominated industry.
The truth here is the ability to gain saleable instructions on a regular weekly basis is where it will succeed or fail, meanwhile Xep continues to draw its monthly fee? Many big players have tried this model with mega amount of £M’s finance thrown in and not succeeded, so time will tell.
I wish people would understand the UK estate agency market!
I’m not so sure they all do that well as you only ever hear from about a dozen of their agents and they are the ones that want the pyramid earning scheme to kick in.
Everything that I have seen seems to be a push for new recruits for the pyramid rather than selling houses, but if they are doing well then fair play to them
Impressive growth indeed, in a relatively short time period.
It will be interesting to see how things pan out in the remainder of 2021. It is well documented that instructions are increasingly tough to come by. How many of these guys and gals will have the financial means to keep going will be interesting to see.
As for the “three well-established online agencies“. Hatched, Easy Property and Emove, hardly a glowing endorsement. Less said about those the better?
I have seen countless LinkedIn posts from eXp UK agents over the last year who genuinely seem to be thriving under the umbrella. They all come across honest and make it clear that it’s scary at first, not for everyone, and not (initially) a walk in the park, but they seem to be making enough money to be happy and having a work-life balance which makes them happy. They also all praise Adam Day (and other, more experienced eXp agents) for the support and guidance. Adam himself is always liking or commenting on their posts which shows his genuine engagement with each of them.
Seems to be a successful model.