An American estate agency is to launch into the UK.
eXp Realty is to be headed in the UK by Adam Day, founder of now defunct online estate agency Hatched, and who also worked for easyProperty and eMoov.
eXp Realty seems to be a mix between an online agency and a franchise business.
It offers agents a ‘virtual world’ with ‘virtual offices’ in its ‘cloud campus’ where its agents ‘meet’, train and collaborate.
It says it has established market share across north America with over 19,000 agents.
As well as the UK, it is also expanding into Canada and Australia.
It offers UK agents a lucrative commission split, with agents able to keep 70%, plus an agent’s own name above the door and “tech like you’ve never seen before”.
Day, who sold Hatched to Connells which subsequently closed it saying that online models were not viable, says that eXp will be different from other US firms that have expanded into the UK.
He says that he does not see eXp as a franchise, because it allows agents to set their own parameters and have their own branding.
He said: “We’re there to support our partner agents by giving them all the tools they need to be successful, but without having to strictly comply with a brand that sits above them as you do with Purplebricks, Yopa, Housesimple, EweMove or similar businesses.
“The agent will also receive a large slice of the fee – so again, unlike with other self-employed online models where you get a flat fee per listing, we’re going to be paying potentially thousands to an agent for every sale that they complete on.
“Cheap fees don’t work – we’ve seen that. It’s a personal service with a tech emphasis and empowering agents to work in a way that will bring them success and that true work/life balance.
“We’re still working on the modelling and what the costs will be, but there will be a small joining fee for the first few agents that join – around £200 – and then a low monthly fee.”
Day said: “I’ve been reflecting on the future of estate agency and over the last few months I’ve spoken to a lot of different businesses.
“I started speaking with eXp earlier in the year and I genuinely believe I’ve finally found what the future is, and I’m proud to be bringing it to the UK.
“One of the main failures of US agents that have come over here is that they’ve been perceived as imposing the US operating model on UK agency.
“However, I’ve been really impressed with eXp’s attitude in that they see themselves as a global estate agency business that happened to start in the US, not a US agency that’s trying to change the way we do things here.
“That said, there are some aspects which we’ll introduce that are truly revolutionary, the likes of which I’ve never seen.
“So if an agent in the UK wants to work with eXp, we provide everything needed to be successful.
“This includes a personalised website, instant valuation tool, a CRM, marketing tools and leads, along with the opportunity to work when you want and how often you want.
“There is also a jaw-dropping technology platform which revolutionises the training, support and collaboration aspect of working in this way.
“The agent then receives a huge slice of the commission they generate, equity in eXp – a publicly traded company – and their own name ‘above the door’, meaning they’re not working on behalf of another business or brand.
“I’m super-excited to have been given the opportunity to shape a new start-up in the UK again, and can’t wait to explain to agents about some of the revolutionary opportunities that we’re going to create in the UK.”
Below, this short video shows eXP’s virtual world: