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TODAY'S OTHER NEWS

Online ‘veteran’ to lead virtual estate agency launching in UK

A veteran of three online estate agencies has been named as the first UK head of a US real estate operation trying to break into this country.

The agency is called eXp Realty, The Real Estate Cloud Brokerage, and a press release from the firm says its UK operations will be headed by Adam Day.

He founded one of the early online agencies, Hatched, which was eventually bought by Connells. Day then joined easyProperty two years ago before moving on briefly to the original Emoov online agency. 

However, his latest venture in the UK has elements in common with Keller Williams - another US agency operating in this country - and with other firms  using ‘freelance’ agents.

eXp Realty is franchise-based with the suggestion that agents can keep up to 70 per cent of their commission if certain targets are met. The firm offers each agent a personalised website for their patch, plus technical back-up, lead generating and instant valuation tools as well as a CRM system. 

Unlike Keller Williams there appears to be no bricks-and-mortar market centres or hubs, but publicity surrounding the firm speaks of its “cloud campus” - a network of agents working on the ground but linked with the parent company through PropTech.

eXp Realty has over 19,000 agents in the US and Canada; in addition to a UK launch, the agency has announced entry to the Australian market too.

A statement from Jason Gesing of eXp Realty’s parent company, eXp World Holdings, says: “We are excited to have the UK and Australia as our first two countries as we embark on eXp Realty’s international expansion outside of North America.”

He continues: “We look forward to our cloud campus being populated by real estate professionals from around the globe as they conduct business, collaborate with each other and develop meaningful personal and professional relationships across borders and cultures.”

You can see the agency's UK website here.

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    No matter how many times I read their press releases, I still have absolutely no idea how they are going to 'transform estate agency in the UK'. Will they never learn that the correct mantra is 'the internet adapts to the market' and not 'the market adapts to the internet.

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    Hatched...close as unviable by Connells
    Easyproperty.... non-starter
    Emoov....enough said.

    Good luck

  • Simon Shinerock

    The Internet is great for mail order (Amazon) research (google) and keeping in touch (Facebook) However, it’s no good at manufacturing and it’s only a bit player when it comes to eststeagency. Things are very different in America, 5% commissions, a very powerful trade association and full regulation. In order to see the future of estate agency you have to know what good looks like. In estate agency good means the most effective most convenient service and that is still best provided on the local high st. Ventures like this try to attract top producers with the lure of big commissions but for most top negs, their office and the support it provides is necessary to their success.

  • Michael Riley

    Am I reading this right..... EXP REALTY that has been around for ages and is hardly big news, is being touted as this amazing discovery from the US.

    Its like the internet doesn't existing and someone has brought a new product to our shores in an old schooner and said "look what we have found in this in a far and distant land".

    EXP Realty's growth from 2009 WAS impressive, but the VR style cloud campus which would have been cutting edge then, now looks a bit naff last time I looked.

    But, what I don't get is, if you are going to attempt to make a short cut to success by importing a concept that was thought through by someone else (KW, EXP REALTY, CENTURY 21, REMAX), why not take one of the new companies that are doing exciting things in the US, rather than one that's based upon the world in 2009?

    Just a thought.

    Lastly, given there is clearly a governmental policy shift coming on gig workers and self-employment. If I were an agent looking at this I would ask, can you afford the liabilities to employ me (and will you) if the government forces you to do so?

    Any company thinking this agent "self employment angle" is going to work in the long run is going to be in for a shock. They are on the wrong side of a policy shift.

    Sorry to be a downer.... I like exp realty..... but come on. As an industry in the UK we can evolve better than this and we don't need companies from outside the UK to show us how.

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    Yawn, no story here....

  • Mike Lewis

    I clicked on the link to their site but couldn't connect! Isn't technology wonderful....never goes wrong does it??

  • Algarve  Investor

    What is that name all about? A bit of a mouthful or what!

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    We have LAs saying us LLs cant find our own tenants because of legislation and have to use them, crap or what.They say us LLa dont know how to process all legal paperwork!??!

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