A new national agency concept - eXp UK - has revealed that it has recruited over 50 agents in its first three months operating in the UK.
The brand launched in November 2019 and says its new recruits come from online, hybrid and traditional agencies.
eXp UK is an agency brand with roots in the US but an independent operation in the United Kingdom led by Adam Day, a veteran of three online estate agencies.
eXp UK allows agents to 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.
There is no guaranteed bricks-and-mortar office or hub, although the freelance agents are encouraged to set up their own branch office if they wish.
eXp agents can decide their own fees: most early recruits chose the traditional High Street model of fees ranging from 1.0 per cent to 1.5 per cent, and on a no-sale no-fee basis.
“We’ve brought in some fantastic estate agents and we’re really pleased so far. We’re really clear that we’re only allowing experienced agents to join, which I think is really important for the business going forward” says Day, whose title is international expansion leader for eXp UK.
“The majority of our agents are from a corporate or independent backgrounds, so as you can see, we’re not just another online estate agency. We’re by no means the finished product, but that’s what’s exciting about it. It’s new, it’s exciting, agents joining feel like they’re part of something”.
eXp’s self-employed agents can create their own personal brand and have access to centrally-operated PropTech, support services, education and training.
“Personal branding is becoming a much bigger thing due to social media. eXp agents are encouraged to go out into their local markets to become ‘the brand’ of their area, which helps them to win more instructions and to sell more property” explains Day.
“It’s not going to happen overnight and we’re not going to be spending millions on huge advertising campaigns, but these are all reasons why we can give agents 70 per cent of the commission that they generate.”