One of the early operators of the self-employed agency model has launched a scheme under which its agents receive shares in the company every time they do a deal.
Harding Green - launched in London in 2017 by ex-Chestertons man Nick Carter - provides agents with facilities to allow them to work as freelance self-employed operators and retain up to 80 per cent of fees they generate.
It claims its model means agents who are “up for the challenge” can earn upon to £40,000 in a month “with a recent milestone where one agent took home in excess of £100,000 in personal fees in a single month.”
Carter says: “It is important to line up agents correctly setting realistic expectations, giving them the correct guidance and support, not just administrative. This way of working is here to stay but it is not for everyone, you must be a real go getter.
“The question we always ask potential consultants before making them an offer is ‘where are your first three instructions coming from?’ If you cannot be confident to list instructions from your personal network, then maybe this model is not right for you.”
Harding Green began life operating in prime central London but is this month expanding to Wimbledon Green and Hampshire.
Carter and co-founder Matthew Alexander have recently purchased shares back from the company’s early-stage investors, which has enabled them to offer what they call a “lucrative” share scheme to their agents.
Carter continues: “We see a new broker model launch every month, selling the dream and offering sky high percentages. These new founders have a great deal to learn along the way and must not forget the enormous responsibilities they face.
“We are talking about taking people out of employment and moving into self-employment, people who might have families to support, you cannot simply provide a route to market and hope for the best. This is not all Bentleys and Rolls Royces - it is hard work for the first year, not just the first few months.
“For those agents that are up for the challenge and are seriously considering making the jump, we are a broker model that has demonstrated agents can earn £20,000, £30,000 or £40,000 in a month, with a recent milestone where one agent took home in excess of £100,000 in personal fees in a single month.
“When we take on an agent it is a partnership, and we focus on an initial strategy for the first three to four months which is crucial to their success. We provide more support and marketing behind new starting agents than any other model, and there is no doubt this is pivotal to their success.”
Harding Green says it provides self-employed agents with technology, back-office support and a functional base in London, plus social media advertising, canvassing, marketing material, phone answering service, AML compliance and industry standard software.
Its self-employed agents have the ability to sell or let each other’s properties and have access to over 300 pre-registered buying/relocation agents.
Carter concludes: “We take on best-in-class agents, but also invest so much time to support them and give them the very best chance of success.
“You cannot simply expect the agents to provide 100 per cent of their own revenue, we are working towards a structure whereby we are able to generate new potential clients for them through additional marketing. We work on pioneering new marketing initiatives whilst maintaining the administration side of the business, so our consultants have more time to dedicate to what they do best.”
Estate Agent Today broke the news of the company's launch in 2017 - here is our story from then.