Hybrid estate agency eXp UK posts first profits three years after launch

Hybrid estate agency eXp says it is now in profit some three years after launching as its US-based parent company posts huge increases in revenue and profits.

eXp World Holdings says last year global turnover increased by 22% to £3.8 billion and gross profits by 24% to £309 million.

Its UK operation posted profits in excess of £200,000 with cash reserves of £700,000 and increased partner count of 350, up 34% compared to last year.

This is a drop in the ocean compared to the rest of the eXp family, which claims some 86,203 agents using its platform.
eXp UK now claims to be the leading supported, self-employed estate agency platform in Britain.

Other rivals have struggled to do the same. Yopa has needed major injections of cash as recently as November 2021 from its shareholders and Keller Williams, which has bigger reach geographically and a similar number of agents to eXp, has struggled to reach profitability; the latest accounts for the company which operates the franchise in the UK show it is running a £1.9 million deficit in its profit and loss figures.

eXp recently announced plans to expand into Scotland, Wales and Northern Ireland.”

Adam Day (main pic) its UK boss, says: “2021 was a great year for us despite significant uncertainty within the domestic property market and the wider economy due to what was then an ongoing pandemic beset with lockdowns and various other restrictions.

“The team both here and in the US worked hard to grow the number of partner agents that were attracted to work with us despite these challenges.

“I’m desperately proud to be part of this growing and profitable company that is truly delivering an exceptional culture and financial opportunity for agents and a great experience for home-movers alike. The numbers speak for themselves.”