Fledgling hybrid agency doubles agent headcount during Covid

Tech-based estate agency eXp UK says its model is gaining traction within the industry as it also launches a tenant-find lettings service.

moore estate agents

Hybrid estate agents eXp UK now has just over 100 agents working for its sales platform, claiming its business model is gaining ‘serious traction’ within the industry.

Launched in October last year with 33 agents by February it had 50 signed up and revealed former Propertymark figure Mark Bentley as consultant to the business.

The agency claims that a number of its agents have built pipelines “of well over £50,000 since the country emerged from lockdown, of which the agents receive 70% of this pipeline on completion,” says CEO Adam Day.

The agency also has its own social media star – Blackpool agent Ben Moore (pictured, above) who recently caused a stir after claiming agents should not drop their fees to compete with Purplebricks.

eXp is one of several online businesses offering estate agents the opportunity to operate a ‘ready to go’ hybrid estate agency with or without the need for a  high street branch.

Lettings service

It has also launched a lettings service in addition to its sales operation which Day says is only a tenant finder service, with a full property management suite to come later.

“As we know, lettings is an important part of the estate agency makeup here in the UK, and we always intended to add lettings eventually,” says Day.

“We were conscious that we had to get things right operationally with residential sales, before we launched our lettings service and we’re confident we’re in that place now.”

“It will enable agents who join eXp to keep all the management fees that they generate from any clients, whilst building up a residual recurring income, which can translate to future value for their business.”

One Comment

  1. I am all for acronyms but from day one I never understood eXp, and what a small e, large X, and small p stands for? Then I am told that eXp is not an acronym but a word that sums up the zeitgeist of the company, this did not help much either. All a bit confusing, much like the model.

    On a positive note, I am all for agents trying different models of agency, but in probably the best market for sales in 20 years, a pipeline for ‘some’ of £50,000 will translate, when the money comes in and the continual monthly spend of being an agent takes it’s toll to pretty much a break even position.

    In contrast I have some top line clients with sales people personally banking several thousands a month, yes they are not running their own businesses but being part of great established team with financial security works for them.

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