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eXp UK has launched a new buyer representation programme led by estate agent trainer Richard Rawlings, an initiative designed to give member agents the opportunity to increase their revenue.
Buyer representation is a common practice in many other countries, where an agent acts on behalf of a home buyer to help them find a suitable property, negotiate on the buyer’s behalf, and assist them until the purchase is completed.
eXp UK announced their latest service for member agents at their recent conference in Birmingham a few weeks ago, and according to eXp UK, the service will enable agents to double their income by earning additional income if they earn commission on behalf of buyers, which will go towards the agent’s existing cap and there is no extra charge for offering this service to clients.
Spearheading this new initiative is Rawlings, who said: “Buyer representation is truly the next chapter in UK estate agency. We have developed our ‘Buyer Representation Lite’ system for the UK market and are excited to roll it out across eXp UK with the goal of doubling revenue for agents who adopt it.”
“With a truly global agent network, eXp UK is also the perfect vehicle for serious national introductions as a deal with a buyer client is virtually guaranteed and is quicker than the typical seller client, completing the transaction in around half the time of a regular instruction.
“Buyer agency is still in its infancy in the UK and although demand is great (Channel 4’s Location, Location, Location is currently in its 41st season), most average estate agents misunderstand the opportunity here. One of the silly things about estate agents in the UK is that they can usually only sell their own stock – keep an eye on this. This is about to change and will be a huge benefit to the industry, both in terms of reputation and revenue.
“The system I am coaching eXp UK agents to adopt is simple, often cost-free and gives agents and their buyer clients access to everything on market and some even off market. The excitement and enthusiasm I am seeing from eXp agents across the UK about this is a wake-up call for any agents who think ‘our way is the only way’ – think again!”
Adam Day, head of eXp UK, commented: “The eXp model has dramatically changed the UK estate agency landscape since it launched and we continue to evolve our proposition to give our member agents greater freedom and a better work-life balance, as well as the opportunity to increase their income when and how they see fit.”
“The launch of our buyer representation programme and our significant investment in working with someone like Richard Rawlings demonstrates our belief that we can continue to evolve the UK property brokerage model and help eXp agents continue to realise financial benefits by creating new revenue opportunities. We also believe that having agents acting on behalf of buyers will be highly beneficial to the UK property market.”
“Whether you’re climbing the home buying ladder for the first time or working on your next purchase in tandem with your own sale, having an agent’s expertise and guidance can make your move faster and more stable.”