Revolution! Agents could represent buyers AND sellers

A prominent industry trainer is working with a fledgling sales agency to launch what it calls a “buyer representation programme” - and says it’s cashing in on interest generated by the Location, Location, Location TV show.

eXp UK is part of the global brand eXp Realty which operates in 24 countries with over 85,000 agents: the UK offshoot launched a brokerage model early this year, seeking to recruit High Street agents with an employed workforce to become a ‘partner business’ and join the platform which also consists of home-based self-employed agents.

Now eXp UK says it’s launched another initiative with industry trainer Richard Rawlings teaching about ‘buyer representation’ whereby an agent works on behalf of a buyer to help them identify suitable properties, whilst also negotiating on their behalf and helping to drive the purchase through to completion. 

This means that agents handling lettings, with a sales division as well, could take on a third revenue stream - representing buyers. 

A statement says: “Not only can the expertise of an agent dramatically improve the property purchasing process for buyers, but it can also be particularly effective in cases where sellers also utilise the same agent for their onward purchase”. It adds that: “eXp UK agents [can] potentially double their income by earning extra revenue if they generate fees from buyer representation, with the income going towards the agents existing cap, and with no additional charges involved in offering this service to clients.” 

Rawlings says: “Buyer representation is very much the next chapter in British estate agency. Having now developed a ‘Buyer Representation Lite’ system for the UK market, I’m delighted to be rolling this out across the whole of eXp UK with a view to doubling the revenues of those agents who choose to embrace it. 

“With their truly global network of agents, eXp UK is the perfect vehicle for serious nationwide referrals too, as a buyer client is a virtually guaranteed transaction, and faster than a regular seller client too, with completions in approximately half the time of a regular instruction. 

“Buyer Representation is still in its infancy in the UK and although the appetite for it is significant (Channel 4’s “Location, Location, Location” is now in its 41^st season) most regular estate agents misunderstand the opportunity here. One ridiculous aspect of British estate agency is that agents can usually only sell their own stock, but watch this space – this is about to change, and to the substantial advantage of our industry too, in terms of both reputation, and revenue.

“The system I am training eXp UK agents to adopt is simple, often zero-cost, and gives the agent and their buyer client access to everything on the market, and some off-market too. The excitement and commitment I am seeing from eXp agents across the UK over this, is a wake-up call to any agent who thinks that “the only way is their way”. Think again.”

Adam Day, head of eXp UK, adds: “The eXp model has dramatically altered the landscape of UK estate agency since launch and we’ve continued to evolve our proposition so that our member agents not only have greater freedom and a better work life balance, but also the opportunity to increase their earnings as, when and how they see fit. 

“The launch of our buyer representation programme and the significant investment we have made in working with someone like Richard Rawlings, demonstrates our belief in how we can continue to evolve the estate agency model in the UK, while helping agents at eXp to continue to benefit financially by creating new revenue opportunities for them. We also believe that having an agent acting on behalf of a buyer can be incredibly advantageous for the nation’s property market. 

“Whether they’re taking a step onto the ladder for the first time, or tackling an onward purchase alongside their own sale, the expertise and guidance of an agent can help them to make their move with greater speed and stability.”