Home Property Estate agency market size set to increase 3.2% in 2023

Estate agency market size set to increase 3.2% in 2023

by LLP Staff Reporter
8th Feb 23 5:43 pm

It’s estimated that there is now more than1,000 self employed estate agents in Britain from a standing start just a few short years ago. This represents around 2% of all estate agents.

The main players here are Keller Williams and eXp plus a smattering of start-ups. The corporate self-employed businesses in the form of Keller Williams and eXp hail from the USA and their approach is distinctly, well, American. Their model is designed in America for American agents.

As well as the working environment and business model the key consideration though, as far as UK agents themselves are concerned, is one of money – or rather commission ‘splits’. Which company pays what…?

Nested, the Axel Springer backed, supported self-employed platform, today announces that it is taking on the old-guard with a commission approach that blows its Stateside rivals out of the water.

A choice of two commission options is now offered to existing and new agents including one that pays the agent 75% of the selling fee on completion and 100% once they exceed the cap. KW pays just 63% and eXp 70% until an agent ‘caps’ and which means a KW or eXp agent must bank at least £80,000 before commission rates can improve. Nested operate a ‘cap’ system whereby after a certain threshold of monies banked is achieved the agent receives 100% of the sales commission paying just a £250 transaction fee thereafter.

For those that want more financial and admin support, Nested provides a marketing budget, financial support and sales progression on a 50/50 commission split basis. This alternative provides you with the financial support you need to help you get your business off the ground. Agents are free to move from package to package and all receive phone support, industry leading technology and the possibility of a ‘start-up loan’ regardless.

Monthly fees to operate both sales and lettings have also been halved to £125 plus vat. Cheaper than both KW and eXp.

Alice Bullard, Managing Director of Nested, the supported, self-employed estate agency platform said, “We will be the number one self-employed agent platform on every metric – the best platform for the best agents. We know we are the most supportive business in the space and this sets our agents up for success. However, we know that as well as culture, support and brand, agents also care about the financial rewards.

At a time where the cost of living has become ever tougher, our commission splits are now the best in the industry and recognise it’s the agent that is doing the hard work and that they should benefit accordingly.

Whilst we already have the best tech and the most supportive agent services, we also want to offer the most generous commissions to cement ourselves as offering the most attractive package.

Our space is increasingly competitive and whilst our competitors evangelise about reading real-estate ‘Bibles’, elusive revenue share schemes, building legacies and so on, Nested are all about relevant and powerful agent support within a UK market that we know well plus a fabulous culture and most importantly – putting money back into agents’ pockets rather than just talking about doing so.”

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