It’s easy to see why these two are working together. It seems that failure enjoys company!
Take a look at Adam Day’s eXp-UK website and you’ll see that he founded hatched.co.uk which failed and then helped bury the ill-fated easyproperty.com
He’s now on a mission with his new friend, claiming to be leading a “...game-changing estate agency…”. However, when you start to get under the skin of eXp-UK Reality (and yes it’s American!), you’ll see a lot of partying and very little property selling.
And there's always Vegas for a company bash!
As of Thursday 25 November 2021, Adam Day has two properties for sale and one house under offer. It’s “game-changing” in terms of just how pathetic that is. It probably goes some way to explaining the old joke about estate agents not staring out of their windows in the morning... so that they have something to do in the afternoon!
A quick search on Zoopla shows 692 properties available in the Hitchin area that Adam covers. This means a staggering 0.43% of the market has been captured with this “...forward-thinking…” approach.
It seems only fair to expand the search and see what eXp World UK Limited is doing in the United Kingdom. Searching again on Thursday 25 November 2021, eXp has a total of 651 properties for sale. home.co.uk reports 256,071 properties for sale nationally, meaning that the eXp group of estate agents has 0.25% of the UK market.
The latest figures filed by eXp World UK Limited at Companies House, indicate revenues of around £3,700,000. In itself, not actually too bad. However, if this figure is averaged across the 200 independent agents that eXp claims to have, the figure per estate agent is £18,500 per annum.
Extrapolating the data further. The average property price in the UK is £271,000. Using an estate agency fee of 1.5%, this means an average commission of £4,650. Dividing the revenue of £18,500 by the average fee of £4,650 means an eXp estate agent completes four property transactions a year. Typically, the “rule of thirds” applies to an estate agents pipeline where, a third exchange, a third carry forward and a third fall through. This means that an eXp representative sells about 12 houses a year.
For the sake of completeness, we looked at a few more eXp World UK Limited estate agents just to keep Adam company.
Jane Lees, who covers Warwick, Leamington Spa and Stratford upon Avon doesn’t appear to have anything for sale or under offer where there are 2,146 properties listed.
Robert McCarthy covering West Yorkshire has one property listed out of a potential 4,931 properties for sale.
Damian Prior covering North Essex and South Suffolk has one for sale out of a potential 1,560 properties currently available.
Alison Letts covers Oxford the surrounding area has one property for sale out of a potential 1,895 properties for sale.
Alex Patrick covers Birmingham and has one property for sale out of a potential market of over 3,295 properties for sale.
Kevin Hanley covering Gravesend and Medway has nothing for sale in an area that has 3,210 properties available.
We could keep going but there does seem to be a pattern of not much for sale and very little market presence emerging. To give it some context, Purplebricks currently have 20,508 verses eXp’s 651.
Just in case you think we’re being a bit harsh about Adam Day’s efforts and his relationship with Oliver Gleave, we did contact him directly and he deleted our posts and then blocked us on his social media channels.
The message to Adam is that rarely does ignoring something make it go away...