How is eXp handling the constant disruption in the sector?
Estate Agency has evolved so much over the last 20 years and will keep evolving at pace, because there are always new things to consider and big shifts in consumer demand too. But with better systems, technology and accessibility it’s clear that we’re continuing to move further into an era of ‘personal experience’ and a very competitive market.
When it comes to disruption, I like to think eXp are one of the disruptors. We need to see disruption as a positive thing. We brought eXp to the UK as it mixes the best of technology, with the best of personal experience. We are the ‘self-employed model’ in the UK that’s grown the fastest and become the biggest in a very short space of time.
If you look at other industries like Netflix and Amazon, Facebook and Google, you can see that disruption isn’t always something brand new, but it’s something that creates change and drives conversation. You could argue that Google wasn’t a disruptor, but it was the first mover of search. Disruption gets people to see there is a different way of doing things.
What’s the most exciting thing about disruption for you?
Seeing something new grow into something that becomes a global change, and something that builds a new and successful way of doing things. For me, all disruption is really about is constantly looking at Estate Agency models and spotting what’s next. I’m a bit of an Estate Agency geek, and always have been, so I look at industry models all of the time. I analyse them and try to figure out what agencies are doing and ask myself, is this going to counter-disrupt the disrupters?
Disruption is such an easy word to use, but in reality, there hasn’t actually been a disruptor of the industry that’s lasted the test of time. We wanted to do something that’s different and hard to copy. A virtual Estate Agency world that’s like a computer game is just part of that. What’s really important to us is helping our Estate Agents stay one step ahead and make sure they know what’s coming round the corner from the industry and their competitors.
What impact do the type of people in your organisation make when it comes to adopting new ways of doing things?
Estate Agents often get a bad rep for ‘being stuck in their ways’ when it comes to tech, but that’s not the case – it’s all about mindset. Tech is very much a people thing. The thing that makes eXp different is the model. Every Estate Agent owns their own business, they are all ambitious entrepreneurs who are committed to great service, it’s not about being tech savvy.
The typical model we have in the UK for Estate Agents is ‘employed’, which is the traditional model. I know that when I went self-employed and set up my own business I cared an extra 100%, and there’s no employee that cares as much about the success of a business as the person who owns the business.
Does having a ‘collaborative collective’ help eXp to navigate market volatility?
Yes, the collective definitely helps. I think the ‘top co’, or as they say in America ‘the brokerage’ of eXp helps with that as well. The constant change we’ve been through over the last 18 months has been difficult for everyone, and business owners’ worry has been a collective response too.
The people within the ‘top co’ have to lead by example to support our Estate Agents and make sure that we’re researched and ready, by understanding what’s happening now, what’s likely to happen in the future and prepare everyone for that change. In America we’re always asking ‘what if?’ and preparing for every possible scenario. We ask questions like, ‘what if a recession happens?’, ‘what if we see a market correction?’, ‘what if we see a market crash?’, ‘what if we don’t see any of those?’. That’s a big part of my role, making sure that we’re six months ahead of the game and that I’m supporting the agents with the right tools, training, technology, mindset, processes and systems for their business, so they can thrive and not just survive if any downturns happen. And if we don’t see a downturn, they are prepared for that too. I guess that’s probably why it’s so important to be part of a business where people have a shared experience, where they have been there, done that, experienced recessions and can come together to innovate and look at new ways to deal with market changes.