"The decision to go it alone takes courage, confidence and a whole lot of hard work and it can be an extremely daunting task, but one that can pay dividends"
- Adam Day - eXp UK
A new survey by eXp UK has revealed that estate agents who decide to launch their own business often face an uphill battle, with staying motivated and maintaining momentum identified as the most difficult challenge.
The research, which polled estate agents across the UK, found that more than half had either already started their own agency or were planning to do so in the future.
Among those who had made the move, 33% had set up a traditional high street agency, while 7% had chosen a self-employed model. A further 13% were considering launching a business but had not yet taken the first step.
Participants were also asked about the most difficult parts of establishing their own agency.
Motivation topped the list, with 21% saying that maintaining focus and energy was the biggest challenge. Legal and compliance requirements also proved to be a major hurdle, alongside financial pressures such as managing operating costs and securing initial funding. Attracting clients and converting new leads were also commonly cited difficulties.
Once agents had managed to establish a foothold in the market, new challenges emerged. Competing with well-known brands was the most common issue, followed by the demands of marketing and advertising. Many agents also struggled with cash flow, financial management, and building a strong reputation.
The data shows that patience is essential for those entering the sector.
Almost four in ten respondents (39%) said it took between six and 12 months before they saw meaningful progress. An additional 22% reported that their business took more than a year to gain momentum.
"The decision to go it alone takes courage, confidence and a whole lot of hard work and it can be an extremely daunting task, but one that can pay dividends," comments Adam Day, head of eXp UK & Europe, "When you do take the plunge, there’s a range of challenges you’re likely to face and building a brand, attracting business and maintaining momentum are some of the hardest obstacles to overcome,"
"This is one key reason that we see so many agents opt for the support of the eXp brand when starting their self-employed journey, as they not only receive the training and tools they need to succeed, but they also benefit from an established brand that is trusted around the world, giving them an immediate foothold within the market,"
He adds, "But even then it takes hard work to succeed, so much so that we’ve tailored a number of our workshops to the theme of success at our UK conference in Birmingham this month,"
"Those in attendance will be able to learn what it takes to start and scale a business, benefit from insight into proven strategies for getting off to a fast start, as well as a focus on building both a team and a brand to help them succeed,"
"So if you’re thinking about starting your own estate agency business, why not come down and see how eXp can help kickstart our journey?"
