Last year saw the market share for hybrid estate agents diminish further, falling to 5.2% in the first quarter of 2024 from 6.5% in the same quarter of 2023, according to recent statistics.
Figures from TwentyEA, which is a part of the TwentyCi group, reveal a downward trend in this sector’s market share since reaching 8.2% in 2019.
On the flip side, self-employed agents are making noticeable strides, claiming 34% of new property listings with hybrid agents in the first quarter of 2024, which is a significant increase from 25% during the corresponding period in the previous year.
Overall, hybrid agents accounted for 5% of all new property listings in the first quarter of 2024 as opposed to 5.9% in the first quarter of 2023, marking a decline of 15%. However, this overlooks the achievement of self-employed agents, who have seen their share of new listings grow by 18% – from 1.4% to 1.7%.
These insights are part of the latest Property and Homemover Report by data expert company TwentyCi, which compares data between the first quarters of 2024 and 2023.
TwentyEA defines self-employed agents as those who do not have a physical office and generally operate under a bigger brand like eXp or Keller Williams. They choose their own geographical areas for business, and while they may share a brand name with other agents in the same area, they manage their own business operations, sending a share of their income to their main office.
The included chart indicates that hybrid agents’ presence across various property price ranges has also been waning. This trend is particularly prominent in the luxury market, but it is also true for properties valued at £200,000 and below.
A significant decrease in hybrid agents’ market share can be observed across all UK regions when comparing the data from the first quarters of 2024 and 2023.
Katy Billany, executive director of TwentyEA, comments that despite a general decline for hybrid agents in the market, self-employed agents within this group have seen a rapid growth. She notes that though hybrid agents are not currently challenging traditional high street agents significantly, this might change if the self-employed model keeps gaining popularity.
She also believes one of the keys to success in the ever-evolving market is staying competitive by leveraging the latest data. Agents should monitor vital metrics and use them to inform strategic decisions.
