Former eXp Realty New Zealand leader joins another brand

PHOTO: eXp Realty. FILE

The former owner/leader (Maria Stephens) of eXp Realty Maria Stephens has joined Barfoot & Thompson, one of Auckland’s most well-known real estate brands.

eXp Realty’s Struggle to Gain Momentum in New Zealand: A Closer Look

eXp Realty, a globally recognized cloud-based real estate company, has found significant success in many markets worldwide. However, in New Zealand, the brand struggled to gain traction and establish a strong presence. Despite the company’s innovative platform and international reputation, eXp Realty only managed to attract a small team of about 10 agents across the country.

Several factors contributed to the challenges faced by eXp Realty in New Zealand. The local real estate market is highly competitive, with established agencies like Barfoot & Thompson and Harcourts dominating. These firms offer deep-rooted connections, strong networks, and a level of familiarity that appeals to both buyers and sellers. Furthermore, many agents were hesitant to adopt eXp’s entirely virtual model, as the traditional face-to-face approach remains a key part of building trust and relationships in New Zealand’s real estate scene.

The company’s agent-centric structure, while advantageous in markets with a strong culture of independent real estate professionals, also didn’t fully align with the collaborative, branch-based business model typical in New Zealand. eXp’s reliance on online collaboration and its cloud-based structure, although cutting-edge, wasn’t widely adopted in a country where many agents still valued physical offices and personal mentorship.

Additionally, agent recruitment, a critical aspect of eXp’s growth strategy, proved to be slow in New Zealand. With a limited network and the challenge of competing with well-established local brands, the company faced difficulties in gaining the trust and interest of agents who were already comfortable within their current firms.

Despite these struggles, eXp Realty’s vision of revolutionizing the industry continues to attract attention globally. While its growth in New Zealand has been modest so far, the company’s adaptable business model and willingness to evolve leave room for future expansion as the real estate landscape shifts towards digitalization. However, its slow start in New Zealand highlights the importance of understanding local market dynamics and adapting global strategies to fit regional preferences.