The strongest models are those flexible enough to bend without breaking their core principles – and this applies whether you’re crossing postcodes or international borders.
The real estate industry has seen countless international brands attempt global expansion, but far fewer succeed.
Having been at the forefront of both successful and unsuccessful ventures, I’ve learned that the secret often lies not in what you keep consistent, but in what you’re willing to adapt.
Think about McDonald’s for a moment. Whether you’re in the US, UK, Poland or Australia, you’ll always find the Big Mac and chips.
But look closer, and you’ll notice each country’s menu includes unique items that cater to local tastes.
This same principle is crucial in real estate – maintain your core offering while adapting to local market nuances.
When eXp approached me about launching in the UK, I initially said no.
My hesitation stemmed from watching other American brands stumble in our market by forcing US terminology and practices where they didn’t belong.
Terms like real estate, brokerage and closing might work in America, but in the UK, we talk about estate agency, firms and completion.
These aren’t just semantic differences – they’re cultural touchpoints that signal whether you truly understand and respect the market you’re entering.
Purplebricks learned this lesson the hard way in several markets, including Australia.
They entered with a rigid model and substantial marketing spend, believing that enough advertising could overcome cultural resistance.
But real estate is inherently local, and what works in one market won’t necessarily translate to another, regardless of how much money you throw at it.
Our approach at eXp has been different. While we maintain core elements – our commission structure, revenue share model and equity offerings – we’ve empowered each country leader to adapt the model to their market’s specific needs.
In the UK, for instance, we implemented minimum experience requirements for agents, something that wasn’t part of the US model but was crucial for establishing credibility in our market.
The results speak for themselves. By allowing for cultural adaptation while maintaining our core values, we’ve grown to become one of the UK’s largest agencies in just four years.
This wasn’t achieved through massive marketing budgets but through understanding and respecting local market dynamics.
For real estate leaders, whether you’re considering international expansion or simply growing into neighbouring suburbs, here’s my advice: look for partners and approaches that prioritise understanding local nuances.
Even within the same city, each community has its own character, expectations, and way of doing business.
What works in one suburb might not resonate in another, just as what works in one country might not translate to another.
While people everywhere want to buy and sell property, how they go about it is deeply rooted in local culture and practice – right down to the street level.
The future of real estate belongs to brands that can strike this delicate balance: maintaining their core identity while embracing local market nuances and adapting to customers’ needs.