Byron Lazine and Matt Nicol discuss differences between the U.S. and UK when it comes to the housing market, agent commissions, home purchase financing and buyer agency, as well as how Matt generates so many listing opportunities, how he monetizes his listings, and how the UK consumer views the real estate agent.

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Timestamps:

00:00–01:23 Intro

01:23 “What’s the #1 question—as a top UK agent—that agents are asking you?”

02:30 What is the buyer commission in the UK?

03:37 The UK version of Zillow (RightMove) and CoStar’s UK presence

08:16 Buyer agency in the UK (the buyer’s solicitor: responsibilities & compensation)

12:29 No 30–year fixed mortgages: mortgage options in the UK

14:00 What’s the agent commission rate?

14:44 “You’re monetizing those 400 transactions through the (mortgage) lender…”

15:39 “Are there other ways you’re monetizing 400 listings (a year)?”

16:34 How Matt’s business works (with 36 salaried employees)

20:37 The market he serves (less than 200K) and how many agents serve it

22:33 “You don’t have part-time agents in the UK?”

23:45 Buyer agency for the UK luxury market

25:15 “As the listing agent, you have buyers directly negotiating with you…”

26:04 “At the end of the day…we know the seller is paying us….”

27:22 Are homebuyers underserved in the UK?

28:18 “If the DOJ uncouples [commissions], do you believe buyers are going to pay?”

31:57 “How do you generate so many listing opportunities?”

34:32 How does the UK consumer view real estate agents?

36:49 Byron’s big takeaway from the interview

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#ukhousingmarket #realestatebusiness #buyeragent