If you’re into real estate, then you’ve probably heard of eXp Realty. What you likely won’t know is that it’s not your average real estate brokerage. In this post, I’ll give you the lowdown on what sets it apart from the competition and how eXp Realty works.
Traditional real estate brokerages have a similar setup. Agents work out of a physical location, commission formulas are defined, and agents are left to their own devices.
eXp Realty, on the other hand, takes a pretty different approach. For starters, eXp Realty’s philosophy is agent success obsessive.
This implies that the company is laser-focused on assisting agents in achieving professional and financial success outside of a typical brokerage.
That’s why, since its inception in 2009, eXp Realty has continued to attract agents and grow at a rapid pace.
How Is eXp Realty Different From A Standard Brokerage?
Let’s take a gander at how eXp differs from a standard real estate firm in 12 ways:
1. It’s one consolidated brokerage.
Instead of multiple franchises scattered across the country, eXp Realty is a single firm. And eXp isn’t just a US-based company! Internationally, eXp has expanded into Canada, the United Kingdom, and Australia.
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2. It has a virtual workplace.
eXp Realty agents, brokers, and staff work from home or wherever they want, rather than in traditional offices.
There are no commutes to and from the office when you use eXp’s powerful technology. Agents are highly mobile, setting up shop wherever there is an internet connection.
3. They hold classes and live training sessions.
Traditional brokerages may offer some basic training and onboarding, but eXp’s training is extensive and continuous. New agents are given a curriculum to follow for the first few months.
All agents receive continued help in the form of live, ongoing workshops. These workshops run 50 hours a week and cover topics like sales and listing tips, lead development, CRM, and social media.
There’s no need to worry about missing a class because the sessions are recorded.
4. They employ innovative tools.
eXp employs cutting-edge tools and technologies to collaborate with agents and personnel. eXp World and Workplace are two of the essential tools, both of which are available around the clock.
eXp World is eXp’s virtual world. There, eXp agents and staff members interact with one another via their unique avatars on a vast online campus.
eXp World is complete with offices for support personnel such as accounting, brokerage operations, and human resources.
There are meeting rooms and enormous auditoriums available for the entire organization. You also get to go to recreational locations such as the beach and soccer fields.
Remember Sims, the popular life simulation video game? I think of it like that. It’s pretty dang cool.
Workplace, a Facebook product, is one of eXp’s most effective and popular communication tools. It allows the global eXp agent community to engage in a rapid, chat-like manner.
These two capabilities engage eXp’s huge agent population and allow them to collaborate across states and time zones in real-time.
5. They have a marketplace for partnerships.
The eXp Realty Preferred Partner program offers a marketplace for home-buying and selling services to their agents and clients.
There, you can deal in mortgagees, escrow, titles, warranties, and even moving services. Everything is in place for an eXp agent to keep the transaction moving forward smoothly.
After hitting certain milestones, agents can obtain equity in eXp World Holdings (eXp Realty’s parent firm). Stock ownership provides financial security for agents.
It also gives them a voice in the company and strengthens their dedication to helping eXp flourish.
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7. They can collaborate from anywhere.
eXp is a highly collaborative organization where agents are eager to assist other agents near and far.
This can happen naturally through eXp World or Workplace or programs like ICONversations and Agents Helping Agents.
Top-producing eXp agents exchange productivity insights with other eXp agents. Also, referrals can come from anywhere in the United States and worldwide.
8. They offer real-time support.
You don’t have to keep track of an IT professional’s availability. eXp’s IT and service support staff is available throughout standard business hours in all time zones across the United States.
They can assist with any inquiry or need, technical or otherwise.
9. They don’t charge expensive overhead fees.
Traditional brokerages charge agents a high setup fee. Agents are not charged expensive overhead fees for brokerage operations like insurance, utilities, and furnishings since eXp is a virtual environment.
Profits are freed up, which are reinvested in the eXp business for agent support, training, and technology.
10. They offer better commissions.
The commission plan at eXp is an 80/20 split with a $16,000 annual maximum. That means that when an agent closes on a property, they keep 80% of the money while eXp gets 20%.
The agent keeps 100% of the fee per transaction until they reach the $16,000 threshold in their anniversary year.
11. Their agents get healthcare.
eXp launched new and low-cost healthcare options for agents in 2019. Yes, several real estate brokerages do provide health insurance plans.
Although, this is yet another evidence of eXp placing a premium on its agents’ performance and well-being.
When an eXp agent recruits a new agent, they are “sponsoring” that person. The recruiter receives revenue share income from the sponsored agent’s future sales activities.
To be clear, that percentage is paid by eXp, not the new person.
eXp Realty Real Estate Agents
eXp has around 80,000 agents as of mid-2022. More and more agents from around the world come to eXp Realty.
Therefore, they are one of the fastest-growing real estate brokerages in the industry.
At least one state broker exists in each state. Regional compliance brokers are also available in some major states to assist agents and analyze contracts.
But will new agents be able to join the team? Absolutely. eXp provides new agents with the FastStart training package.
The company also offers new agent masterminds and 50 hours of live training per week.
In addition, all new agents are connected with a local mentor who works with them on their first three transactions.
Fortunately, you can extend this service for a small mentor fee.
You have such a great support system with your broker, mentor, and sponsor as a new agent with eXp.
You always have someone to answer your questions and help you get your business off the ground.
All eXp Realty mentors undergo a rigorous certification procedure to ensure that they are qualified to assist new agents.
Your broker will link you with a local mentor after you join eXp.
Please let the broker know if you already have a qualified eXp mentor in mind in the same geographic area.
If so, they can arrange a pairing – given, of course, that the mentor has the time to work with you.
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The Benefits of Being An eXp Real Estate Agent
Traditional real estate brokerages generally operate the same way. Agents and staff work out of a physical location; they are left to their own devices. eXp Realty, on the other hand, takes a pretty different approach.
eXp Realty has a corporate headquarters in Bellingham, Washington. They also have a few physical locations in states that require one. Aside from that, eXp agents and brokers work from home, remote offices, or the Regus Coworking Center.
This saves eXp a lot of money as a firm. These savings are then passed on to the agents through decreased costs and a revenue-sharing program.
But what if you need a place to work? It’s all taken care of by eXp.
Every agent gets a complimentary membership to the Regus Business Lounges to work in between appointments. You can always book a conference room for yourself and your clients.
There are over 3,000 Regus coworking offices in the United States, so there should be one near you!
Commission Splits and Fees
Until the cap is reached, every agent at eXp Realty has an 80/20 split. When eXp agents pay $16,000 to the corporation, their earnings are capped.
So, if your gross commission income (GCI) is $80,000 or more, you should approach your commission ceiling each year. At eXp, teams might have their caps reduced.
If you’re already licensed in many states, all you have to do is pay their national brokerage $85 each month to cover the technology they provide.
Is there a charge for a franchise? None. There are no franchises because they are a nationwide brokerage. Many agents should be able to save thousands of dollars each year due to this.
eXp doesn’t have as much overhead as a regular brokerage. Therefore, they’re able to divide half of the 20% split with the agents who help us expand.
You can earn up to $2,800 per year for each real estate agent you personally introduce to eXp. You’ll earn a share of what your agents sell if they introduce more agents.
Please keep in mind that you wish to recruit agents is entirely up to you.
You will be paid a percentage of the gross commission generated by the agents you introduce to the organization. Any agents in your revenue share group’s seven levels will get a cut too.
Because your revenue share team is seven lines deep, you’ll receive anything from 0.2% to 5% of what those agents make. In other words, the amount of rev share you can make with eXp Realty is unlimited!
Every month on the 22nd, you will receive the revenue share earned the previous month.
Let’s say that in January, the agents in your rev share group earned $50,000 in gross commission. On February 22, you’ll receive a revenue share payment of roughly $1,750 ($50,000 x 3.5%) in your bank account.
Is there a method to keep track of how much money you make? Yes, eXp Realty has a system called Enterprise that allows you to see all of your revenues in real-time.
Next month, you can examine your sales data, stock awards, and revenue sharing.
Many agents check Enterprise every few days to see how quickly their revenue share increases. They also estimate how much they will receive on the 22nd of the month.
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Since each eXp agent becomes a shareholder upon their first sale, everyone has a vested interest in its success.
It’s no wonder that eXp Realty is one of the most innovative and largest residential real estate brokerages in North America.
In their virtual office, their agents receive unrivaled training and support. Everyone has the opportunity to collaborate and learn from professionals from all across the country.
Now that you have some idea of the inner workings of eXp realty, do you think it’s worth joining?
If so, click below to learn a bit more.