Thinking about joining eXp Realty? We put together a bunch of questions and answers to help! We have included videos and links to other material to help further explain!
What is eXp Realty?
eXp Realty is a brokerage in all 50 states and several provinces of Canada that is agent owned and cloud-based. It is now the fastest growing brokerage in America, with thousands of agents joining most months in the last year.
Who started eXp Realty?
Glenn Sanford is the founder of eXp Realty. Brian Culhane, who worked with Glenn Sanford during the period of the company's founding discusses the history of the company in this podcast interview. http://cloudrealty.libsyn.com/brian-culhane-exp-realty-formation
Glenn Sanford was a former Keller Williams agent who realized that a cloud based brokerage that offered revenue share was the future of real estate.
What does agent-owned mean?
eXp Realty is agent owned meaning that agents can acquire stock in the company and have a vested ownership in the brokerage. There are 6 ways that agents can acquire stock, from simply purchasing it to achieving certain performance benchmarks.
What is a cloud-based brokerage?
A cloud brokerage is a brokerage that does not have physical offices and conducts business entirely on the Internet. Think of Amazon. They are a cloud company. They have no physical stores yet they sell a heck of a lot of merchandise!
Are there really no brick and mortar offices?
Actually there are many offices! Recently a lot of big teams who have space have flocked to exp Realty. So it's possible to use their space or work something out with them for nominal fee. Other than that, every agent and broker works from home or a remote office space. The company realizes a tremendous savings and is able to pass on the savings to agents in lowered costs.
eXp Realty has an agreement with Regus Business Lounges Worldwide to provide free access to their facilities. https://expcloud.com/regus-office-locations/
is eXp Realty a franchise?
No, it isn’t. It’s a national brokerage. There are no franchise fees or desk fees. There is a broker of record and a broker operations team in each state.
What is the opportunity for me?
eXp Realty rid itself of the bricks and mortar, and because it isn’t a franchise it doesn’t have geographic ownership. They are giving that money back to the agents instead in the form of lower fees, revenue sharing and gifted stock opportunities. Instead of the franchise owners getting that money, the agents who help build eXp get that money instead.
Wait, so I can, in effect, get paid as a franchise owner without having to have a large investment?
That’s it! It costs millions to open some popular franchises. As an agent you have a massive opportunity to develop a large income stream through revenue sharing. Without the risk or overhead.
Why did Rich & Karen Ayers join eXp Realty?
In a word, OPPORTUNITY. The opportunity to create revenue three different ways (selling real estate, revenue sharing, stock) doing the same things we do every day in our real estate business at a traditional franchise. Opportunity for our team members to take advantage of those revenue streams. Opportunity to collaborate with talented agents around the country, and expand our business without borders and into multiple states! We were Managing Brokers of our own independent brokerage since 2005 and CLOSED it! We made the move to eXp Realty in late 2017!
Is eXp Realty a good company for NEW agents?
Absolutely! In fact, eXp has its own mentorship program that agents go through for their first three transactions over the first 90 days. You will be paired with a successful local mentor who will walk you through the steps needed to get you on the path to success.
Is eXp Realty a good company for MEGA agents and teams?
There’s nowhere better! High producing agents have the tech to expand anywhere, and through production can even earn the right to get the amount they pay in to eXp each year back in stock. No need to deal with local market center agreements or any red tape! Just get your license and sell!
I am a Broker. Can I keep my brokerage brand?
Yes, you can keep your brand and brand yourself however you want to as long as you are in compliance with your state marketing laws. Most brokerages that come to eXp keep their brand and just add the tagline, "brokered by eXp Realty".
What kind of training does eXp Realty have?
Over 70 hours per week! We offer training on EVERYTHING! Take a look for yourself!
What does it cost to join? What are the monthly fees?
Currently, your start-up fee is $149, which includes your business cards and presentation folders, and your first month’s fees. eXp has a $50/month technology fee and a $35/month fee for the massive training at eXp University in the cloud. Over 70 hours of training every week is included! That’s it! Of course you are still responsible for your MLS board-related dues and MLS dues, as you would be anywhere.
What is my split?
You keep 80% of your commissions and pay eXp Realty 20% until you have paid in $16,000 a year, at which point you have “capped” and don’t have to pay the brokerage that money anymore. You pay a $250 per transaction fee after that up to $5,000 paid in.
What happens then?
Once you complete 20 deals past your Cap and have paid in $5000 in transaction fees ($250 * 20) You can apply to be recognized as an ICON Agent, at which point you would receive the $16,000 you paid in back in the form of company stock. Any gifted stock has a three-year vesting period. This is where is gets exciting! You are now at 100% and only pay a $75 transaction fee going forward!
Are there any other fees?
There is a nominal broker review fee ($25/transaction) and Errors and Omissions insurance fee on each transaction ($40 E&O Fee ($500/yr cap).
What about my Team Members?
Team members are on a half cap, where they pay $8,000 a year in company dollar to eXp. There also is a more generous plan available for teams doing more than 175 sides, $40 mil in volume and with at least 10 agents. Reach out to us for details.
What if I work in multiple states? Do I pay more?
No! It’s one cap, period. You may have teams wherever you choose. Other companies that promote expansion insist you pay another full cap when you go to a new state. Or, you may have to pay double desk fees! There is ONE fee structure at eXp Realty and it is NATIONWIDE!
How does an agent build Revenue Share?
Simple. Introduce eXp Realty to other agents that you know. If they join, you become their sponsor and you will receive up to $2800 annually from them if they cap. You will also get rev share from whomever they recruit. All the way down to 7 levels. There are agents making a few hundred dollars a month. There are agents making 100k a month!
How does an agent earn Company stock?
You can earn stock when you 1) complate your first transaction of every year, 2) when you sponsor someone to eXp Realty and they do their first transaction and you also can get stock 3) when you Cap, and you can take 5% of your commission income and buy stock at a 20% discount. Don't pay a Franchise Fee to your current brokerage? Take that money and buy 5% of eXp Realty stock instead and have an ownership interest in your brokerage!
Where is eXp Realty stock traded?
EXP is traded on Nasdaq as EXPI. Here is the link: https://www.marketwatch.com/investing/stock/expi.
What is the eXp Realty Cloud Campus?
The cloud campus, also known as “eXp World” is our virtual world where agents and staff meet on the web for training, collaboration, meetings, and support. You can join and tour our campus for free. Watch a quick 90 second tour of our Campus?
What others ways do you collaborate across the company?
Our primary tool to collaborate is Workplace by Facebook. It is a COMPANY-WIDE platform meant for instant collaboration! You have access to thousands of agents across the U.S.! Not just those in your local market center or office (who DON'T want to help you anyway!).
We use Workplace DAILY. View classes, get news and info, attend your state meeting, have 1-on-1 meetings with other top agents, and SO MUCH MORE!
Learn more about Workplace here: https://www.ayersteam.com/join-exp-realty/workplace-facebook-within-exp-realty/
Does eXp Realty have Conferences?
Yes, eXpCon is our annual conference held in different cities (http://expcon2019.com/). Past conferences were held in Las Vegas, Chicago, and San Antonio. We also have annual ownership meetings for stockholders. These are usually held in April in Orlando. http://expshareholdersummit.com/
Do my signs, business cards and other branding have to be approved?
You can brand yourself however you want to, but to ensure compliance with the company and your state it is best to follow these 3 rules.
Three Rules for Successful Marketing with eXp Realty
1) Always follow eXp Realty Brand Guidelines when using the eXp Realty logo.
2) Use a current and approved eXp Realty logo from the approved logos folder.
3) Submit all marketing materials to [email protected] and your State or Provincial Broker Team for approval prior to use.
Does eXp Realty have a Marketing Depart to help me with business card and sign designs?
On expcloud.com there are links to all of our preferred vendors including those for cards and signs. Simply go to expcloud.com and then click on "business tools" in the top toolbar. From there you can click on "vendor resources." You can submit your own artwork and/or choose from select templates. Just be sure that your cards and signs and marketing pieces are compliant with state marketing laws and the exp marketing department.
What kind of Marketing Material does eXp Realty provide for its agents?
eXp Realty provided hundreds of templates to assist in marketing yourself or your properties. Everything is included in the eXp Marketing Center. Learn more here: https://www.ayersteam.com/join-exp-realty/exp-realty-marketing-center/
Do I get a Mentor or is coaching available?
During their mentor program, the mentee will be on a 60/40 split. This will last through the first 3 transactions. 20% will go to eXp (as always), 10% will go to mentor, and 10% will go to the eXpand Mentor Program.
If you are an EXPERIENCED agent, Rich Ayers and his team will help you get onboarded and acclimated so you get off and running quickly!
Scroll to the bottom of this page: https://explore.exprealty.com/section/exp-university/
I'm ready to move? What steps are required to move my license?
1) The first step is to go to http://ayersteam.exprealty.careers/. The application to initiate the entire process is found on that site and it only takes a couple of minutes. Filling out the application does not commit you to join exp realty; it simply initiates the next step.
2) After you fill out the join application, you should expect to receive your signing documents via email. This will include your independent contractor agreement (ICA). Nothing is official until you sign that document. That is also where you will list your sponsor for revenue share purposes.
3) Next, you will follow the process in your state for requesting the change of sponsorship to eXp realty from your current brokerage, and then the exp state broker will accept your license. (it is at this point that you are legal to do business at eXp realty. If you do not know your state's process for this, then reach out to the state broker.
4) You will also want to make sure that your mls board knows you are changing brokers and you will transfer any listings you have with your board as well. You can get forms for those transfers from your local board of realtors, or many times the state brokers will have the forms signed and ready to go for you.
5) The final step in onboarding will be receiving your welcome email that has your eXp passport login. This will allow you to access all of your exp systems including; eXp world, eXp Enterprise, and Skyslope (transaction management).
eXp Realty has a comprehensive onboarding process that is outlined here.
I still have busines with my former brokerage?
Most brokerages will let you take your listings with you when you change companies. Pending deals will close at your former brokerage, and most brokers will pay you if you exit professionally. Review the Independent Contractor Agreement you signed with your former broker to find out policies on departing agents.
There’s never a perfect time to make a change. Just get your questions answered and let’s move forward together!