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About eXp Realty
Founded in 2009, eXp Realty was designed with the real estate agent in mind, by Glenn Sanford, an experienced agent who had worked with multiple brokerages. He started by taking the best aspects of each brokerage company, and then improved on the business model. Today, the results speak for themselves as the company quickly makes its way to being the #1 cloud-based brokerage in the U.S. and has expanded into additional countries.
Why Do Real Estate Agents Join eXp?
Real estate agents sell homes, that’s how we make our money. However, with eXp, agents have the potential to earn more than just the commission from a sale. That’s right, eXp Realty agents not only earn a commission from home sales, they also have the potential to capitalize on sales by bringing in revenue in several other ways.
Multiple revenue streams, health insurance, lower fees for husband and wife real estate teams and for agents who hold a real estate license in multiple states are the main reasons my wife and I decided that eXp Realty was the right brokerage for us.
How eXp Realty Works
Becoming an eXp Realty agent requires the recommendation of a sponsor who not only introduces you to the company, but is a resource to help you build your real estate business. As any agent knows, there is always something to learn in the real estate industry and the road to success can sometimes be a windy one. That’s why having a sponsor and the eXp real estate team at your disposal is so important.
When you join eXp with me as your sponsor, you’ll receive resources and support above and beyond expectations.
Resources and Benefits Offered by eXp Realty
eXp Realty broke the mold of the traditional brokerage, choosing instead to create a real estate business model where the agent has a committed team at their disposal, keeps more of their home sale commissions, is offered health insurance and can actually build a retirement for themselves. With all these benefits, it’s no wonder that eXp Realty is attracting some of the most successful real estate agents and teams.
How Do eXp Realty Agents Earn Income?
- Commission from home sales
- Earnings eXp Stock and becoming shareholders in the company
- Revenue Sharing, not profit sharing
- By keeping more of their commissions
Earning Stock in eXp Realty
eXp Realty is a publicly-traded company on the Nasdaq, with the stock symbol expi. In 2018, having moved from the middle-tier venture market OTCQB to the Nasdaq, on its first day it traded over $1 billion in market share. It’s a lucrative stock to own and eXp Realty agents have 3 ways to obtain the stock, providing passive income with which to build a retirement fund.
3 Ways to Earn eXp Stock
1. The Sustainable Equity Program
With the Sustainable Equity Program, agents earn eXp Realty stock when they achieve defined goals. They must hold the stock for 3 years it becomes vested, at which time they can choose to continue to hold the stock or sell it.
4 Ways to Earn eXp Stock Under the Sustainable Equity Program
- Closing your first home sale with eXp realty
- Upon closing your first home sale each subsequent year you are with the company
- Each year upon hitting your $16,000 cap
- When an agent you sponsor closes their first transaction with eXp realty
2. Icon Agent Award
eXp Realty agents who reach their $16,000 cap, complete an additional 20 transactions during the year, satisfy the cultural satisfaction requirements and fulfill a few additional rules, earn the Icon Agent Award. That means every year, you can earn your cap back in company stock! I don’t know another brokerage that offers that. Learn more about the Icon Agent Award rules and regulations. The three year vesting rule applies.
3. Agent Equity Program
Agents who opt into the Agent Equity Program agree to eXp Realty withholding 5% of the commission from their transactions. The company then purchases eXp stock for the agent at a 10% discount. There is a 6 month vesting period for stock purchased through this program. Check for updates to and learn more about the Agent Equity Program.
4. eXp Revenue Sharing Plan
eXp Realty can offer more to agents because they don’t hire big fancy recruiting companies to build their brand. They rely on agents, like you and me. As agents, we join eXp because we believe in the mission and see the value in their brokerage model. Our success as real estate agents becomes their success as a brokerage company when we share our story and offer our sponsorship to other agents. The money that would have gone to that fancy recruiting company, with Rev Share, instead goes into the pocket of the recruiting sponsor. It’s a win for the company, the sponsor and the new agent!
What's the Difference Between Revenue Sharing and Profit Sharing?
In simple terms, profit sharing, which is what most brokerage companies offer, is when agents are paid a share of the company’s profits after all expenses have been paid. Often and frustratingly for the agent, many times there is little to no money left and their share of the profits is little to none.
Revenue sharing, offered by eXp Realty, is when the agents are paid a share of the revenue generated at the time of the sale. Agents earn a share in the revenue regardless of how much profit the company makes.
How Does Revenue Sharing Work with eXp Realty?
Each eXp real estate agent has a $16,000 cap to meet. What that means is, there is an 80/20 split on the commission for each sale until you reach $16,000 at which time you reach your cap and begin keeping 100% of your commissions. When you sponsor an agent, eXp pays you a percentage in revenue share out of their 20% cut of the sponsored agents commission. When your recruit meets their cap for the year, your rev share ends, until the next year when the cap resets. So, for each agent you sponsor, you can earn 3.5% in rev share each year until they reach their cap. Amazingly, eXp has taken this model a few steps further. When an agent you sponsored, sponsors an agent, you receive revenue sharing for that as well.
As great as all that is, the best part is that when you are ready to retire from selling homes, as long as you keep an active real estate license, you can still earn a share of the revenue generated by the qualifying agents you and/or your agents sponsored. It’s like having a pension!
eXp Realty’s revenue sharing model is straightforward and easy to understand but there are some requirements. Check out the chart below and contact me if you’d like more information about rev share or eXp in general.
eXp Realty Fees
When it comes to real estate agent fees, eXp Realty is not the cheapest, but it isn’t the most expensive either. what they do offer though, is the best value for your money. Below, we’ll break down the costs involved when using eXp Realty as your brokerage company,
How Much Are Real Estate Agent Fees at eXp Realty?
- Startup fee: $149 – a one-time fee for which you receive a voucher for 1,000 free business cards. For a husband and wife real estate team, both pay $149 up front, however, one of the fees is later refunded.
- eXp University and Tech Fee: $85/mth – provides access to educational material, KvCore and tech support
- Broker Review fee: $25/transaction – secures a broker to review transaction details
- Errors and Omissions fee: $40/transaction – basically, risk management insurance which caps at $500.
- Cap: $16,000 – paid through an 80/20 split on all commissions until the cap is reached at which time this fee is suspended. Cap is reset and must be paid each year.
- Transaction fee: $250/transaction – this fee is charged on each transaction that occurs after the cap has been reached up to $5000, at which time the fee is reduced to $75.
- Franchise Fee: $0 – because they are not a franchise business, agents do not have to pay costly franchise fees
- Desk fee: $0 – because eXp Realty is a cloud-based brokerage there is no reason to charge a desk fee.
eXp Realty - The Best Brokerage for Husband and Wife Teams and Real Estate Agents Licensed in Multiple States
Husband and wife real estate teams and agents who hold real estate licenses in multiple states know, the fees add up fast and eat away at your profits. As part of a husband and wife real estate team and an agent that holds his real estate license in Florida and in Michigan, I was excited to learn about the low fees eXp Realty charges.
Husband and wife teams pay only one $16,000 cap. For multi-state real estate license holders, again they charge only one $16,000 cap. Let the reality of that savings set in for a minute. Instead of paying a $16,000 cap for my wife, a $16,000 for my license in Florida and $16,000 for my license in Michigan, totaling $48,000; we only pay $16,000. That’s a savings of $32,000!! On top of that, the technology fee and errors and omissions fee are paid as if we were a single agent as well.
Joining exp Realty really is a no-brainer for husband and wife teams or those who are paying multiple caps to be licensed in multiple states.
Other Benefits eXp Realty Offers:
Cutting Edge Real Estate Lead Generating Website + CRM
eXp Realty provides its agents with the KvCore, a robust, cutting edge, lead generating website for real estate agents. This valuable program would cost an individual agent approximately $450 a month. It is provided to eXp real estate agents as part of the monthly $85 university and tech fee.
With KvCore, you have access to a fully customizable website that connects to your MLS listings. Home buyers can search the MLS database, save searches, print home flyers, and schedule showings from your site. On the backend, the program incorporates lead capture and lead management technology.
In a recent development, KvCore partnered with BombBomb which allows you to send video emails and text messages to your leads. It’s a great opportunity to start the conversion process by allowing your leads to put a face with your name.
eXp Realty Agent Health Care
Health insurance is expensive and since many brokerages do not offer it to their agents, when you find one that does, it’s worth considering. Agents with eXp Realty are fortunate that the company has partnered with Clearwater Benefits to provide them coverage. They provide coverage options for healthcare, vision and dental care at affordable rates.
eXp Realty Training 80+ Hours
eXp Realty offers over 80 hours of real estate training taught by experts in the field who have met specific production criteria. There are beginner real estate courses to help new agents get off to a fast start, as well as courses for veteran agents looking to take their business to the next level. No matter what real estate topic you’re interested in learning, when you join eXp Realty you have access to training from the mobile app or eXp World, their virtual campus.
Check out the training schedule here. If you are interested in a guest pass, reach out to me.
eXp Workplace
eXp Workplace is powered by Facebook and actually works in much the same way. Its purpose is to allow eXp agents to collaborate with each other and support each other’s success, regardless of location.
Like Facebook, Workplace has a group feature where teams can share information, ask questions, etc. In the referral group, for example, agents share leads that they aren’t able to work themselves. that alone is a huge asset for agents.
Workplace Chat is another valuable feature because it allows you to connect with top-selling agents who you might not even know, to ask questions, get advice or learn tips and tricks to their success. It works, I use it all the time.