eXp has zero desk fees. Yes, that is right. Essentially because eXp Realty is a virtual brokerage so it doesn’t make sense to have charges for a desk when there really is no office. However, there are certain fees associated with being an agent or broker with eXp. Similar to a typical brick-and-mortar brokerage, there are fees that go into covering overhead expenses. There are also no royalty fees or franchise fees. The revolutionary virtual office business model does away with all these additional fees unlike most traditional brokerages. Agents can keep 80% to 100% of their commissions and enjoy a low company cap. Let’s break down the fees in being an agent with eXp Realty.
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Upfront fees
When you join eXp Realty there is a $149 start up fee that includes 1000 business cards, a lead generation website, contact management system, membership in the Regus Business Center, toll-free phone numbers, Google apps for storage and email, brokerage membership, Skyslope Transaction Management System membership and access to eXp’s virtual campus.
Commission Splits
Agents who join eXp Realty adhere to an 80/20 commission split until that agent reaches a $16,000 annual cap, meaning you’ve paid in $16,000 and then you keep 100% for the rest of the year. eXp Realty offers equal commission splits across the board. No agent receives exclusive deals unlike many other real estate brokerages. All ages pay the same commission split in fees
regardless of tenure or transaction volume.
Read More: How to Increase Your Real Estate Salary
Transaction fees
After the $16,000 cap, there is a $250 transaction fee for the next 20 transactions and then $75 per transaction after that.
Mentor program
The eXp Mentor Program is for agents who sold fewer than three homes or properties in the past 12 months. There is an additional 20% split for the agent’s first three transactions with a local mentor.
E&O Insurance
eXp Realty covers the errors and omissions insurance by each transaction. Agents pay $40 per sale until they reach a $500 annual cap and a $25 broker review fee to ensure contracts are accurate.
Cloud Brokerage Fee
eXp Realty offers a “Cloud Brokerage Fee” which covers the brokerage’s software, online support, and other online platforms that agents may utilize. Many other brokerages have fees of over $300 a month for similar services but eXp offers it to all of their clients. It also covers a state-of-the-art CRM called kvCore. This is a real estate-specific CRM that ties in listings with a marketing backend strategy. This fee is $85 per month.
Related: REDX for Real Estate Agents – Do I Need it?
Money Back
One of the largest benefits of joining eXp Realty is that you can recover your entire commission split back as a result of hitting Icon Agent Status. This is when an agent has hit their commission cap and fees cap and is met the cultural requirements put forth by the brokerage. This means you’ve provided mentorship, offered a webinar or seminar, or generally participated in the culture of providing support to other agents. Once you are an Icon Agent, you are eligible to receive your entire commission split back in the form of equity in the company.
For agents who are top performers, they are working in a 100% commission split with the otherwise low transaction and brokerage fees, something that no other brokerage out there has. Like equity, the amount agents are earning back can be worth a lot more than their original split.
In addition to this investment, agents can get equity rewards in other ways. When ages close their first transaction each year they get $200 worth of EXPI stock. If ages introduce or sponsor an agent and they sell their first home with eXp Realty they get $400 worth of stock. This Agent Stock Purchase Plan can give ages the opportunity to buy at a 10% discount on the market value of the stock.
Example:
Let’s take an example that eXp uses. For an agent that sells around 10 to 12 homes per year and is $80,000 GCI, that agent could potentially save over $8000 per year with eXp Realty. Top producing agents to sell about 25 homes or more and generate upwards of $300,000 in GCI, their savings is about $60,000.
Join eXp Realty Today
To learn more about joining eXp Realty and how you can start saving money, investing, and getting 100% of your commission splits, contact me below. I’d love to offer more information or help you join eXp Realty today.
