Explore a Respite from Real Estate
with eXp Realty's Referral Program
Looking for a respite from the conventional real estate grind while maintaining a steady income? Consider eXp Realty's Referral Division as an attractive option. This division empowers real estate agents to refer potential clients to other agents and earn a fee or a percentage of the commission. But what exactly is the eXp Referral Division, and how does it operate?
We'll delve into the intricacies of the eXp Referral Division, covering aspects like fees, limitations, and the advantages it offers. We'll also explore the process of transitioning from eXp Realty to the Referral Division and the key considerations you need to bear in mind.
Whether you're seeking a break from traditional real estate or simply wish to explore fresh opportunities, the eXp Referral Division provides a distinctive way to generate income by referring potential clients to fellow agents. Keep reading to discover more about this exciting opportunity and how it can benefit you as a real estate professional.
Things We’ll Walk Through:
Understanding the eXp Referral Division
Exploring Fees and Revenue Splits
Transitioning from Realty to Referral Embracing Revenue Share and Stock Benefits
A Streamlined eXp Referral System
Key Considerations to Keep in Mind + Know This
Conclusion
Understanding the eXp Referral Division
So, what precisely is the eXp Referral Division? It's a subdivision within eXp Commercial that grants agents the ability to operate swiftly across all 50 U.S. states, including Washington DC, without any affiliations to MLS or REALTOR® associations.
Agents in the eXp Referral Division are limited to referring clients for buying, selling, or leasing properties. They cannot act as agents on behalf of other parties, showcase properties for sale or lease, or engage in other real estate activities that require licensing.
Exploring Fees and Revenue Splits
What about the costs associated with joining the eXp Referral Division? A $50 monthly fee grants access to eXp World, Workplace for communication, eXp tools such as Skyslope, My eXp, eXp University, and a vast network of qualified professionals worldwide.
Referral splits stand at 75/25 for referrals to eXp agents and 70/30 for non-eXp agents. There is no cap on earnings, but ICON status cannot be achieved in the Referral division.
Transitioning from Realty to Referral But suppose you wish to switch from eXp Realty to the Referral Division.
In that case, you must reach out to your state broker team for assistance and timing. You will sign a new Independent Contractor Agreement while retaining your existing sponsor.
Before making this transition, consider the following: you will lose access to Realtor forms and MLS, and KV Core access will be unavailable, so ensure you download any essential files. You will receive a new ICA for the Referral Division, with your sponsor remaining unchanged.
Embracing Revenue Share and Stock Benefits
One of the notable advantages of the eXp Referral Division is the opportunity to earn Revenue Share and potentially build your Revenue Share group. Any stock you've earned in Realty or Commercial will carry over. However, commissions earned in the Referral Division do not contribute towards a cap or ICON status upon returning to Realty.
A Streamlined eXp Referral System
eXp Realty has introduced a new internal referral system that is both fast and user-friendly. With this system, eXp agents can quickly make referrals using an official form and get back to closing deals. The new system has received positive feedback from eXp agents, appreciating its convenience and ease of use.
The eXp internal referral system simplifies the process, enabling eXp agents to easily find the right agent for their referral, sign an agreement, and track progress from start to finish. This system is exclusive to eXp agents for internal referrals, with a universal referral agreement form applicable across residential and commercial transactions, regardless of location.
Key Considerations to Keep in Mind Before considering membership in the eXp Referral Division
Remember that you won't have access to MLS or statewide forms, and you cannot represent family members in property transactions. You'll also need to step down from any teams you're part of, as teams are not permitted in the Referral Division.
If you're planning to transition from Realty or Commercial to the Referral Division, take note of the following:
Your access to Realtor forms and MLS will be discontinued.
Download essential files from KV Core before losing access.
Sign a new ICA for the Referral Division, with your sponsor remaining the same.
Ensure there are no open transactions in Skyslope; if necessary, reassign them to another agent and download relevant information.
Leaving any teams you're part of is necessary, as they are not allowed in the Referral Division.
You'll receive a new email alias under @expreferral.com, while your current @exprealty.com or @expcommercial.com email will be deactivated.
Optionally, you can create and order new business cards and marketing materials showcasing your affiliation with the eXp Referral Division, subject to approval by the broker.
Know This:
The eXp Referral Division, a part of eXp Commercial, allows real estate agents to refer potential clients to other agents for a fee or commission percentage. It operates in all 50 U.S. states without MLS or REALTOR® associations affiliations. Membership includes a $50 monthly fee, with referral splits of 75/25 for eXp agents and 70/30 for non-eXp agents. Moving from eXp Realty to the Referral Division requires contacting the state broker team, with some limitations on access to MLS and forms. Nonetheless, agents can still earn Revenue Share and retain stock earned in Realty or Commercial.
In Conclusion
The eXp Referral Division provides real estate agents with a unique opportunity to take a break from the routine tasks of traditional real estate while maintaining an active real estate license with a broker.
It's an excellent avenue for referring potential clients to other agents and earning fees or commission percentages, all while retaining the benefits of Revenue Share and stock.
For more information about the eXp Referral Division, don't hesitate to reach out to your state broker team.
