Unlocking the Secrets of eXp Realty:
How It All Works
eXp Realty is revolutionizing the real estate industry at an unprecedented pace, soaring to become the world's #1 Agent-Owned Cloud-Based Real Estate Brokerage.
The Cloud-Based Advantage
eXp Realty operates as a cloud-based real estate brokerage, which means there are no traditional brick-and-mortar offices. Instead, agents, team leaders, and brokers collaborate, support each other, provide education and training, and build their businesses through eXp Realty's vast array of digital tools and resources. This setup ensures that you can always stay connected to eXp, receiving support and training no matter where you're located.
Not Your Typical Franchise Model
Unlike most real estate brokerages, eXp Realty does not operate on a franchise-based model. This groundbreaking approach empowers agents to "build a business within a business" without the need to invest tens or hundreds of thousands of dollars to secure a local franchise. Instead, you can join eXp Realty for a mere $149 startup fee and expand your real estate business wherever eXp Realty operates, currently spanning all 50 US states and 22 additional countries globally. This novel model allows you to leverage eXp Realty's systems, support, training, and extensive reach to scale your real estate enterprise to new heights.
The eXp Realty Culture
The culture and collaboration among agents at eXp Realty set it apart. Thanks to the sense of ownership that agents have, there's a significant shift in mindset. It's all about mutual growth and support, as opposed to the more common "what's in it for me" mindset seen at many other brokerages. Some of my closest friends and business partners were found within the eXp Realty community, propelling my business to new heights.
Intriguing Topics We'll Cover
How Does eXp Realty Work?
When Was eXp Realty Founded?
Agent Tools and Resources
Training at eXp Realty
Real-Time Support
In-Person and Virtual Events
Revenue Sharing
Stock Awards
Team Structures at eXp Realty
eXp Realty Fees and Commission Split
How To Join eXp Realty
Frequently Asked Questions
eXp Realty's Foundation
eXp Realty was founded in 2009 by Glenn Sanford. Glenn, who previously led a real estate team at Keller Williams with an annual sales volume of approximately $60 million, conceived eXp Realty as a response to the 2008 housing crisis. This crisis left him grappling with substantial overhead costs and substantial losses, a predicament faced by many real estate agents at the time. Glenn believed there had to be a better way for agents to build and scale their businesses without taking on excessive risk, and in 2009, he brought eXp Realty to life.
By 2010, eXp Realty had already expanded into 11 states. In 2013, Glenn took the company public, enabling agents to earn company stock by selling real estate. The introduction of the ICON agent award program in 2015 propelled eXp Realty's growth, leading to over 300% growth the following year. In 2018, eXp Realty expanded its operations to all 50 US states and Canada. Today, eXp Realty operates in over 14 additional countries, including Mexico, the UK, Australia, South Africa, India, and more.
Sustainability of eXp Realty
A common question that arises regarding eXp Realty concerns its sustainability. Given the generous revenue-sharing, stock compensation, and lead generation tools offered to agents, some wonder if the eXp Realty business model is profitable and poised for longevity.
From my perspective, our model is highly sustainable. eXp World Holdings, the parent company of eXp Realty, boasts minimal to no debt and has been consistently profitable since the fourth quarter of 2019. The revenue-sharing model redistributes up to 50% of the company's revenue to agents, leaving the remaining half to cover overhead costs and generate profit. Since eXp Realty operates without traditional brick-and-mortar offices, overhead costs are substantially lower than those of comparable brokerages.
Furthermore, eXp Realty has recently ventured into affiliated services such as mortgage, title, insurance, property management, and other business partnerships. This expansion suggests substantial growth potential. As eXp Realty continues to expand into new countries, its diversification and sustainability are further enhanced, making it less dependent on the US real estate market's performance.
Agent Tools and Resources
Does eXp Realty Provide Leads? While eXp Realty does provide some leads to agents, they are typically not sufficient to sustain a business. These leads are distributed via kvCORE and vary in quantity depending on market demand.
kvCORE: This robust lead-generation platform equips eXp Realty agents with personalized websites and a comprehensive CRM database. It allows agents to generate leads through various online and traditional methods, providing a substantial advantage in lead generation.
Skyslope: eXp Realty utilizes Skyslope as a transaction management platform. Agents use Skyslope to organize transactions, obtain signatures on documents, and upload files. This system ensures that agents' transactions are complete and compliant, streamlining the transaction process.
eXp World: A virtual environment accessible to agents, eXp World offers support and training. With eXp World, agents can interact with peers, attend live training sessions, and access various departments and resources. It provides a unique and immersive experience within a virtual campus.
eXp Enterprise: This dashboard provides agents with valuable insights into their business. It displays transaction details, cap and fees paid, revenue share, and earned stock. eXp Enterprise ensures agents have a clear overview of their financial progress.
Marketing and Branding Center: eXp Realty offers a comprehensive marketing and branding center where agents can access a library of customizable marketing materials. This enables agents to brand themselves effectively while adhering to state advertising regulations.
Workplace By Facebook: Workplace by Facebook is a communication tool used extensively by eXp Realty agents. It serves as an exclusive platform for eXp Realty agents and staff to collaborate, share information, join groups, and communicate via messenger.
Regus Office Partnership: Agents receive a free membership to Regus shared workspaces, offering over 13,000 locations across the US. This membership grants access to coworking spaces, meeting rooms, and office spaces, providing flexibility and convenience for agents and their clients.
Training at eXp Realty
eXp Realty takes training seriously, offering a wealth of resources to help agents thrive:
Live Weekly Training: eXp Realty provides over 50 hours of live training every week, accessible via the cloud campus. Topics cover lead generation, contract training, social media management, and more. The training is conducted by top-performing real estate agents from across the country.
On-Demand Training Library: Missed a training session or want to catch up on previous content? The eXp University Library provides categorized on-demand training, allowing agents to access valuable information anytime and anywhere.
eXp Realty Mentor Program: New agents, with fewer than three transactions in the previous year, are assigned a mentor upon joining eXp Realty. These mentors, experienced local agents, guide new agents and facilitate their learning.
SUCCESS Coaching: eXp Realty acquired SUCCESS magazine and brand in 2020, leading to the introduction of SUCCESS coaching for agents. This platform will provide agents with additional coaching and support.
Real-Time Support
At eXp Realty, a dedicated team of over 600 corporate staff members supports agents and brokerage operations. This support is available 11 hours a day, five days a week. Agents can reach out for assistance via eXp World, Workplace, text, email, or phone.
Broker Support
eXp Realty boasts a designated managing broker in all 50 states, with additional assistant state brokers in states with a higher agent population. These brokers are readily accessible to agents, offering support and guidance without competing with agents for business.
Transaction Management
eXp Realty offers Skyslope, a transaction management platform that streamlines transaction organization, document submission, and review. Skyslope ensures transaction files are complete and compliant, facilitating a smooth closing process.
Agent Collaboration
Agents at eXp Realty benefit from a strong sense of community and collaboration. Platforms like Workplace and eXp World provide agents with the ability to ask questions, seek advice, and share insights with fellow agents across the company.
In-Person and Virtual Events
eXp Realty hosts two major in-person events each year: EXPCON and eXp Realty Shareholder Summit. These events draw thousands of agents worldwide and feature top agents and keynote speakers. Thanks to eXp Realty's ownership of the SUCCESS brand, these events often feature renowned speakers such as Tony Robbins, Rory Vaden, Grant Cardone, John Salley, and many others.
In addition to company-sanctioned events, there are numerous agent-led events throughout the year. These events provide agents with opportunities to network, learn, and grow within the eXp Realty community.
Revenue Sharing
eXp Realty offers agents the opportunity to earn additional income through revenue sharing. This program allows agents to receive a portion of the revenue generated by eXp Realty's commissions. The revenue share is not limited by geography, meaning agents can earn from other agents across the US and Canada, regardless of location or state.
Stock Awards
eXp Realty rewards agents with ownership in the company through stock awards. Agents can earn stock in three primary ways:
Sustainable Equity Plan: Agents receive free eXp Realty stock for various actions, such as closing deals, attracting new agents, or capping. This stock is vested over three years.
ICON Agent Award Program: Agents who reach their commission cap and generate an additional $5,000 in transaction fees for eXp Realty within the same year can earn stock awards.
Agent Equity Program: Agents can choose to participate in eXp Realty's direct purchase plan, allowing them to automatically invest 5% of their gross commissions in eXp stock at a 10% discount.
Team Structures at eXp Realty
eXp Realty offers several team structures to cater to agents' needs and goals:
Self-Organized Team: In this model, there is no minimum production requirement for the team leader. Agents on the team maintain their $16,000 cap and work transactions independently, primarily for marketing purposes.
Standard Team: Team leaders must have produced a minimum of $6 million in volume in the previous 12 months. Agents on standard teams qualify for a half-cap ($8,000), with a minimum of 25% of each team agent's deal going to the team leader.
Mega ICON Team: To qualify for a Mega ICON Team, team leaders must have produced over $40 million in volume in the previous 12 months and have ten agents on their team. Agents on Mega ICON Teams receive a quarter-cap ($4,000), with a minimum of 25% of each team agent's deal allocated to the team leader.
Domestic Partnership: Married couples with real estate licenses can combine their efforts and share a single $16,000 cap and a $135 monthly fee.
eXp Realty Fees and Commission Split
eXp Realty is committed to providing agents with exceptional value:
Startup: A one-time startup fee of $149
Monthly Fee: The monthly fee is $85, encompassing technology and education.
Split: eXp Realty operates on an 80/20 commission split with a $16,000 cap. Once an agent reaches their cap, they transition to a 100% split, with a $250 transaction fee. After paying $5,000 in transaction fees, this fee is reduced to $75 per transaction.
Additional fees include $40 per transaction for risk management (capping at $500 per year) and $25 for broker review.
For Canadian agents, the split remains the same, but the fees differ: a $199 startup fee, $139 monthly fee, $17 per transaction for risk management (capping at $200), and $29 for broker review.
Licensed in Multiple States
Agents holding licenses in multiple states benefit from eXp Realty's flexible structure. They can join eXp Realty in every state where they hold a license, paying just one commission cap and monthly fee. This streamlined approach ensures that agents can operate seamlessly across multiple states, without the need to adapt to different systems and processes.
How To Join eXp Realty
Joining eXp Realty is a straightforward three-step process:
Visit join.exprealty.com and click "Apply as an Agent" in the top-right corner to fill out the application, taking about 10 minutes.
After submitting your application, eXp Realty will send you an independent contractor agreement. Sign it electronically and specify your sponsor at the end.
Once the independent contractor agreement is completed, you'll receive an email from your state broker with instructions on transferring your state license to eXp Realty.
If you're interested in learning more about the advantages of naming me, Mariah Koehle, as your sponsor at eXp Realty, let’s schedule a time to chat HERE and I’d love to connect with you.
Frequently Asked Questions
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Transactions are the heart of your business and generally the most profitable part of your business.
They allow you to build relationships with clients and referral sources.
Transactions give you the opportunity to help people achieve their dreams of homeownership, and who doesn’t want that?!?
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eXp Realty stock is the stock of eXp World Holdings, Inc., a publicly traded company on the NASDAQ stock exchange under the ticker symbol EXPI. eXp World Holdings is the parent company of eXp Realty, a cloud-based real estate brokerage firm.
eXp Realty stock is a growth stock, meaning that it is expected to grow at a faster rate than the overall market. The stock has been on a tear in recent years, and it is currently trading at a premium to its book value.
There are a few reasons why investors are bullish on eXp Realty stock. First, the company is growing rapidly. eXp Realty has over 100,000 agents in over 50 countries, and it is adding new agents at a rapid pace.
Second, eXp Realty is a technology-driven company. The company's cloud-based platform allows agents to work from anywhere in the world, and it provides them with a wide range of tools and resources.
Third, eXp Realty is a disrupter in the real estate industry. The company is challenging the traditional real estate brokerage model, and it is providing agents with a more efficient and cost-effective way to do business.
However, there are also some risks associated with eXp Realty stock. First, the company is still relatively new, and it has not yet been profitable.
Second, the company is facing competition from other cloud-based real estate brokerage firms.
Third, the stock is trading at a premium to its book value, which means that it is more expensive than some other stocks in the same industry.
Overall, eXp Realty stock is a growth stock with the potential to generate significant returns for investors. However, there are also some risks associated with the stock, and investors should do their own research before investing.
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eXp Realty Rev-share is a revenue-sharing program that rewards agents for their contributions to the growth of the company. Agents who join eXp Realty are eligible to earn a share of the company's revenue, based on their individual production and the production of their team members.
The eXp Realty Rev-share program is designed to incentivize agents to be productive and to help the company grow. Agents who are able to generate a lot of revenue for the company will earn a larger share of the rev-share. Additionally, agents who are able to recruit and train other agents will also earn a share of the rev-share from those agents' production.
The eXp Realty Rev-share program is a valuable benefit for agents who are looking to grow their businesses. The program can provide agents with a significant source of income, and it can also help them to build a team of successful agents.
Here are some of the key features of the eXp Realty Rev-share program:
Agents are eligible to earn a share of the company's revenue, based on their individual production and the production of their team members.
The rev-share is paid out monthly.
The rev-share rate is determined by the agent's production and the production of their team members.
Agents can earn a higher rev-share rate by generating more revenue for the company.
Agents can also earn a higher rev-share rate by recruiting and training other agents.
The eXp Realty Rev-share program is a valuable benefit for agents who are looking to grow their businesses. The program can provide agents with a significant source of income, and it can also help them to build a team of successful agents.Description text goes here
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Referrals are valuable in real estate because they are a great way to generate leads and close deals. When a client refers you to someone else, it means that they trust you and they believe that you will provide good service. This can give you a significant advantage over other agents who are competing for the same business.
There are a few reasons why referrals are so valuable in real estate:
They are pre-qualified leads. When someone refers you to a friend or family member, they have already done some of the work for you. They have vetted you and they believe that you are a good fit for their loved one. This means that you don't have to spend time and effort qualifying the lead, which can save you a lot of time and money.
They are more likely to close. When someone refers you to a friend or family member, they are more likely to close the deal. This is because they have already invested their time and reputation in you, and they want to see you succeed. They are also more likely to trust your advice and recommendations, which can make the closing process go more smoothly.
They can lead to more referrals. When you close a deal with a referral, the person who referred you is more likely to refer you to other people. This can create a snowball effect, where you continue to generate more and more leads from referrals.
If you want to be successful in real estate, it is important to focus on building relationships and getting referrals. When you do this, you will be more likely to generate leads, close deals, and build a successful business.
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KVCORE provides lead generation through a variety of channels, including:
IDX: KVCORE partners with multiple IDX providers to give you access to a large database of listings. You can use this database to find potential buyers or sellers who are looking for homes in your area.
Lead generation forms: KVCORE offers a variety of lead generation forms that you can place on your website or blog. These forms allow potential buyers or sellers to contact you directly with their information.
Social media: KVCORE helps you to connect with potential buyers or sellers on social media. You can use social media to share listings, market your services, and generate leads.
Email marketing: KVCORE allows you to send email marketing campaigns to your subscribers. You can use email marketing to stay in touch with potential buyers or sellers, and to generate leads.
PPC: KVCORE offers pay-per-click (PPC) advertising. This allows you to place ads on Google and other search engines. When someone searches for a keyword related to real estate, your ad may appear.
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eXp Realty offers a variety of health insurance plans to its agents, including:
HMO: Health maintenance organizations (HMOs) are a type of managed care plan that requires you to see doctors who are in your network.
PPO: Preferred provider organizations (PPOs) are a type of managed care plan that allows you to see doctors who are in your network or out-of-network, but you will pay more for out-of-network care.
EPO: Exclusive provider organizations (EPOs) are a type of managed care plan that only covers care from doctors who are in your network.
HDHP: High-deductible health plans (HDHPs) have higher deductibles than traditional health plans, but they also have lower premiums.
eXp Realty's health insurance plans also include a variety of features, such as:
Vision: Vision coverage for eye exams and glasses.
Dental: Dental coverage for cleanings, fillings, and other dental procedures.
Life insurance: Life insurance coverage to protect your family in case of your death.
Long-term care insurance: Long-term care insurance to cover the cost of care if you need help with activities of daily living.
The cost of eXp Realty's health insurance plans varies depending on the plan you choose and your individual needs. You can get a quote for a plan by contacting eXp Realty's benefits department.
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eXp Realty offers a comprehensive training and support program for its agents. The program includes:
Onboarding: eXp Realty provides a comprehensive onboarding program for new agents. This program covers the basics of real estate, including how to find leads, market your services, and close deals.
Continuing education: eXp Realty offers a variety of continuing education courses for its agents. These courses cover a wide range of topics, including real estate law, marketing, and technology.
Coaching: eXp Realty offers one-on-one coaching for its agents. This coaching can help agents improve their skills and achieve their goals.
Support: eXp Realty offers support to its agents through a variety of channels, including a 24/7 help desk, online forums, and live chat.
The training and support program at eXp Realty is designed to help agents succeed in the real estate industry. The program provides agents with the knowledge, skills, and support they need to be successful.
