eXp Realty, LLC was founded by visionary Glenn Sanford in 2009. This cloud-based real estate brokerage has seen exponential growth with its presence in 9 countries with 4 new nations just announced in early January of 2021. Approximately 42,000 real estate agents are now onboard the eXp freight train, with a goal of 100,000 agents strong by the end of 2021 which would make eXp Realty the 2 nd largest real estate brand in the world, not too shabby for a company that was started just 12 short years ago! EXP has continued to see unprecedented lightning-speed growth due to its unique blend of traditional real estate and technology.
eXp is a publicly listed NASDAQ company that has seen an upward trend in its stock value since its inception. eXp Realty has been literally transforming the global real estate industry with its cutting-edge cloud-based brokerage system and unique approach to offering its agents stock
ownership for being in production and helping to build the company.
eXp Realty brings real estate agents amazing opportunities with its revenue-sharing program and stock award program where agents can be vested within 3 years of being gifted stock by the company for production and growth goals, and agents are given the option to purchase stock at a significant discount out of their earned commissions. eXp also offers a path for passive income and alternative retirement-oriented strategies via its unique revenue share system. With eXp, realtors can develop a super-profitable real estate business either part- or full-time without investing in office space and spending thousands of dollars in junk fees like many other brokerages charge.
What makes eXp Realty unique?
There are number of factors that make eXp Realty stand out from others by making a humongous impact on the real estate industry and changing the financial spectrum for real estate agents.
1. Affordable Fees
eXp Realty fees are nominal when compared to many other real estate brokerages and offers higher earning potential to its agents. This occurs by way of a unique compensation model which offers favorable commission splits due to the elimination of traditional expenditures for costly brick and mortar leases, labor costs, utility expenditures, and other typical operating costs to keep a brick and mortar model office open. When combined with the fact that EXP charges no desk, royalty, and/or franchise fees this creates mass appeal to agents globally who have been accustomed to these types of fees being the norm.
A common misnomer about the company is that because EXP Realty is a cloud-based company that they do not have any brick-and-mortar locations for its agents to meet clients. What most agents do not know is that eXp Realty’s industry-disrupting real estate revolution also offers access to virtual offices at Regus office suites across the globe and that agents can utilize any of these offices wherever they may be to service their clients.
As of the posting of this article, the initial start-up fee in the U.S. is $149, which includes business cards as well as other items in the agent start up kit that is given to all new EXP agents. The current recurring monthly fee of $85 includes a robust technology package worth thousands of dollars a year including a state-of-the-art IDX based website and CRM system with KVCore and over 50+ hours of live training and endless hours of prior recorded sessions taught by some of the most successful agents on the planet.
2. Revenue Sharing Program
Planning to retire from actively selling real estate one day? Many consider eXp Realty’s popular 7-tiered revenue sharing program to be a great retirement plan that offers eXp realtors leveraged income correlated to income generated by the agents they attract into the company and the sales
production they create.
Since eXp Realty does not have typical overhead costs like the majority of conventional brick and mortar brokerages, and doesn’t have to pay out commission splits to regional franchise owners, local franchise owners, and team leaders that typically take monies in the form of a commission split out of the agents pockets and bottom line, eXp shares a part of the company’s revenues amongst their agents. The company then reallocates those revenue dollars by giving 50% of the revenue back to its associates who are the ones that help generate the revenues in the first place.
From an international perspective, eXp agents can recruit agents from any countries where eXp has a presence. The revenue-sharing plan is available to all global eXP agents. Currently, eXp operates in the U.S., Canada, the U.K, Australia, India, South Africa, Portugal, France, and India and will be in expanding into Hong Kong, Puerto Rico, Italy and Brazil by the end of Q1, 2021.
3. Favorable Commission Splits
The current initial commission split for U.S. agents is 80/20 with a maximum cap limit of $16,000. Thus, once the cap limit of 80,000 Gross Commission Income is reached, the agent gets zo keep 100% of the commission for the rest of their anniversary year. Thereafter anominal transaction fee applies of $250 per transaction on up to 20 additional transactions, and then drops down to $75.00 per transaction until the end of the anniversary year.
4. Stock Program
eXp Realty agents have an amazing opportunity to bag company stocks in numerous ways. one of them is a direct purchase plan. According to this plan, an agent allows opts into the agent equity program granting eXp permission to set aside 5% percent of their grosscommissions to be automatically deducted to purchase eXp Shares at a discounted rate of 10% off of the publicly-traded stock price.
Agents are awarded, gifted shares of EXPI Stock when the following events occur:
1. Upon closing on their first transaction
2. Capping by hitting a production goal of 80,000 Gross Commission Income
3. Attracting new agent to the company that closes their first transaction.
4. Receiving the ICON Agent Award
An agent who has reached their commission cap of $16,000 paid out in company dollar (80,000 GCI earned) and an additional $5,000 in transaction fees collected by EXP Realty (20 additional transactions past the commission cap) that they have paid to eXp Realty in the same anniversary year. Once this threshold is met, up to $16,000 in commission is paid back in the form of eXp publicly traded stock to its associates.
5. Robust Technology Platform
eXp offers each of its agents in the USA and Canada a robust tech package which offers access to:
6. Enterprise, the company’s business intelligence tool to track production numbers,
how close agents are to capping, monitor their stock portfolio, and the production numbers on each agent’s revenue share team and run reports on the revenue share they are receiving.
7. EXP World, the company’s cloud based virtual world powered by Virbella which is owned by EXP, where hundreds of company staff service its agents in numerous departments offing on-demand services from 9AM EST till 8PM EST Monday through Friday.
8. KVCore, one of the most sophisticated and robust IDX based website platforms/CRM systems on the market to give its agents the ability to generate heavy lead flow at low to no cost, with lots of bells and whistles to track client activity, monitor showing requests, send clients MLS listings to review, and run text message and email campaigns to stay in touch with agent’s clientele.
9. Skyslope, a state-of-the-art transaction management system where agents enter local legal contracts, addenda, and disclosures on their transactions for local brokers to review transactions for compliance.
10. Facebook Workplace, the company’s intranet system and virtual water cooler where agents share best practices on running their businesses, generating, and converting leads, sharing marketing systems, and share referrals globally.
11. EXP Branding & Marketing Suite, offers eXP agents the ability to create print marketing templates for postcards, doorhangers, flyers, signs and so much more and digital marketing templates to promote listings on social media.
12. Unbeatable Real Estate Training and Support