What is eXp Realty?
eXp Realty is the first “Agent-Owned Cloud Brokerage.”
Who started eXp?
eXp Realty was founded by Glenn Sanford. Glenn held important roles at Internet start-ups before launching a real estate career in 2002. He ran a top team at Keller Williams Realty before founding the first cloud-based real estate brokerage. Glenn believes that agents and brokers do the heavy lifting in real estate and deserve benefits of being a shareholder and income based on the level of their contribution.
When was it started?
eXp Realty was incorporated in 2009.
What does “Agent-Owned” mean?
eXp Realty is agent-owned meaning that agents acquire stock in the company and have a vested ownership in the brokerage. There are 5 ways that agents can acquire stock, from simply purchasing it to achieving certain performance benchmarks.
What is a cloud brokerage?
A cloud brokerage is a brokerage that does not have physical offices and conducts business virtually. Think of Amazon. They are a cloud company. They have minimal physical stores (Whole Foods, which they recently acquired), yet they’ve disrupted the entire brick and mortar retail industry!
Are there really no brick and mortar offices?
Well there is one actual physical office. That is the corporate headquarters in Bellingham, Washington. Other than that, every agent and broker works from home or a remote office space they personally own/control. By not having physical office spaces, the company realizes a tremendous savings and is able to pass on the savings to agents in lowered costs.
What if I need to occasionally work from a physical office?
We have that covered! eXp Realty has an agreement with Regus Corporate Suites Worldwide to provide free access to their facilities. You can actually use ANY location worldwide for FREE - and there are more than 3,000 locations!
You can also opt to meet your clients at your favorite lending or title/escrow office.
Where does eXp Realty operate?
We currently operate in all 50 states and most provinces in Canada. In 2019 we opened operations in the United Kingdom and Australia as well.
Who is the broker for eXp Realty?
Each state has at least one state broker. Some larger states also have several compliance brokers to help with reviewing files. Because of the cloud-brokerage set-up, the broker plays a key role in the support of agents throughout their state. Many spread the myth that broker support is sub-par at eXp but it’s actually the exact opposite. Because of our virtual component, we actually have to have the very best brokers to support our agent partners!
How many agents does eXp Realty have?
We are rapidly growing and as of the 4th quarter of 2019 have exceeded 24,000 agents.
What is revenue share?
For every agent that you introduce to eXp Realty and who names you as their reason for joining (called a “sponsor), you receive a portion of their commission on each closing. The agent that joins eXp and names you as their sponsor doesn’t pay you - eXp pays you out of the Company Dollar paid to them by the agent you attracted. You will also receive revenue from agents that your sponsored agents attract - up to 7 levels deep.
The revenue share component of eXp Realty is a way you can create residual income - and you don’t have to buy a franchise or open your own brokerage to do it! Revenue share is a compelling reason some agents join eXp Realty. If you aren't interested in focusing on agent attraction, Group 46:10 Network will help you grow your revenue share group. You can simply send an agent friend of yours a few videos to watch, or invite them to a live webinar, and then Kevin or Fred can talk to them for you! If they decide to join they go under YOU.
If you don’t want to focus or think about revenue share at all, that’s ok too! Just think about it this way…you have as many as 8 people highly invested in your success in real estate at eXp Realty. Your sponsor and 6 other people who joined the company before you PLUS your state broker - all these folks will play an active role in wanting to support you in your real estate career. What other brokerage offers that?!
How does an agent build their revenue share?
Simple. Introduce eXp Realty to other agents that you know in a friendly, supportive and non-combative way. If they join, you become their sponsor and you will receive up to $2,800 annually from each agent you sponsor. You will also get rev share from whoever that agent attracts - 7 levels deep.
How much revenue share can we earn?
For every agent you personally recruit (your first line) you can earn up to $2,800 annually. There’s no limit to the amount of revenue share you can earn! Think of how different your life would look if your car payment or house payment was made each month from the revenue share you earn from attracting other agents to eXp Realty!
What is the split?
Everyone at eXp Realty has a commission split of 80/20 until a cap is achieved, at which time you go to 100% split for the remainder of your anniversary year.
What is the cap?
eXp agents cap when they pay $16,000 to the company. That equates to generating $80,000 in gross commission. Agents who join teams may participate in lower caps of $8,000 or even $4,000 depending on the team’s production and team make-up.
And eXp Realty is NOT a franchise so there is no franchise fee!
Is there an additional CAP to sell in multiple cities or states?
No! Since eXp is a National brokerage (not a franchise), you only pay one annual cap. Even if you sell real estate in other states, you will still just have a $16,000 cap.
For example, you could sell real estate in California and Nevada (providing you have a license in those states) – and you would only pay $16,000 total. This is a huge benefit over other brokerages and franchises.
Is eXp a publicly traded company?
Yes, and eXp stock is traded on the NASDAQ stock market exchange. The ticker symbol is EXPI.
What is my start up cost to join eXp?
When you start at eXp Realty you pay a one time fee of $149.
With this fee you get 1,000 business cards PLUS it includes you your first month's fees.
What are the monthly costs?
Once you are an agent affiliated with eXp Realty you only pay $85/month to access all of the training and lead generation tools.
Does eXp Realty charge an annual or per-transaction “Royalty Fee” like some companies?
No, we do not. And, there are no desk fees either.
What is the eXp cloud campus?
The cloud campus, also known as “eXp World”, is our virtual world where agents and staff meet on the web for training, collaboration, meetings, and support. The campus is open 24 hours a day. Training classes and meetings are happening all throughout the day. The campus is staffed 11 or more hours a day, Monday through Friday!
You can tour our campus for free. Email us at [email protected] to get an invite to eXp World.
Does eXp Realty offer training?
Yes! eXp Realty offers over 40 hours of live training every week! It’s like a training buffet - more than you can probably eat/take in! Our classes are taught by a combination of agent faculty (the best of the best agents giving back) and eXp faculty.
We also offer a full library of on-demand, recorded trainings!
Where are classes and meetings held?
All of our classes and meetings are held in the eXp World Cloud Campus. We have everything from a large auditorium to small intimate spaces.
Des eXp Realty have conferences?
Yes, eXpCon is our annual conference held in a unique, North American city each year. There is also an annual eXp Shareholders Meeting also held in a unique, North American city each year.
What tools are available to agents?
eXp Realty offers a wide array of tools for agents including:
- A free kvCORE IDX Website (valued at approximately $600 per month!)
- eXp Marketing Center with hundreds and hundreds of customizable marketing pieces
- A free eXp Agent Attraction Website
- eXp World cloud campus
- Regus Worldwide Membership
- Skyslope Transaction Management Platform
- Workplace by Facebook
What kind of agent support do you offer?
eXp Realty offers superior agent support - 11+ hours a day you can get help in eXp World. There are various departments including Transactions, Accounting, Agent eXperience and more. eXp has hundreds and hundreds of full time employees to serve YOU!
What kind of tech support do you offer?
eXp Realty has a whole division that offers tech support. Need help with eXp email? Questions about WordPress? eXp has you covered with live tech support in our eXp World Cloud Campus.
What is the process of joining eXp Realty?
Joining eXp is really simple. Everything is done online. Read through the steps here www.kevinandfred.com/joining
What is an eXp sponsor and how do I choose one?
When joining eXp, you will be asked to name a sponsor. A sponsor is the person that most influenced you to join the company.
What do I get from my sponsor?
Your sponsor is someone who is to provide support and assistance to you over the course of your career with eXp Realty.
Here are some of the ways that we tangibly support and assist our sponsored agents…
- Membership in a private eXponential Collaboration Group on Workplace
- Live “Growth Summit” trainings led by Kevin & Fred multiple times each month
- Access to “How to Close 2-3 More Deals in the Next 90 Days” training class presented by Kevin and Fred
- Access to “eXpansion Bootcamp” team-building training class taught by Kevin and Fred
- Copy of Group 46:10’s Comprehensive “Scripts Book”
- Admittance to 2-day annual event called “Think Bigger Conference” in Arizona
- Discounted rate to Next Level Agents annual event called “Next Level Agents Live” in Las Vegas (NLALive.com)
- Free attendance to mastermind event the day before Next Level Agents Live
Does eXp work for newer agents?
Yes, the eXp model works wonderfully for new agents provided you have the right sponsor and plug in! eXp has a Mentorship Program that will pair you with a mentor in your state PLUS it includes a curriculum for new agents.
Additionally, by joining with Kevin and Fred, you become part of our eXponential Collaboration Group. There are mentors, meetings, training and so much more within the eXponential Collaboration Group to get new and experienced agents on the right path to success.
How do I get help on paperwork or with any questions I have on transactions?
Each state has a designated broker and based on our experience, the brokers at eXp are top notch...better than most traditional office brokers. eXp values their brokers more than a traditional brokerage as its a virtual company and the support from the brokerage has to be STRONG...and it is!
Many states have broker departments of 2, 3, 4 and 5 people because of how many agents are in that particular state. These are all salaried eXp employees in each state. Contract questions would be directed to your state broker and their support team (available 7 days a week).
How do I transfer my current listings to eXp?
Active listings can be transferred between brokerages if your current broker agrees to it in writing. Most brokerages will not hold your listing “hostage” and will typically allow you to transfer active listings.
Clients that you have under contract (buyers or sellers) will remain at your current brokerage and close out at the current brokerage as the broker is the responsible party on contracts in the eyes of the state.
Most brokers will pay you the commission you are owed if you exit gracefully and on the best possible terms.
How does eXp handle Teams?
eXp is a phenomenal fit for teams! As the Team Leader, you will be paying your $16,000 cap through an 80/20 split and your team members will have a "half CAP" at $8,000 or a “quarter cap” at $4,000 depending on your production and team make-up.
You can split your commissions however you wish with your team members (50/50, 60/40, etc) - you just have to receive at least 25% of the commission on each transaction for your team member to receive the reduced cap.
For expansion teams (teams that operate in more than one market) the commission structure at eXp cannot be beaten! You pay just ONE Cap and you can operate in as many cities as you want! You do not have to pay an additional fee for each market you are in.
If you are looking to grow your team to it's highest heights, we will also gift you a powerful Team Building training (2-Day Bootcamp) done by Group 46:10 where we teach you everything we know on how to build an amazing mega-team.
How will I get LEADS while at eXp?
- Through the technology & kvCORE: You will get your own kvCORE (Kunversion) lead generation website. kvCORE is known as one of the industry’s top Lead-Gen Platforms. This is a BIG deal because many agents pay $600+/mo for a kvCORE site and you get it all just for being an agent with eXp! The site has landing pages and is designed to generate leads for you daily. Check out more info on this at: https://kunversion.info/
- Weekly LIVE Group Coaching Call: Growth Summit coaching calls throughout the month intensely focused on lead generation.
- Referrals from other eXp Agents: eXp agents are super loyal and we love to refer deals to each other through our national referral network!
Is eXp a good fit for celebrity agents?
eXp is a remarkable fit for celebrity agents (authors, trainers, speakers, entrepreneurs, coaches and public figures or any agent who has a following).
Why? Because you can build your Revenue Share Group FAST. Your "fans" will want to align themselves with you!
All you have to do is create a simple program that will help the agents you attract to succeed and we will help with the rest. We will personally help you build your Revenue Share Group!