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 the 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, as well as the United Kingdom, Australia, France, India, Mexico, Portugal and South Africa.
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 2020 we have exceeded 40,000 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 you 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, The Agentcy 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 one of The Agentcy Leaders 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 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 info@jointheagentcy.com 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.
Does 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 https://www.jointheagentcy.com/onboarding
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…