Even though eXp Realty is a great company, it’s not perfect for everyone. There are some valid reasons why real estate agents decide to leave eXp Realty after they’ve started.
Read carefully if you’re thinking about joining eXp Realty. There are plenty of great reasons that people have decided it’s not for them, but there are also plenty of great reasons why people have decided that it is the right brokerage. There’s a good reason why eXp is the number one independent brokerage in the latest REAL Trends 500 Report. Many agents join in and do really well.
In this article, I’ll give you the rundown of what people tell me when they explain why they left eXp Realty. Then you can decide whether this brokerage is the right one for you.
“Why I Left…”
Here are the top reasons agents say they are leaving eXp Realty right now.
1. I Went Out Of Business
Real estate isn’t for everyone. According to some statistics, at least 87% of real estate agents fail in their first two years. There are many reasons for that, of course, but it highlights an important factor in agents who leave eXp. Many of them just aren’t ready to win at real estate.
It’s a hard business. In addition to just selling homes you have to work on lead generation, paperwork, building relationships, and much more. Some agents lose their momentum and their drive and simply quit, thus leaving eXp Realty.
2. I Can’t Figure Out eXp Technology
eXp Realty offers some of the most extensive technological, educational, and marketing sources of any brokerage. Agents get immediate access to all kinds of programs, such as kvCORE, Skyslope, eXp World, etc. While these are great resources for agents who want a convenient online platform to connect with agents, get education, and store paperwork, some people don’t take the time to learn it.
So, they leave. They go off to find another brokerage with less confusion…and, ultimately, fewer resources too. Those who find technology confusing (and don’t we all?) should definitely find a sponsor who knows the eXp platforms and can help them figure it out in the beginning. It’s overwhelming for everyone at first, but getting the hang of it only takes a bit of effort and is definitely worth it.
3. I Want A Better Split
eXp offers agents an 80/20 commission split. While this is a pretty competitive split, there are other options out there that many agents prefer. For example, they might decide to go to a brokerage which deals in flat transaction fees. In fact, this is the number one reason agents tell me they don’t want to join in the first place.
In the flat fee scenario, agents pay somewhere between $250 – $1000 per transaction and get to keep the rest. While this can be nice, it doesn’t take into account the revenue streams that eXp offers. There are 10 revenue streams at eXp–agents get revenue shares, shares of stock, and several other opportunities to earn back from the company. Overall, it can more than make up for the commission split.
4. I’m A “Brokerage Hopper”
“Hoppers” are a kind of agent you’ll find at every brokerage. Most of them just don’t work hard enough to see success or aren’t really cut out for real estate in the first place. For them, the easiest thing to do is blame the brokerage and go on to somewhere else. Unfortunately, these agents are not likely to ever see the success they want, whether at eXp or another brokerage.
5. I Bought Into The Negative Perception of eXp
It’s true–there are bad agents in the bunch, even at eXp. Because of the revenue share program that the company offers to agents responsible for bringing new ones on, many turn into “recruiters.” They spend most of their time just trying to recruit new agents instead of trying to sell homes.
However, that isn’t everybody. Most agents at eXp are actually great people and work hard at their jobs. Agents who decide to leave eXp Realty because of these extra salesy agents are letting the pressure from the outside world get to them. Afraid of being perceived as part of some Multi Level Marketing (MLM) program, they reject the eXp model with all its opportunities and try to find another brokerage. Unfortunately, that means they’ll miss out on the high commission split, the stocks and revenue share, and all the other benefits eXp has to offer.
6. I Got Kicked Out
Every company has policies and procedures. There are some things that just can’t be done at eXp, and if agents fail to follow the rules, they will be kicked out. eXp has basic policies regarding how their company name can be used, how agents can do marketing, how agents must comply with state laws, etc. If agents decide not to do right by the company and/or their clients, they will be terminated.
Leaving eXp Realty
Those are the six main reasons that agents decide to leave eXp. Fortunately, though, that’s not the end of the story. There are a lot of benefits for agents who stick it out and keep working with eXp Realty.
For example, this brokerage does offer more revenue streams than any other brokerage I’ve seen. It also provides agents with some killer technology to help their business and marketing thrive. Finding an inside agent to help them figure out the ropes is one easy way for agents to make it with eXp without the danger of getting confused or breaking the rules.
If you’re interested in the eXp model and the benefits it has to offer for those who don’t leave, get in touch with me. When you partner with me and join eXp, I’ll get you all the help you need to succeed, along with FREE lead generation services from yours truly. If you think you can overcome the challenges that made many leave eXp Realty, give me a call and you can get started today.