eXp Realty has been in Canada for nearly ten years now, and it’s been growing exponentially in all provinces. With over 89,000 agents around the world, eXp has been steadily expanding into new countries, but eXp Realty Canada has remained a strong market throughout. So let’s take a look at how eXp Realty operates in Canada today.
We’ll take a look at:
- Who eXp Realty is.
- The eXp business model.
- The eXp Community
- How to join the right eXp group.
History of eXp Realty Canada
Glenn Sanford founded eXp Realty in 2009 as the first completely cloud-based brokerage. He started eXp with a vision of providing agents a share in the brokerage as stakeholders with more benefits and support than they might find at other brokerages.
In 2012, eXp Realty launched in Canada, quickly spreading into all provinces within the next few years. Today, eXp Realty Canada runs on a foundation of agents having fun, serving their communities, collaborating with agents around the world, working with integrity, and innovating for the future.
Business Model of eXp Realty Canada
Unlike other large brokerages like Keller Williams or Re/Max, eXp Realty is not a franchise operation. Instead, it’s a single brokerage, unified by its secure and extensive virtual office space. Some of the highlights of this business model include:
- Equity opportunities in stock equity and revenue share options.
- A desk-fee-free, work from anywhere environment with the cloud office.
- Strong real-time support from many specialized teams.
- 60+ hours of live training every week.
- Extensive and expansive referral networks and education opportunities from agents around the world.
Let’s take a look at some of these benefits in greater detail.
Cloud Campus
With the eXp Canada cloud campus, agents can work from anywhere in the world at any time they want. Plus, the online environment allows agents to cut the desk fees and brick-and-mortar costs associated with a more traditional brokerage.
Without the necessity of paying for expensive leases, eXp can invest more in offering agents support and technology. Agents can also engage in fully paperless transactions and instant-access training and support for any problems or questions they face in the company or their business.
Agent-Centric Values
eXp Realty is one of the most agent-centric companies in Canada, or around the world. Zero franchise fees, a generous 80/20 commission split, an extensive revenue-share program, agent equity awards, and affordable healthcare opportunities are all a part of eXp’s agent-focused plan.
In addition, eXp is devoted to a strong community with agents around the world. Not only does the cloud-based environment provide extensive networking opportunities, but eXp also offers company-wide diversity programs, a New Agent Bootcamp, an ICON program to encourage high achievement, and an extensive partner community with discounts and referral programs for agents.
The eXp cloud model also engages agents with extensive training opportunities and state-of-the-art technology to encourage growth and success. eXp agents can expect their every need to be met with eXp’s extensive technology and support resources.
eXp Canada Compensation
eXp Realty Canada has a compensation structure agents love, given that it’s designed to help agents get the most of their businesses in the easiest way possible. Here’s how it works.
- Agents operate under an 80/20 commission split, taking home 80% of every commission until they cap by paying $16,000 into eXp. After that, they take 100% of every commission for the rest of the year.
- The transaction fee is only applied after agents cap. This fee starts at $285 per transaction but reduces to $75 per transaction after agents cap at $5,000.
- Agents pay minimal standard costs with a $199 startup fee, $139 monthly cloud brokerage fee, $29 transaction review fee per transaction, and a $17 risk management fee per month (in applicable provinces).
Typical Transaction with eXp Realty Canada
Let’s break down a typical transaction with eXp Realty Canada.
- Home Sales Price: $500,000
- Commission Percentage: 3%
- Gross Commission: $15,000
- Revenue to eXp Realty: $3,000
- Gross Revenue to Agent: $12,000
- Transaction Review Fee: $29
- Risk Management Fee: $17
- Net Commission for Agent: $11,954
If this was the only transaction for the month, then the agent netted $11,954 – $139 = $11,815 for the entire month.
Revenue Share
Simply put, an eXp agent can sponsor another agent into the brokerage and then help them through the onboarding process. Once the new agent begins closing transactions, their sponsoring agent will earn a share of their revenue.
This transaction share is taken entirely from eXp’s 20% commission share, which means the revenue share ends when the new agent caps at $16,000 for the year. However, the revenue share model extends for up to seven levels within the company.
For a single agent, sponsors earn a 3.5% share, with a potential for gaining up to $2,800 per year. However, if sponsored agents, in turn, sponsor producing agents down the line, the initial sponsor will earn a small percentage of that revenue as well.
Equity Options
There are several ways agents can become shareholders in eXp World Holdings (Nasdaq: EXPI). When you join eXp, you can choose to be a part of the Equity Share program, in which you choose to use 5% of your commission to purchase stock at a 10% discount.
In addition, there are opportunities for you to earn stock:
- Earn shares with your first transaction each year.
- Earn shares when you cap.
- If you sponsor an agent, earn shares when they close their first transaction.
- Earn up to $16,000 in stock by meeting certain production and cultural goals in the ICON program.
Healthcare
eXp offers healthcare consultants to enable independent agents to find the best healthcare options for the least money. With this in mind, eXp offers a flexible plan with three coverage levels for agents to choose from.
As an added benefit, agents can add critical illness and life insurances if they prefer. Correspondingly, all pre-existing conditions are covered immediately–no questions asked! Thus, no agent at eXp Canada will go without the health coverage they need.
Agent Tools and Technology
Agents with eXp Realty Canada also have access to all kinds of great technology. The main platforms from which eXp operates include:
- eXp Enterprise, the agent’s hub. This platform is like the home screen from which you can access anything you need to see about your business, including agent details, commission and cap status, equity awards, and real-time performance reports.
- Skyslope provides easy, paperless transaction management from any device, offering digital signing processes and extensive security features.
- eXp World is the community platform/virtual office where agents can get training and meet to collaborate.
- kvCORE is eXp’s CRM of choice (provided at no additional cost), providing agents with tons of lead generation and customer-relationship benefits through personalized websites, listing integration, and more.
- eXp Workplace is like a private Facebook community where agents can engage with each other all around the world.
- eXp University includes tons of training opportunities on topics ranging from sales and listings to lead generation to social media marketing and more.
- The resource guide at eXp helps agents find answers and support for all their needs.
eXp Realty Canada Community
The powerful community atmosphere at eXp Realty gives agents the chance to feel at home and fully supported no matter where in the world they work.
For one thing, ONE eXp is a community-driven initiative designed to educate agents in diversity and cover diversities in all events, materials, and press coverage.
In addition, the eXp Life magazine engages agents in the day-to-day life of their colleagues and encourages collaboration and innovation.
Finally, agents with eXp Canada can build teams across provinces and countries and can learn from each other through online meetings and presentations. Plus, agents at eXp immediately tap into a powerful referral network with worldwide reach.
As of today, eXp is open and operating in 24 countries and counting. With so many agents in so many countries, eXp is dedicated to making sure each voice is heard. Accordingly, the CDN Agent Advisory Council (CAAC) is made of agents nominated and selected to represent the voice of the agent in the company and make sure every person is able to participate in the brokerage as a whole.
eXp Realty Production and Growth
In Canada and around the world, eXp agents are breaking barriers and crossing boundaries to become top-producing agents. In 2023, eXp Realty won multiple awards, including becoming a RealTrends GameChanger for three straight years and reaching No. 1 in sides and agent count in T3 Sixty’s Mega 1000 2023 list. It has also been named a Glassdoor best place to work for six years in a row!
In a word, there’s no question that eXp is making the news in real estate brokerages.
Join eXp Realty Canada
If you want to join this ever-expanding, top-producing, fully cloud-based, agent-centric brokerage, it’s easy to do. Just head over to join.exprealty.com to get started.
- Create an eXp account by clicking Apply as an Agent.
- Confirm your eXp account using the email they sent.
- Begin your application.
- Choose whether you want to join the Agent Equity Program. This program allows you to purchase company stock (EXPI) at a 10% discount by allocating 5% of your earned commission with each transaction. However, joining is optional and you can change your mind at any time.
- Choose your start date. You can start whenever you want, but, ultimately, you get to decide when you want to transfer your license to eXp. The brokerage will not start the process for you; you have to make a transfer request when you’re ready. You can do this by using the instructions eXp provides by email after approving your application.
- Select that you are joining as an Individual Agent. This is when you will select your sponsor. If you do not have anyone in mind, see why joining our group might make the most sense for you.
- Submit your Independent Contractor Agreement (ICA).
- When your managing broker confirms your license is transferred, your eXp Passport will be active.
- You’re almost there now! Just set up your eXp email alias. (This agent-facing step is necessary so the eXp team can completely activate your profile and provision your agent tools and services.)
- Finally, you’re Active and officially with eXp! Congratulations!
If you want an explanation in detail, head to this blog post to see a complete breakdown of the process to join eXp Realty Canada.
And there you have it! Everything you need to know about eXp Realty Canada in a few simple pages. If you have more questions about eXp or joining the brokerage, don’t hesitate to reach out to me for support and guidance. I can get you into the brokerage quickly and easily and answer any questions you have.