Have you been wondering why brokers and agents are leaving eXp Realty if it’s truly as awesome as people say? You’re not alone. For the most part, they’re leaving eXp Realty because they don’t like the model.
Today, let’s take a look at why real estate agents actually end up leaving eXp Realty. You might be considering joining eXp Realty, so these are important things you need to be aware of beforehand.
#1 Agents Like Working Under Leadership
Those who join eXp Realty are usually used to a typical brokerage model. In most brokerages, you’ll join a team of other agents under the headship of one or more brokers and start building your business out of the traditional brick and mortar office.
eXp Realty doesn’t work like that. Instead, agents join an entirely online brokerage where they have to do most of the work independently. It’s not that the answers and resources don’t exist, it’s just that you have to take the initiative to plug in online to seek training, answers, and support. No one will be over your shoulder checking if you’re working.
If you prefer a brokerage where you get in-person support and companionship in an office setting, you won’t like eXp. And if you are the type of real estate agent who needs everything spelled out and shown to you in-person from A-Z, then eXp may not be the right fit.
#2 Agents Need More Support
Now, regardless of how independent an agent is, it’s hard to join a brand new brokerage (especially as a new agent) without any support. That’s where eXp sponsors are SUPPOSED to come in.
In the eXp model, sponsoring agents recruit new agents to join and help those new agents through the onboarding process. Onboarding at eXp is not linear. There are moving pieces that involve speaking to a previous broker, the real estate commission, real estate association, billing departments, eXp brokers, onboarding team, tech team, etc. It can be VERY involved.
Unfortunately, there will be an issue with onboarding about 80% of the time. The real issue is that some sponsors abandon their new agents as soon as they submit an application at eXp, leaving them hanging and desperate for help throughout that onboarding process. Without help, many get overwhelmed.
I’ve seen agents join eXp and try to onboard only to return to their brokerage because they couldn’t access eXp World, never got a response to a question, etc. So, they just gave up and went back to their previous brokerage.
Finding the best eXp sponsor is essential to getting involved in eXp. If you don’t have a sponsor who will help you, you probably need to do more homework on the brokerage.
#3 Agents Don’t Get the Technology
eXp uses a lot of technology. There’s eXp World (a virtual office space) and eXp Workplace for connecting with other agents. Then there’s Skyslope where you manage all your transactions and paperwork. You also have to get the hang of eXp Enterprise, the main dashboard on eXp, and kvCORE, your CRM. There’s a lot to wrestle with.
If you’re not a technology expert, or at least willing to learn, it will be challenging to perform simple tasks like accessing your email alias, finding answers, executing contracts, etc.
The reason most agents get frustrated with the technology is that they can’t go to one central place to get all the answers. Even if they go to the Technology Outpost (eXp’s tech support), they still have to reach out to individual vendors because the Tech Outpost may not have access to other systems. So, agents find themselves running around (digitally) trying to get answers and get frustrated enough that they bail.
#4 Agents Don’t See the Benefits they Expect
Every agent who comes to eXp has heard of its great benefits:
- The 80/20 commission split with a cap of $16,000.
- The great revenue share program.
- Multiple other revenue streams.
- Several stock options.
Most agents come to eXp expecting to get rich quickly because existing eXp agents tell them that’s how it works. When that doesn’t happen, they jump ship and look for other options…even if they aren’t better.
This is fair. Many agents oversell eXp by a lot. It’s not a magical brokerage where all your real estate needs will be solved as soon as you get there. In fact, it might be the opposite.
- All real estate agents have to work hard to see success. If you don’t do the work at your current brokerage, you won’t do the work at eXp. And with the more independent model, this could be even more damaging to your business at eXp than it would be elsewhere.
- To engage in the revenue share program, you have to work hard to not only be a producing agent yourself, but also to engage new sponsored agents in the company. On top of that, you want to be a good sponsor who provides new agents with support, which will take time and resources.
- You have to meet certain goals to earn stock in eXp, not to mention that you have to actually sell homes and cap if you want to start earning 100% of your commissions.
In the end, eXp does take work and you have to be willing to do it.
To Leave Or Not To Leave?
These are the main reasons we’re seeing agents leaving eXp Realty. Most of these reasons are more personal than anything else–if you’re not the sort of person who will be able to handle eXp Realty’s model, you shouldn’t join it.
eXp is a great brokerage, but it’s designed for those who are independent, enjoy learning new technology, and (if they want to participate in revenue share…there is nothing wrong with only selling houses) can successfully attract other agents to join their team.
If you just don’t think you’re up for it, you’re in good company. You can join the others leaving eXp Realty and start your own brokerage, or go ahead and join another one. Don’t hesitate to make the right choice for you and your business. This is your livelihood, after all.
However, if you like the idea of independence, hard work, and multiple revenue streams, joining eXp Realty might be just the thing for you. You probably still have plenty of questions about eXp Realty and how it works.
If so, head over to this blog post to see everything you need to know about eXp Realty. Then, if you have further questions, don’t hesitate to reach out to me.
I’ve been working with eXp for some time now and have one of the fastest-growing sponsorship teams at the brokerage. If you want to know more, connect with me today and we can discuss what I can do to make your transition to eXp smooth and successful.