Curious about eXp Realty? You’ve come to the right place. Here, you’ll find everything you need to know about this cloud-based, agent-owned, rapidly-growing real estate brokerage.
Who Is eXp Realty?
eXp Realty is a unique, fully cloud-based brokerage. It’s dedicated to attracting agents through its highly competitive financial structure and unique mixture of virtual and immersive technological platforms.
eXp isn’t just a virtual brokerage, though. Its unique cloud system also comprises a virtual office where agents can attend over 60 hours per week of live training and engage in online collaboration with eXp agents from around the world (over 89,000 agents as of this writing).
eXp Realty was designed from its inception to help agents market and sell residential, commercial, and farm or ranch properties as a full-service, cloud-based brokerage. Furthermore, eXp now has a business brokerage vertical where agents can help business owners buy or sell businesses!
eXp truly is full-service, offering agents 24/7 support and access to training, collaborative tools, and engagement opportunities. With its virtual office space, agents can easily reduce overhead costs, connect more easily with their colleagues, and increase their profits.
This brokerage is dedicated to providing agents with the most opportunities to earn more. eXp World Holdings Inc. (NASDAQ: EXPI) is a publicly-traded company that allows agents to earn equity shares through contributing to the company and meeting specific production goals.
Agents can also engage in the unique revenue sharing program that allows them to earn from a percentage of the revenue brought in by agents they attract to the brokerage.
Agents who join eXp Realty join a brokerage dedicated to helping them increase their production, engage in worldwide agent collaboration, and earn more from multiple income streams.
Own Your Brokerage
At eXp Realty, the agents are owners of not only the brokerage, but Virbela, Success Magazine, and more. Yes, eXp agents own part of the ENTIRE company, because eXp Realty (the brokerage) is only ONE component of the entire eXp World Holdings (the parent company).
In addition, agents can build their own business within the brokerage. Using eXp’s online office space to collaborate with other agents in real-time, brokers and agents can build their own teams within eXp and create a brand all their own under the eXp umbrella.
With eXp’s extensive training, expansive growth opportunities, and ability to shoulder the majority of the liability, agents and brokers can easily scale their businesses and test innovative strategies to create a career that gets results. At eXp, agents and brokers take ownership in a global brokerage and create their own business models to earn more.
Earn More at eXp Realty
The fully cloud-based model at eXp is more than just a convenience. The eXp model also eliminates overhead costs like desk fees, franchise fees, and royalty fees. With eXp, you can keep more of your money, including 80% to more than 100% of your commissions (yes, it is possible to earn BEYOND 100% of your commissions at eXp Realty).
Through eXp’s unique revenue share model, you can earn more from other agents when you invite them to join you and they become eXp agents. In addition, eXp is partnered with many affiliate companies that provide agents further opportunities to earn revenue.
As an agent-owned brokerage, eXp offers all agents multiple opportunities to earn equity and purchase discounted stock in the company. The eXp vision means that agents are shareholders and partners in the success of the company.
The eXp Breakdown
So, how does eXp actually function? Let’s take a look.
More Income 3 Ways
There are three primary ways to earn income at eXp Realty.
- Commission Splits. eXp Realty initially offers an 80/20 split. Agents cap at $16,000 paid to the company and earn 100% of every subsequent commission that year (minus a few transaction fees).
- Revenue Share. At eXp, you don’t get profit share off the bottom (after all expenses are paid). Instead, you earn revenue share off the top, gaining from agents’ gross income from sales. When you attract agents into the brokerage, you earn a percentage of their revenue for every transaction. And as they also attract agents, you can even earn from them for up to seven levels. See the chart breakdown below.
- Stock and Equity. Earn stock on your first sale, on sponsored agents’ first sales, and when you invest in the growth of the company to reach ICON status. What’s more, you can join the equity share program and use 5% of your commission to purchase stock at a discount.
Ultimately, with eXp, you can do more to build your future. Create a passive income with revenue share and stock shares to use towards your retirement.
The Fees You Pay
eXp leaders do their best to keep your costs low by eliminating the unnecessary. But there are a few fees you will have to pay to join and succeed at eXp.
- Startup cost: $149 (includes business cards and marketing materials)
- Monthly fee: $85 ($50 for tech and $35 for educational materials)
- Commission split fee: 80/20 (80% for agent and 20% for brokerage until capping at $16,000)
- Per transaction broker review fee: $25
- Per transaction E&O Insurance fee: $40 (caps at $500, or about 13 transactions)
- Transaction fee: $250 (ONLY charged after capping; reduces to $75 after $5,000 paid)
Team Fees
As the leader of an eXp team, you get to create your own business model within a larger framework.
You can designate specific training you want your team members to know, provide branding support, work together with several agents to reach goals, and enjoy the benefits of extra income flow. The flexibility that eXp offers means that you can make this team idea work however you see fit.
Overall, there are four types of teams at eXp
- Self Organized Team. This is the most common team structure for eXp agents. It’s similar to a variation found in many brokerages where you get a referral fee from any agent when you pass on a lead to them.
- All agents in the team, including yourself as the team leader, have a $16,000 cap.
- eXp requires no formal agreement. However, you will disclose your team members to provide clarity and ensure that you don’t pay double fees to the brokerage. The brokerage requires this as it charges per transaction and not per person.
- No set referral fee is required, so your team can set whatever they all agree to.
- Standard Team. This is the model you likely think of when you hear the word “team” spoken in a real estate context.
- Anyone who wants to join eXp as a Standard Team must qualify by reaching 30 transactions or $6 million in sales volume over the last 12 months.
- As a team leader, you will have a $16,000 cap; team agents will only have a “half cap” of $8,000.
- A formal agreement and team roster must be submitted to and approved by eXp.
- All team agents must pay AT LEAST a 25% split to you for each transaction.
- Domestic Partnership. This model is less common but still has an important role to play in the eXp structure. If you and your spouse are both in the real estate business, you can act as one in regard to production goals, etc. You must be legally married to create this team structure.
- You and your spouse share a $16,000 cap.
- Both of you pay eXp fees but get a discount so that one partner pays the typical $85 a month and one partner pays only $50 a month.
- No formal agreement is required, but the onboarding team must immediately be notified of this arrangement.
- Mega ICON Team. This model is similar to the standard model but is much bigger–usually, this applies to teams made of 10 or more agents.
- Team members qualify by having reached 175 transactions or $40 million in sales volume over the last 12 months.
- There must be at least ten agents who have capped in the last 12 months.
- You as team leader still cap at $16,000, but your agents stop at a “quarter cap” of $4,000.
- To ensure continual production, the team as a whole must pay at least $56,000 in commission splits.
- A formal agreement and team roster must be submitted to and approved by eXp.
ICON Program
In simple terms, the ICON award is for agents who have reached ICON status by meeting specific cultural and production goals in their real estate work. As a single agent, you could be eligible for ICON if you meet one of the following requirements in your anniversary year (the year following your hire date, starting the first of the month after your hire and ending the last of your hire month in the next year):
You have paid the $16,000 cap to eXp Realty and the annual per agent transaction fee cap of $5,000.
OR
You have an annual gross commission of $500,000+, a minimum of ten closed transactions, and have paid an ICON Qualifying Fee equal to $5,000 less capped transaction fees paid.
Upon receiving the award, ICON agents will presently receive $8,000 in publicly traded eXp World Holdings Common stock. This $8,000 in stock is for reaching the production goal/achievement. This common stock vests after 3 years.
In the 12 months following receiving the award, agents can:
- Be an eXpand Mentor
- Become an ICON Instructor at eXp University
- Be a panelist or moderator at ICONversations, Monthly ICON Masterminds, or ICON Team Talks
- Be an ICON vetting committee member
If agents can fulfill the requirements within the benefit year (the 12 months after receiving the award), they can then earn an additional $4,000 of stock to be vested for 2 years.
ICON agents can earn an additional $4,000 in stock by attending the eXp Shareholder Summit and EXPCON after ICON is achieved and during the eXp Benefit Year. After each event, you can earn $2,000 in stock the month following your attendance. This portion of the award is available with no vesting period.
The Technology You Use
As shown above, eXp is a cloud-based brokerage with technology options for every agent. Let’s take a look at what you’ll get when you join.
Website, CRM, IDX
You’ll get full access to an IDX website and robust CRM.
- Website. This includes full IDX integration and extensive features to help you generate real estate leads on autopilot. This website also fully integrates with kvCORE and can be used to host your blog, create landing pages, launch single property websites, and more.
- CRM. The CRM at eXp is kvCORE (included in your fees), which provides extensive resources for tracking and using client discovery, client feedback, behavior information, and more.
- Communicate through custom drip campaigns, mass emails, mass texts, etc.
- Manage leads and business with a mobile app available 24/7.
- Integrate leads from any source.
Tools
eXp is full of tools for agents, from marketing tools to personal real estate tools. When you join, you’ll gain access to:
- 1,000 free business cards
- 20 presentation folders
- WordPress website with free hosting
- kvCORE CRM
- eXp Realty agent attraction website
- Skyslope transaction management software
- eXp Realty Cloud Office access
- RingCentral number
- Regus Businessworld membership (over 1,000 Regus locations)
- Open House app
- Listing flyer templates
- Branding material
- Personalized buyer presentations
- Personalized seller presentations
- eXpress Offers
Support
In addition to all of these business-building tools at your disposal, eXp provides support for agents to ensure their full success.
- Transaction support
- Live tech support
- Cloud Office support
- New agent services
- Facebook Workplace support
- 60+ hours of live real estate classes per week
- Special discounts for continuing education credits
- Discounts from preferred vendors
- Electronic commission disbursement (in states that allow it)
- Payment at closing (in states that allow it)
- Powerful live events
The eXp Realty Benefits
All things considered, eXp Realty is the best in innovative real estate brokerages. It offers tons of benefits for anyone interested in joining the community. To summarize, these include:
Agent Benefits
- Keep more money
- Pay no desk fees
- Work with a low annual cap
- Complete paperless transactions
- Receive business coaching
Team Benefits
- Unlimited growth potential
- Reduced team cap
- Real-time support
- Multiple revenue streams
- Worldwide collaboration
Broker Benefits
- Eliminated liability
- Transaction review
- Administrative support
- Collaboration tools
- A great exit strategy
You can now see all you need to know about this great brokerage. In short, eXp Realty does it right, providing agents with extensive benefits to ensure that if they do their work, they will succeed in the real estate business.
If you’re interested in joining but don’t know where to start, get in touch with me. I’m a long-time eXp agent and I’ve built one of the most powerful teams at eXp Realty to date to change the real estate market. If you’d like to be a part of a strong community when you join eXp, just get in touch with me and we’ll work out how you can get started today.