As a rapidly growing brokerage, eXp Realty is still something of a mystery for many real estate agents around the world. The challenge of its rapid expansion is that sometimes messages get confused and it can be hard to identify the truth about eXp Realty. To get a better idea of the brokerage, let’s look at some answers to eXp Realty FAQs.
Q: What Is the Commission Split at eXp Realty?
A: The commission split at eXp Realty is 80/20. Each agent that joins eXp Realty will take home 80% of their commissions on transactions until they cap.
Q: Is There a Cap at eXp Realty?
A: Yes, there is a cap at eXp Realty. The cap at eXp is $16,000. Once you pay $16,000 into the brokerage through commission splits, you have capped and can take home 100% of your commissions for the rest of your anniversary year (minus small transaction fees).
Q: What Are the Fees at eXp Realty?
A: There are a few fees at eXp Realty. These include:
- $85 (per month) brokerage fee (covers tech, training, etc.).
- $25 (per transaction) broker review fee.
- $40 (per transaction) risk management (Errors and Omissions Insurance) fee.
Q: Are There Transaction Fees at eXp Realty?
A: There are transaction fees at eXp. AFTER you cap at $16,000, you will pay a $250 fee per transaction to eXp. This fee also caps once you have paid $5,000 in transaction fees into the brokerage. It then reduces to $75 per transaction. Note that this fee only applies after you cap; this is not a fee you have to pay while you are on a commission split.
Q: Do I Have To Recruit at eXp Realty?
A: No, you don’t have to recruit at eXp Realty. While you can recruit if you want to be a part of the revenue share program, you are more than welcome to simply sell homes.
Q: Who Founded eXp and When?
A: Glenn Sanford founded eXp Realty in 2009. Glenn is a proud supporter of real estate agents working hard and being rewarded for their work in as many ways as possible. That’s why he began a cloud-based brokerage with multiple revenue streams to enhance business potential for all agents.
Q: What Countries is eXp Realty In?
A: eXp Realty is currently in 24 countries.
- United States
- Canada
- Australia
- United Kingdom
- France
- Italy
- Portugal
- India
- South Africa
- Hong Kong
- Mexico
- Puerto Rico
- Brazil
- Israel
- Spain
- Colombia
- Germany
- Panama
- Dominican Republic
- Greece
- New Zealand
- Poland
- Chile
- Dubai
Q: What States is eXp Realty In?
A: eXp Realty is currently active in all 50 United States.
Q: Does eXp Realty Offer Stock?
A: Yes, eXp offers five different ways to earn stock in the company (NASDAQ: EXPI):
- Earn $200 worth of stock when you complete your first transaction.
- Earn an additional $400 when an agent you sponsor completes their first transaction.
- Cap at $16,000 and earn $400 more in stock.
- Reach ICON status through achieving specific cultural and transactional goals and earn back your initial $16,000 paid in commission splits in stock.
- Use 5% of your commission to purchase stock at a 10% discount.
Q: What is Revenue Share at eXp Realty?
A: At eXp Realty, you earn revenue share from agents you sponsor. When they join eXp, they can choose you as a sponsor and you will earn a share of their income while they remain with the brokerage. This cycle ultimately continues for up to seven levels.
Q: Does eXp Realty Have Offices?
A: No, eXp does not have physical offices. However, it is partnered with Regus, so you can access any Regus location anywhere in the world for FREE to work in if you prefer to house your office in a physical location.
Q: Does eXp Give You a Website?
A: Yes. When you join eXp, you get access to a website created through kvCORE. This website will also include full IDX access.
Q: Does eXp Give You a CRM?
A: Yes, eXp offers kvCORE to all agents.
Q: Does eXp Realty Provide Yard Signs?
A: No, you will not receive eXp yard signs when you join eXp. However, eXp partners with a preferred vendor that will offer you yard signs at a discount.
Q: Does eXp Provide Business Cards?
A: Yes. When you join eXp, you will get 1,000 free business cards.
Q: Is There Training at eXp Realty?
A: Yes. eXp offers 60+ hours of live training each week. In addition, you will find thousands of hours of pre-recorded training on eXp’s platform.
Q: How Many Agents Are at eXp Realty?
A: As of this writing, just over 89,000 agents are a part of eXp.
Q: Does eXp Realty Pay at Closing?
A: In most cases, agents will get paid the same day as closing. However, this depends on the rules of each state, so you will need to check with your state regulations to know for sure.
Q: Can I Create a Team at eXp Realty?
A: Yes, you can create several kinds of teams at eXp Realty. You can create a:
- Standard team
- Self-organized team
- Mega Icon team
Q: What is the ICON Program at eXp?
A: The ICON program is a program designed to help agents meet specific cultural and transactional goals and thus earn $16,000 in stock with the company. Read a full explanation here.
Q: Is Revenue Share at eXp the Same as Profit Share?
A: No. Revenue share is taken off the top (gross income), while profit share is taken off the bottom (after all expenses are paid).
Q: Do I Need to Have a Sponsor When I Join eXp?
A: No, you do not need a sponsor to join eXp. However, it is advisable because sponsors can help you navigate the onboarding process and do much better at eXp.
Q: Is eXp Realty a Franchise?
A: No, eXp Realty is not a franchise. There are no franchise fees because eXp works off a different model, incorporating agents around the world in a single unit. However, you can run your own team and earn from your team members’ commissions if you want to build a more lucrative business and become a leader for other agents.
Q: Does eXp Realty Have Desk Fees?
A: No, there are no desk fees at eXp Realty.
Q: What Revenue Streams Does eXp Realty Offer?
A: eXp offers ten revenue streams in total. These include commissions, stocks, revenue share options, and affiliate partnerships, among others. You can find a full list here.
Q: What Happens to My Stock if I Leave eXp Realty?
A: If your stock is fully vested, it belongs to you forever. However, if you leave eXp before your stock is fully vested, it remains with the company.
Q: What Happens to My eXp Revenue Share When I Die?
A: You can pass your revenue share onto your family in your will so they can keep earning that income after you die.
Q: Does eXp Provide Transaction Coordinators?
A: No, eXp does not provide you with a transaction coordinator. However, you are welcome to hire your own transaction coordinator.
Q: Who Do I Contact if I Have Questions at eXp Realty?
A: You have several options for finding help for questions with eXp. You can reach out to your sponsor or mentor at eXp for most questions. You can connect with your broker team, your admin staff, or another eXp agent for more general questions. Finally, you can contact any department (onboarding team, compliance team, technology team, etc.) in eXp for specialized questions.
Q: How Do I Join eXp Realty?
A: Go to https://join.exprealty.com/ to fill out your application for eXp Realty. You can find a step by step guide here. If you need a Sponsor, you can select Jaime Resendiz – Crowley, TX, the founder of Agent First Group. The Agent First Group provides extensive resources, training, services, and support, as well as a robust community of like-minded agents. If you’d like to know more, just connect with me and I’ll answer all your questions!