Real estate teams have become a cornerstone in the evolving landscape of real estate sales. They offer numerous benefits, including shared resources, collective expertise, and enhanced service for clients. And one of the brokerages that has quickly become home to some of the largest real estate teams in the country is eXp Realty. eXp’s generous incentive programs and innovative approach to team structures make eXp real estate teams popular.
This blog post delves into the types and dynamics of eXp real estate teams and how top real estate teams are making more at eXp Realty than any other big-box brokerage.
What Are Real Estate Teams?
Real estate teams are groups of professionals who collaborate to streamline and enhance their real estate transactions. These teams, which can vary in size and structure, combine their skills, resources, and networks to provide comprehensive services to clients.
By working in teams, real estate professionals can specialize in different aspects of the sales process, from lead generation to closing, thus offering more efficient and personalized services.
eXp Real Estate Team Offerings
eXp Realty recognizes the value of teamwork in real estate and offers various lucrative team models to suit different agent needs and preferences. These models range from more traditional team setups to innovative structures that leverage eXp Realty’s unique platform.
The four primary team models at eXp Realty are:
- Domestic Partnership
- Self-Organized Teams
- Standard Teams
- Mega Icon Teams
In the following table, you can learn more about eXp real estate teams and who can create and join them:
1. Domestic Partnership Teams
The Domestic Partnership team model is designed for legally married couples who both work in real estate. This unique setup allows spouses to operate as a single entity within eXp Realty.
Key features include:
- Shared Cap: Domestic partners share a single $16,000 cap, effectively halving their individual financial commitment to the brokerage.
- Combined Efforts: This model leverages the combined efforts and networks of both partners, potentially leading to increased efficiency and client reach.
- Discounted Fees: The couple benefits from discounted eXp Realty fees, with one partner paying the standard $85 monthly fee, and the other only $50.
2. Self-Organized Teams
Self-Organized Teams offer the most flexibility. They are ideal for agents who prefer a less structured team environment and wish to collaborate with the most flexibility. Characteristics of this model include:
- No Minimum Deals: There’s no requirement for a minimum number of deals or transaction volume to form a Self-Organized Team.
- Flexible Referral Fees: Teams have the freedom to set various referral fees personalized for each agent, providing flexibility in how they manage internal transactions.
- Full Cap for All: All members of a Self-Organized Team are subject to the standard $16,000 cap.
3. Standard Teams
Standard Teams are akin to traditional real estate teams. They are structured with a team leader and agents working under that leader. This model is characterized by:
- Qualification Requirements: To form a Standard Team, leaders must have closed at least $6 million in volume or 30 transactions in the past year.
- Cap Structure: The team leader has a $16,000 cap, while team agents enjoy a reduced “half cap” of $8,000.
- Minimum Splits: Team agents must contribute at least 25% of each transaction to the team leader.
4. Mega Icon Teams
Mega Icon Teams are designed for high-performing, large teams. They are suitable for those aiming for significant business growth. Features of this model include:
- High-Performance Requirements: Teams must achieve a minimum of 175 transactions or $40 million in sales volume, with at least ten agents having capped in the last 12 months.
- Capping Structure: Team leaders pay the full $16,000 cap, while team agents have a “quarter cap” of $4,000.
- Minimum Splits: Here again, agents must contribute at least 25% of each transaction to the team leader.
Each team model at eXp Realty caters to different agent needs, from those seeking the close partnership of a Domestic Team to those aiming for the expansive potential of a Mega Icon Team. These structures reflect eXp Realty’s commitment to providing flexible, agent-centric solutions in the real estate industry.
Conclusion
Whether agents are looking for the close-knit collaboration of a Domestic Partnership, the flexibility of a Self-Organized Team, the structured support of a Standard Team, or the expansive potential of a Mega Icon Team, eXp Realty provides a supportive and adaptable framework.
This flexibility not only empowers agents to tailor their business model to their specific goals but also enhances their ability to serve clients effectively. With these varied team models, eXp Realty continues to redefine the real estate landscape, offering agents innovative ways to grow their business, collaborate, and succeed in a highly competitive market.
In embracing these diverse team structures, eXp Realty demonstrates its commitment to agent-centric values, providing tools and environments that foster growth, collaboration, and success. For real estate professionals looking to elevate their careers, understanding and choosing the right team model at eXp Realty could be a pivotal step toward achieving greater success and fulfillment in the industry.
If you need help to understand how commissions are calculated within groups, contact me. I can run your production numbers for you and share how much more you’d make at eXp Realty under these team models than at any brokerage you’re currently in.