eXp Realty is a fast-growing real estate brokerage in the country with over 85,000 agents and more than 200 agents joining every day. With so many agents, you have options for who to choose as your sponsor.
Of course, not every sponsor can be the best. Furthermore, not every agent who might want to sponsor you is equipped to help you grow your business. When you’re selecting a sponsor at eXp who is naturally going to benefit from the money you earn, it’s only right that you get something in return!
For example, Agent First Group, one of the fastest-growing communities at eXp, offers agents free lead generation services. When you choose Agent First Group, you get the benefit of gaining personal leads for your own real estate business. (That’s right…STOP struggling to generate real estate leads!)
There’s a specific, 7-step process to choosing the best eXp sponsor, and I’ll lay it all out for you below. But first, let’s lay some groundwork.
What is an eXp Sponsor?
Here is how the sponsor program is explained in the eXp Realty Policies and Procedures handbook:
The eXp Sustainable Revenue Share Plan is a way for eXp to say “thank you” to Agents who attract serious and productive professionals who fit culturally with eXp and its core values. Once a joining Agent selects a sponsor and joins eXp, their sponsor enters into a financial relationship with eXp where eXp pays a percentage of Company Dollar to that individual in the form of revenue share. If the sponsor leaves eXp, that financial relationship is severed and their position in the Revenue Share Plan reverts to eXp. It is the right of a prospective Agent to identify and select the individual they choose to name as their sponsor.
The sponsor is the Agent who a joining Agent identifies as the person who most influenced them to join eXp. This declaration is made during the process of completing the ICA. An Agent’s sole requirement to qualify as a sponsor is selection by the joining Agent as the individual who most influenced them to join eXp. The role of sponsor is distinctive from other roles like a mentor, coach, or team leader. In some cases, these roles are assumed by the same person, but they are not mandatory for a sponsor.
The Benefits of Having an eXp Sponsor
I’ve heard from many agents who joined without an eXp sponsor or picked a bad one. As an illustration, the below comments sum what this means for such agents:
“I didn’t know what sponsorship was or who was a sponsor, so I didn’t put anyone down as a sponsor. I wish I would have researched that.”
“I was told I could change sponsors once inside exp, but that was NOT the case.”
“I joined exp last year but no one ever answered my questions and I didn’t know what to do. So I just went back to my brokerage.”
To be sure, a good sponsor is powerful. While a sponsor is not required in order for you to join eXp, there are many benefits to a sponsor.
- Strong community. You don’t want to join a brokerage alone. A good sponsor should connect you with a team to support and encourage you on your journey.
- Good advice. Ideally, a good sponsor will know all the tips and tricks that will help you succeed at eXp Realty. They should provide you training and support in real estate topics and eXp-specific questions you have.
- Strong support. Your sponsor should be devoted to supporting your business. No matter your struggles, good sponsors will encourage and help you through them.
- Bonus resources. While eXp offers many resources to new agents, sponsors should offer more. They should help you with marketing and growing in your real estate knowledge.
Above all, your sponsor should be someone who wants to help you succeed. Whatever they offer you should be dedicated to helping you get the most out of your business.
7 Questions to Ask an eXp Sponsor
The best questions you can ask your eXp sponsor will help you define their character and motivations. Asking these questions before you start will ensure that you know exactly who you are signing up with and if it’s worth it for you to benefit them by joining eXp Realty through them. Who you join with does matter because once you select your eXp Sponsor, there is no switching!
1. How long have you been with eXp Realty?
This is a good place to jump off. It will help you lay the groundwork of how much they know about the company and how much benefit they will offer you by providing eXp expertise. You don’t want to join with a sponsor who knows little about the company or who only joined to add sponsored agents as revenue streams. All in all, those kinds of sponsors will provide you with little to no benefits.
2. How many agents do you sponsor?
It’s important to know if other agents trust your potential sponsor to guide them through the eXp process. Of course, there may be a situation in which you get to be a sponsor’s first agent–that always has to happen at some point.
If you know the sponsor and learn to value them through their answers to the rest of these questions, you can absolutely join with a less popular sponsor. But if you’re a stranger to eXp, try to find an agent who has proven they can and will provide value to their agents.
3. How much do you know about eXp Realty?
If you’re looking for someone who is going to help you succeed as an eXp agent, you need someone who knows the company well. Make sure your sponsor knows the dos and don’ts of running an agent business with eXp. Ask them about the rules, the common mistakes, the best ways to succeed, and the best training opportunities eXp Realty provides. If they know their stuff, they just might be the best eXp sponsor for you.
4. Do you help me grow in my real estate career?
There are plenty of ways to make money at eXp. Some sponsors join simply to get the benefit of having a huge base of sponsored agents they can earn money from. You don’t want to join with a sponsor who is in it for themselves.
The only reason you’re thinking of joining eXp is because you want to be a good real estate agent, right? So make sure your sponsor knows the real estate business and will help you expand yours. Ask if they have tips, tricks, or special offers that will help you become the best real estate agent you can be.
5. Can I speak with anyone you’ve sponsored?
There is a lot of power in social proof. It’s important for all of us to know what other people think before we make final decisions about products we’re considering using or jobs we want to apply for. When it comes to working with a specific person or company, knowing others’ experiences is even more important.
If your potential sponsor freely gives you some names to contact, this is a good sign that they are confident their sponsored agents are happy with their service. You’ll definitely want to talk to those agents, but just knowing the sponsor is willing to give you some names is a great first indicator as you consider whether to trust them.
6. Do you take an additional commission split?
Some sponsors require an additional commission split from their agents in order for their agents to get the benefit of working with them. Of course, you can decide for yourself if the benefit is worth it or not, but you definitely want to know the sponsor’s policy before signing on with them. Remember, you can’t change sponsors once you’ve joined eXp!
eXp Realty works on an 80/20 commission split until you reach a $16,000 cap. Which means, for several of your transactions, you’ll be receiving 80% of the commission. However, if a sponsor takes an additional commission split, you may be reduced to taking 60% or 70% of your transactions. Think carefully before making the decision to do that!
7. Why should I choose you as my eXp sponsor?
This one is the kicker. Right here is a chance for your potential sponsor to really sell themselves. If they truly want to help you and have a sustainable plan for boosting your business, this is when they can explain it to you in detail.
Make sure you hear directly from them why they want to sponsor you. If they know the benefit they bring and genuinely want to create more business for you (not just more revenue for them), you have found the best eXp sponsor. Now it’s just time to sign those papers!
The Best Way to Pick the Best eXp Sponsor
In sum, as you’re considering sponsors, consider who benefits you the most. Don’t forget that any sponsor you pick will benefit from you choosing them. That’s the way the eXp sponsor program works. Your main goal in choosing a sponsor is to choose one who will really help you succeed as a real estate agent.
Every eXp sponsor has different ways of benefiting their agents. If you’re looking for a trustworthy sponsor who can show you the ins and outs of eXp Realty and help you succeed in real estate, consider getting in touch with me. I’d love to chat and help you get started on your journey with eXp Realty!