When we join a new real estate brokerage (especially one as sophisticated and unique as eXp Realty), it’s natural that we want to like it and prove to others that it’s the best place for us to have chosen to work. While this is not all bad, it’s important to have humility and recognize things that aren’t perfect in every situation. Plus, there are some things that just don’t make sense without all the details. Every brokerage, including eXp Realty, holds some secrets.
In this article, I’ll share with you some of the things about eXp Realty that not everyone would tell you. We’ll get into some of the nitty-gritty stuff that you won’t find out about until it’s too late (which is where the unpleasant surprises come in). Once you’ve read this article, you should have a better understanding of the structure of eXp and how it could help you.
1. Newbie Transactions
The first eXp Realty secret you’ll discover only if you’re new to the real estate business. Most transactions at eXp are on an 80/20 commission split, but there is an exception. If you’ve just started in the real estate business or if you haven’t completed three transactions in the last year before joining eXp, your first three transactions will be under a 60/40 commission split.
The additional 20% that a new agent pays on the first 3 transactions goes to cover two costs. The first 10% goes towards eXp University and the other 10% goes directly to the Mentor. The mentor is assigned to each new agent to help with many of the questions every new agent will have. What is the MLS, how do I negotiate, how does a transaction work, etc., etc.
2. Leaving With Listings
If at any point you decide to leave eXp Realty for another brokerage, you can take your listings with you (in a majority of cases). If your listings are under contract when you leave, the transaction will close at eXp but you will be paid at your new brokerage. However, if your listings are not under contract, you can easily cancel them with eXp and take them with you.
eXp won’t hold you hostage. Agents are the top priority here, which means they get to have complete control over how they run their business. If they want to go, they are free to go, no strings attached. This is NOT the same luxury that 99% of the brokerages out there offer to their agents. You’d be surprised at the horror stories I hear from the agents wanting to join eXp who are unable to because their commissions are being held hostage.
3. ICON Vestings
When agents become a part of the ICON program, eXp issues them shares in the company. When an agent achieves “ICON” status, they are eligible for $16,000 in stock. The $16,000 equals the amount they paid into the brokerage for the year from commission splits. This is pretty common knowledge and a big selling point for many agents. However, what isn’t as apparent is how these shares are vested:
- $8,000USD – Three year vesting period. These shares are granted to the agent once they meet the production requirements of the ICON program. These requirements include paying the annual eXp cap ($16,000) and the per agent transactions fee cap ($5,000) OR earning a gross annual income of $500,000 in a minimum of ten transactions. The three-year vesting means that an agent does not have access to these shares until the three years are over.
- $4,000USD – Two year vesting period. When agents meet their cultural requirements in their 12-month ICON Benefit year, they earn these shares. The cultural requirements focus on getting agents involved in helping other agents in eXp by mentoring, teaching classes, moderating and/or being a panelist at regular ICONversations, or vetting new ICON candidates.
- $2,000USD – No vesting period. If an agent attends the eXp Shareholder Summit during their ICON benefit year (after they have achieved ICON status), they earn these shares.
- $2,000USD – No vesting period. If an agent attends EXPCON (a multi-day networking conference) after achieving ICON status and during their ICON benefit year, they receive $2,000 more in shares.
Being an ICON agent is a huge benefit to eXp, and many agents work hard to attain it. This is one of the best ways that eXp Realty helps engage agents in the company and pursue excellence.
4. Willing Revenue Shares
When you’re thinking about the end of your life and writing up your will, you can will the revenue share you’ve earned to your beneficiaries. This is a great way of getting your family the benefits they need after your death without giving them a real estate business they may not really care about.
eXp Realty Secrets
Overall, eXp is an open company. The focus on agent success makes it essential that the brokerage reveal the ways things work in their business model. Of course, eXp can’t reveal everything at first glance or it could become easily overwhelming. That’s why agents like me take time to engage with new agents and help them understand the ropes.
While the eXp Realty secrets above are not as commonly known, new agents who want to join should still take them into consideration. That’s why reaching out to an already established agent is such a huge bonus for newcomers. If you need the inside scoop, you can partner with me and get all the information you need to understand how things work. Plus, you can get bonuses that come along with my partnership, such as my free lead generation services and access to resources, training, services, 24/7 support, and an amazing community.
So, if you’re thinking about joining eXp, get in touch with an expert who can guide you on the best next steps for becoming a successful eXp agent.