This post will address a very common question we get about our brokerage, eXp Realty. Unlike most prominent real estate brokerages before us, eXp Realty operates as ONE brokerage. There is no such thing as an eXp Realty Franchise. You might be asking…
“How does it work then? How do I get a territory, or what happens if there is another big agent in my marketplace? What is the business model?”
Before we get started addressing these questions, there is one thing to note about eXp Realty’s business model. It is built to give all agents the same growth incentives and opportunities for ownership. Also, all agents at eXp Realty have access to our one-of-a-kind resources. This includes our cloud campus, an international referral network, real-time support, and powerful agent ownership. eXp Realty’s business model ensures that one of our core values, collaboration, is at the heart of everything.
If you would rather watch or listen to this content, check out the video or podcast below!
One Brokerage, Not A Franchise
eXp Realty operates as one brokerage. As of the writing of this post, eXp ranks as the nation’s top independent brokerage by sales volume, transactions, and geography. We have agents working in all 50 US states and 14 countries globally.
Thousands of top agents and big teams are running their businesses alongside other top agents. There is not a single eXp Realty franchise, yet the agent count, market share, and transactions in-process are all exploding at our brokerage!
Many independent real estate brokerages have decided to merge their business into eXp Realty and are thriving. That was my story back in 2017. Check out my post here on why I moved my independent brokerage to eXp Realty.
Costly Overhead vs. Cloud Campus Environment
Commercial leases, tenant improvements, office equipment, and furniture are some of the typical costly overheads that most brokerages choose to incur. These fixed expenses are a burden for a business, so most brokerages pass those costs on to the agents in the form of desk fees, franchise fees, and more.
At eXp Realty, we say no to desk fees. We’ve shed the brick-and-mortar and offer a cloud campus environment accessible from your phone or computer anytime, anywhere. For the first time, an agent can truly work from anywhere.
Because our company has no expensive leases, we can invest in technology like eXp World and focus on our agents’ success. Being cloud-based also allows us to be “paperless” from signing our ICAs to uploading our transaction documents.
An agent can be in the cloud office collaborating with peers, visiting one of our many support staff, or meeting with a state broker, all with a few mouse clicks.
Small Referral Network vs. International Collaboration
Many agents are familiar with the referral process, but few can say that referrals are a pillar of their business. Most brokerages do not play a pivotal role in supporting the exchange of referrals. You might know or be able to reach the agents in your market center or surrounding areas. Still, at eXp Realty, our referral network comprises thousands of agents motivated to build and grow our brokerage because we are all agent owners. We can connect quickly and easily with eXp agents across the country in our company Facebook Workplace. Referrals flow back and forth in abundance.
Training and Mentorship
One of the best-kept secrets about eXp Realty is our world-class training and mentorship programs. eXp Realty places a premium on education and development. It’s so important that we have an eXp University in the works. Training with eXp Realty includes:
- More than 15 hours of live training classes held in the cloud office every week
- Instruction from industry experts and top-producing real estate agents across the country
- Topics covering all areas of real estate, from lead generation to sales and listings, business planning, CRM and technology tools, and more
- We even have a library with hundreds of archived recorded training
What about new agents? eXp Realty offers a mentor program that pairs new agents that have completed less than five transactions with a senior agent in their area. eXp Mentors are certified by the brokerage. Mentors provide support, guidance, and leadership for the new agents as they complete their first five transactions.
As agents at eXp Realty, we have access to quick, on-demand support services. We have full-time support members that work in our cloud office on weekdays from 9 a.m. – 8 p.m. ET. We have several support departments within our cloud office. Below is the highlight of the essentials:
Tech Support: Our technical support department can be a lifesaver in essential moments. These team members can help agents get up and running or troubleshoot problems with any brokerage-provided technologies such as your CRM, website, and sometimes even your personal computer.
Accounting: With real-time access to our accounting department, agents can save hours of stress, headaches, or frustration. Instead of waiting for a response regarding your commission details, agents can speak directly to a team member who can look up information, make revisions and make sure that our money is where it should be when it should be.
Transaction Team: One of the hardest working support teams behind the scenes is our eXp Realty, the transaction team. Agents can speak directly with their state-assigned transaction coordinator. This allows them to address specific needs, documentation, or other matters required to complete a file. Our transaction team members review and communicate directly with each agent about their transactions all the way through getting a CDA turned in to the title company to help ensure agents are paid promptly after closing!
If we had many siloed franchise locations or even just a singular eXp Realty Franchise, we wouldn’t be able to offer the kind of real-time support described above. Service and sustainability are essential to the core values at eXp.
Powerful Agent Ownership
eXp World Holdings is a publicly-traded company. We are traded on the NASDAQ stock exchange under the ticker symbol EXPI. Most entrepreneurs start a company to own part of a great business someday. Check out my post on how you can earn eXp Realty stock for doing what you’re already doing, selling real estate, and growing your business!
eXp Realty has quickly become one of the fastest-growing real estate brokerages in the nation. This is because every agent has an opportunity to become an agent-owner!
In conclusion, the eXp Realty business model is as unique and innovative as it is in the industry. There is no such thing as an eXp Realty Franchise. We operate as one brokerage focused on providing value, service, and opportunity to agents everywhere.
Would You Like To Partner With Me?
I’ve helped hundreds of real estate agents, team leaders, & brokers all over the country increase their sales, online presence, and create scalable systems. I would love the opportunity to work with you. Together, we can make this year your best yet!