This post is going to address a very common question that we get about our brokerage, eXp Realty. Unlike most other big real estate brokerages that came 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 to name a few. eXp Realty’s business model ensures that one of our core values, collaboration, is at the heart of everything.
One Brokerage, not an eXp Realty Franchise
eXp Realty operates as one brokerage. As of the writing of this post, eXp ranks amongst the nation’s top brokerages by sales volume, by transactions, and by geography. We have agents working in 49 states. We have hundreds of top agents and big teams running their businesses alongside other top agents all across the United States and even 3 Canadian provinces. There is not a single eXp Realty franchise yet the agent count, market share and transactions in-process are all exploding at our international brokerage!
Costly Overhead vs. Cloud Campus Environment
Commercial leases, tenant improvements, office equipment, and furniture are some of the typical costly overhead that most brokerages choose to incur. These types of 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 instead 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 are able to 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 even 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, but at eXp Realty, our referral network is comprised of 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 5 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 5 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 weekdays from 9 a.m. - 8 p.m. ET. We have a number of support departments within our cloud office. Below is the highlight of the essentials:
Tech Support: Our technical support department can be a real life-saver in important moments. These team members can help agents get up and running or troubleshoot problems with any of the brokerage provided technologies such as your CRM, website, and in some cases 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 when it comes to your commission details, agents can speak directly to a team member that can look up information, make revisions and make sure that our money is where it should be when it should be there.
Transaction Team: One of the hardest working support teams behind the scenes is our eXp Realty transaction team. Agents have the ability to speak directly with their state-assigned transaction coordinator. This allows them to address specific needs, documentation, or other matters required to make a file complete. 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 important core values at eXp.
Powerful Agent Ownership
eXp World Holdings is a publicly traded company. The ticker symbol is EXPI. Most entrepreneurs start a company for the chance to own part of a great business someday. 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 gets in the industry right now. 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.