Are you a real estate agent looking for a way to take a break from the day-to-day activities of traditional real estate while still earning an income?
If so, eXp Realty’s Referral Division might perfectly fit you. This division allows agents to refer potential clients to other agents for a fee or percentage of the earned commission. But what exactly is the eXp Referral Division, and how does it work?
In this blog post, we’ll dive into the details of the eXp Referral Division, including fees, limitations, and benefits. We’ll also explore how agents can move from eXp Realty to Referral and what they need to remember before transitioning.
Whether you’re looking to take a break from traditional real estate or simply want to explore new opportunities, the eXp Referral Division offers a unique way to continue earning an income while referring potential clients to other agents. Read on to learn more about this exciting opportunity and how it can benefit you as a real estate agent.
What Is The eXp Referral Division
But what exactly is the eXp Referral Division? It’s a division under eXp Commercial that allows agents to operate quickly in all 50 U.S. states plus Washington DC, with no ties to the MLS or REALTOR® associations.
However, agents in the eXp Referral Division can only refer clients to buy, sell, or lease properties. Agents in Referral may not act as an agent on behalf of another party, show properties to sell or lease those properties or engage in any other real estate activities for which a license is required.
Fees And Splits
So, what are the fees to be part of the eXp Referral Division? A $50 monthly fee gives you access to eXp World, Workplace for interaction, and eXp tools, including Skyslope, My eXp, eXp World, Workplace, and eXp University, as well as our vast network of qualified professionals worldwide.
Splits are 75/25 on referrals to eXp agents and 70/30 to non-eXp agents. There is no CAP and no ability to earn ICON in Referral status.
Moving From Realty To Referral
But what if you want to move from eXp Realty to Referral? You will need to contact your state broker team. They are equipped to assist you in the move and your timing. You will sign a new Independent Contractor Agreement and keep your same sponsor.
However, before you move from Realty or Commercial to Referral, there are a few things you need to be aware of. You will lose access to Realtor forms and MLS, and you will not have access to KV Core, so you must download anything you want to keep. You will be sent a new ICA to sign for the Referral Division, and your sponsor will stay the same.
Rev Share And Stock
One of the great things about the eXp Referral Division is that you can still earn Revenue Share and may attract and build your Revenue Share group. Any stock you have earned in Realty or Commercial will carry over. However, it’s important to note that any commissions earned in Referral will not count towards a cap or ICON upon return to Realty.
A New, Streamlined eXp Referral System
eXp Realty has recently launched a new internal referral system that is quick, easy, and dependable. With the new, official referral form, eXp agents can make referrals in seconds and return to their core business of closing deals. The new system has received positive feedback from eXp agents, who appreciate the convenience and user-friendliness of the tool.
The eXp internal referral system is a game-changer for eXp agents, who can now easily find the right agent for their referral, sign an agreement, and track its progress from start to finish. The new system is accessible only to eXp agents for internal referrals, and the official referral agreement form is for use by eXp agents only. The referral agreement form is a single agreement that can be used for any inside eXp referral, across residential and commercial, and across all borders.
Overall, the eXp internal referral system is a significant step forward for eXp agents, who can now save time and effort in making referrals. With more tools in the works to further aid in the internal eXp referral process, eXp agents can look forward to even more streamlined and efficient referral processes in the future.
Things To Keep In Mind
If you’re considering joining the eXp Referral Division, there are a few things you need to keep in mind. For example, you cannot access MLS or statewide forms and cannot represent family members in purchasing properties. You will also need to step down from any teams you may be on, as no teams are in the Referral Division.
Before transitioning from Realty or Commercial to the Referral Division, there are a few things to take note of:
- Your access to Realtor forms and MLS will be revoked.
- KV Core access will be unavailable, so download any essential files beforehand.
- A new ICA for the Referral Division will be sent for your signature, but your sponsor will remain unchanged.
- Ensure no open transactions exist in Skyslope. If necessary, reassign them to another agent via your broker and download pertinent information before migrating.
- If part of a team, including domestic partnerships, you must leave the team to join the Referral Division, as teams are not permitted there.
- A new email alias under @expreferral.com will be provided, and your current @exprealty.com or @expcommercial.com email will be discontinued.
- Optionally, you can design and order new business cards and marketing materials that display your affiliation with the eXp Referral Division Brokered by eXp Commercial. However, these costs are your responsibility; the broker must approve all materials.
Overall, the eXp Referral Division provides agents with a unique opportunity to take a break from the day-to-day activities of traditional real estate while still keeping their active real estate license with a broker.
It’s a great way to refer potential clients to other agents for a fee or percentage of the earned commission, and it’s a great way to continue earning Rev Share and stock.
If you want to learn more about the eXp Referral Division, contact your state broker team for more information.
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!