3 Honest eXp Sponsorship Tips For Choosing The Right Sponsor
The eXp sponsorship process is vastly different than most other brokerages out there today.
Rather than an interview with a real estate broker, agents joining eXp Realty name a current agent with the company as their “sponsor”.
This decision of who you name as your sponsor may likely be one of the most important decisions you’ll make at eXp Realty as it will impact your entire experience.
When you choose a sponsor, it’s important to be mindful of the relationship between your own real estate career and theirs.
Is the real estate agent you’re looking to be sponsored by capable of helping you create the business you’re looking to create? Have they created the results in their business and life that you too would like to achieve?
As you can see, choosing a sponsor is related to your future success at eXp Realty and the results that you’re looking to achieve.
The good news for those agents who may not know how they’ll go about naming their sponsorship with an agent already in the brokerage is that you can find a sponsoring eXp agent anywhere.
Your sponsor does not need to be local to you. You can find who you’d like to be your sponsor in a Facebook group, at a real estate conference, YouTube (or even this very blog :))
There are three aspects I would look for when deciding on a sponsor at eXp Realty.
If you would rather watch or listen to this content, check out the video or podcast below!
When choosing a sponsor at eXp Realty, I feel it’s important to see the type of community that your potential sponsor has built, or is a part of.
There are many different groups and teams that you can be a part of when joining eXp. All of them have unique offerings and benefits that help agents in their business and feel a sense of comradery.
For example, my group here at eXp is called The Dream Team. We get together multiple times per week via Zoom for training, have a private Facebook group to share ideas and collaborate with one another, and I’ve even built out eXp landing pages for every eXp Realty agent in the group! We also meet at company events and even have our first Dream Team Summit scheduled for Fall 22′.
One thing to make note of is that even though you may be naming a sponsor that has a “team” or “group”, this doesn’t mean you need to brand yourself as such. Most of these teams and groups are internal monikers that simply designate that you are a part of that respective leader’s group.
Other groups you can be a part of at eXp Realty include:
- eXp Realty University (group for agents with less than 12 months in the business)
- Women’s Leadership Group (for women real estate agents only)
- eXp Veterans group (for military veterans and their spouses)
Sales And Revenue Share Training And Support
Another important aspect to consider is that your sponsor is directly linked to your success with regard to earning sales commissions and revenue share building. As such, you’ll want to partner with someone who’s proven they themselves can sell real estate and build revenue share.
Revenue Share is eXp Realty sharing a percentage of the gross commission income that is earned from agents with their sponsoring agent. To sum it up, agents pay eXp Realty an 80/20 commission split on their first $80,000 in gross commission earned for the year. Of the 20% that eXp receives, they distribute 50% back to the sponsor and the remaining upline. Revenue share is not an additional fee or split any agent pays.
If you’d like a full read on revenue sharing and how that works at eXp Realty, check out the post I made here.
What training and support do your sponsor or the group they’re a part of offer to help with your lead generation or agent attraction efforts?
Do the values align with how your sponsor is building their business and what they’re teaching with your values and how you wish to build your business?
Tools And Systems
As groups grow at eXp Realty, one of the most important things to consider when choosing a sponsor is what tools and systems they have. As great as someone may be at leading a team, when they get to the size of hundreds or thousands of agents (like many have now), it all comes down to what systems they have created.
Does your potential sponsor have the ability to deliver on the promises that are being made now and into the future?
Do they have the systems in place to run a successful team? Are those same systems scalable as your business grows and you grow with them?
In my experience, this is one of the biggest factors that separate sponsors from each other. Some are great at doing the business themselves but can they help motivate and lead hundreds and even thousands of other agents to be able to duplicate their success?
Also, does this sponsor or group have a proven, repeatable process to help you grow?
Did you know that less than 5% of all agents at eXp Realty have sponsored more than 5 agents? Or did you know that only 3% of agents at eXp have achieved ICON status for sales?
If either or both of these are on your radar, wouldn’t it make sense to work with someone who’s done it before? That would be your sponsor.
While there is no requirement for a named sponsor to help beyond your onboarding with eXp, it’s important to find someone that will be there when needed.
To really determine this, it’s important to look at the energy and passion your sponsor has for the business of real estate and eXp Realty as a whole. When someone’s passionate about their work, you know they’re in it for more than just the money and will be there for you when you need them.
Many agents are great salespeople and will try to sell you on why you should name them as your sponsor, but you should look at their body of work and see if they have a history of helping agents or are just looking to sign you up to receive the revenue share.
Frequently Asked Questions About eXp Sponsorship
What is an eXp Sponsor?
An eXp Sponsor is a real estate agent currently licensed with eXp Realty. When an agent wishes to join eXp Realty, they name an agent as their sponsor when completing the Independent Contractor Agreement. Then for as long as both agents are licensed with eXp Realty, the sponsor will receive a percentage of the sponsored agents’ gross commission income (paid out by eXp’s commission split).
Do You Have To Have A Sponsor For eXp?
Technically, you do not need to have a sponsor. You can simply join eXp Realty with the company as your sponsor. However, this is not advised as choosing a sponsor doesn’t cost you anything. Also, you do not receive any additional benefits by naming the company as your sponsor. You simply lose out on any potential benefits you would have received by naming an agent as your sponsor.
How Do You Get A Sponsor For eXp?
You can choose any agent that is currently licensed with eXp Realty. When you complete your Independent Contractor Agreement with eXp, the very last question it asks is who do you wish to name as your sponsor. Whoever you choose here is who will be your sponsor at eXp Realty.
Do eXp Sponsors Get Paid?
eXp Sponsors are paid through a system called revenue sharing. The sponsor receives a percentage of the sponsored agent’s gross commission for as long as both agents are licensed with eXp Realty.
Revenue share is paid out of eXp Realty’s side of the commission split. It is not an additional split or fee that the agent must pay.
Can I Change My Sponsor at eXp Realty?
The only way to name a different sponsor at eXp Realty is you must leave the company for greater than six months. You’ll lose any revenue share line that you’ve built and any unvested stock you may have accumulated.
In summary, if you’re reading this post it’s most likely because you either don’t know an agent to name as your sponsor or you’re unsure if the person you’re considering is the right fit.
In either case, I’d like to offer for myself or one of my team leaders to jump on a call with you. Something I hear quite often is that agents wished they would have named a different sponsor after they’ve signed up already. I’ve also heard from agents that they chose another agent because they simply felt I would be too busy to help them.
That’s simply not true and I know the members of The Dream Team would agree. If you’d like more information about partnering with me here at eXp, head over to my partner page here and set up your call today. I look forward to talking with you!
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!
Newly licensed agent looking for a sponsor for exp realty.
Hey Micah! I sent you an email.