What Is eXp Realty? What You Need To Know in 2023
What is eXp Realty? Why are so many agents moving to eXp Realty — and should you become one of them?
eXp Realty is a leading, global cloud-based real estate brokerage.
It is the only major national full-service real estate brokerage in the United States to operate on a virtual platform that connects agents, brokers, and clients worldwide. Founded in 2002, it now operates in more than 21 countries.
eXp Realty’s key differentiator is an advanced technology suite that offers agents a range of tools, resources, and support to help them work smarter and provide exceptional service to their clients.
It also allows agents access to market data and other helpful information in real-time, giving them a competitive edge.
At the same time, it may not be the right brokerage for everyone.
Let’s look a little deeper.
What is eXp Realty? How is it different from other brokerages?
eXp Realty is very much a “next-generation” brokerage. It provides technology-first tools for realtors who want to streamline and improve their operations.
At the same time, it is a technology-first brokerage. If you don’t want to manage everything online, it may not be the best option.
Let’s look at what differentiates eXp Realty from Coldwell Banker and similar agencies.
eXp Realty provides a comprehensive suite of tools and resources to help agents work efficiently. This contracts with some older brokerages, which may not have fully modernized yet.
The eXp platform gives agents real-time access to market data, analytics, and customer information. These features allow agents to make quick decisions, identify trends, and stay ahead of their competition.
Competitive agent benefits
Many agents choose eXp Realty because of its unique advantages, such as getting eXp Realty stock, revenue share, etc. Agents working with eXp Realty have access to healthcare and stock rewards.
eXp Realty’s stock rewards are powerful; agents can receive stock options if they meet specific goals. You can also pay eXp Realty a small fee to receive leads.
As you can see, these aren’t just competitive benefits. They’re benefits for competitive agents. The more a real estate agent earns, the more benefits they get. A successful eXp Realty agent is one constantly on the move.
Education and training
eXp Realty has a wide range of education and training resources available to agents. This includes virtual coaching, webinars, and an active social media presence. Agents can access educational events that discuss best practices for real estate transactions and industry trends.
There are many success stories from real estate professionals just entering the business. eXp Realty has everything a new agent needs to start moving toward their first transaction. But many experienced professionals are also moving to eXp Realty, thanks to eXp Realty commission caps, the real estate cloud brokerage suite, and the tech-first business model.
What is it like working with eXp Realty?
I think working with eXp Realty is an excellent experience for agents.
It perfectly balances advanced technology tools, competitive benefits, and excellent support staff.
Agents can work from anywhere worldwide and instantly access market data to make informed decisions.
And with its stock rewards program, profit sharing, etc., it supports agents who want to make more money and do better.
But it’s not a traditional brokerage. Compared to other brokerages, it’s brand-new. And that does mean that a lot is still being explored. The profit-sharing and revenue streams are still being developed, which can lead to some uncertainty.
Why should you choose eXp Realty?
Most brokerages have some form of benefits, whether they provide health insurance or an excellent MLS website. So, why would an agent choose eXp realty in 2023?
Lower overhead costs
Agents who join eXp will pay less in terms of overhead fees. It’s a cost-effective option; eXp Realty reduces its overhead by operating primarily digitally. You won’t have much through in-person, one-on-one daily support, but you will have constant access to digital resources.
The more successful you are, the more you make: Eventually, you can reach the 100 Commission Group. You can collect EXPI stock, build your commission percentage, and work toward eXp agent rewards.
Increased potential for agent profitability
eXp provides agents with an unprecedented opportunity to increase their profits. With its stock rewards program, lower overhead costs, and advanced technology suite, eXp is a great option for agents who want to gain more control over their finances and streamline and improve their business.
eXp Realty is very much targeted at those willing to optimize their operations for the best results technologically.
Once you reach your commission cap, you earn 100% of your commission. So, eXp is also advantageous for those who expect to make a lot of money or want to keep more money on principle.
Supportive working environment
eXp Realty also provides a supportive working environment for agents, allowing them to learn from their peers and the company’s support staff. The virtual platform means agents can work from anywhere worldwide, giving them more freedom and flexibility.
Of course, because eXp Realty is fairly new (in the spectrum of real estate, at least), you will work primarily with newer agents. For some, that’s exciting. Others want something a little more “entrenched.”
Why is cloud-based, technology-first real estate important?
Before we move on, let’s discuss why a cloud-based brokerage is such a big deal.
Technology is everywhere — from mobile apps to online purchasing.
Real estate needs to be part of this revolution, and eXp Realty is leading the charge. Cloud-based technology allows agents to work from wherever they are, whether at home or on the road. And it improves customer service because it puts realtors where the clients are.
Cloud-based technology allows agents to track their progress, access data quickly, and refine their operations. In reality, agents today want to keep more of their profit while still getting the necessary tech tools. They want autonomy and independence to manage their businesses.
So, eXp is a brokerage for a different world. That being said…
Why shouldn’t you choose eXp Realty?
With all that in mind, what would make eXp Realty a bad choice for someone?
Some think that eXp has:
- Inadequate resources for specialized or niche agents. The resources are there, but they can be difficult to find. eXp Realty is meant for self-starters and those who can learn on the go rather than those who want a lot of coaching. That’s not to say the coaching isn’t available, but you may have to go and find it.
- No brick-and-mortar locations. It’s not like Keller Williams or Century 21. You don’t walk into a brick-and-mortar office. It would be best if you had your printer and scanner. For some people, this is a benefit. Others would prefer more in-person contact.
- Less support. eXp Realty can be initially pretty overwhelming. You get thrown in with many digital resources and a complex CRM to learn. It can be overwhelming if you’re new to the real estate business.
And the technology-first approach may not be right for everyone. Some people prefer making calls and knocking on doors; there’s nothing wrong with that approach.
eXp is still being developed. It’s a new brokerage intended to put people at the forefront of the new real estate industry and real estate model, so some experimentation is going on. Some people would rather work for a centuries-old brokerage than have that uncertainty.
But eXp Realty is an excellent choice for agents who want the latest tools, benefits, and support. While there is experimentation going on, that’s far preferable to stagnation.
Do your research and consider other options before deciding on a real estate brokerage.
How important is your real estate brokerage?
A real estate brokerage isn’t making or breaking your success as a real estate agent. The only person who can do that is you.
Rather, a real estate brokerage controls a few things:
- They send you leads. At eXp Realty, you can pay an extra fee to get leads delivered directly to you.
- They provide you with technology. In eXp Realty’s case, you get a complete cloud-based CRM and tools like websites and social media management.
- They offer training and mentorship. You may want to learn more about the real estate business if you’re a new agent. Even if you’re not new, mentorship could help you counter plateaus.
- They take your commissions in exchange. A broker will take a percentage of your commission, and that’s important.
Sometimes, an agent may want to proffer more of their commissions for more marketing, tools, and training. Other times, an agent may want to give up as little commission as possible and mostly rely on themselves. It depends on you and your goals for your business.
Conclusion: What is eXp Realty?
So, what is eXp Realty? It’s a great choice if you have an entrepreneurial spirit and want a supportive environment.
With its comprehensive suite of technology-driven platforms, agent benefits, and education and training resources, eXp can help agents work smarter to provide exceptional service to their clients. It’s the perfect choice for real estate agents looking to maximize revenue.
At the same time, it does mean you have to be a self-starter. Most real estate agents are, but some prefer that leads come to them. eXp has a reputation for being a little more “sales-y” than other venues. And in real estate, that’s saying a lot.
Want to learn more about eXp Realty? I can help. Contact me today to learn more about eXp Realty’s benefits and whether it’s the right choice for you.
eXp Realty is a cloud-based real estate broker with reduced overhead. Because overhead is reduced, eXp Realty can offer attractive benefits such as revenue sharing and stock options. Further, real estate agents can earn 100% of their commission once they hit a cap.
Sometimes, agents don’t feel they are getting the expected income. They never start capturing 100% of their revenue if they never reach the cap. Instead, they may have to continuously give up 20% of their commissions.
eXp Realty became popular quickly for a few reasons. First, it embraced technology and tools, giving agents what they needed to succeed in a changing world. Second, it offered the potential of larger incomes through its revenue sharing, stock options, and capped commission.
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!