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How Does eXp Realty Work
eXp Realty is sweeping the nation faster than any other real estate brokerage in history. In fact, it’s the #1 Agent-Owned Cloud-Based Real Estate Brokerage in the World!
I’ve been with eXp Realty since 2017 and it’s completely changed my life and business. Prior to eXp Realty, I owned an independent real estate brokerage here in San Antonio, TX. You can read more about my background and transition here. But let’s jump right into eXp Realty and how it works!
eXp Realty is a cloud-based real estate brokerage, meaning that there are no physical brick-and-mortar offices. Agents, team leaders, and brokers collaborate, support one another, teach and train, and build their businesses through eXp Realty’s extensive digital tools and resources. This means you can always be plugged into whatever’s going on at eXp and receive support and training no matter where you’re at.
Another major difference between eXp Realty and most other brokerages is that eXp is not a franchise-based brokerage model. This essentially allows agents to “build a business within a business”. No longer does one need to pay tens or hundreds of thousands of dollars for the opportunity to grow a local franchise. At eXp, you pay $149 to start up and can build your business wherever eXp Realty operates (currently all 50 US states and 14 additional countries, globally). With this new model, you can then leverage eXp Realty’s systems, support, training, and reach to scale your real estate business to the highest levels.
One other very unique aspect about eXp Realty is the culture and collaboration that goes on between agents within the company. Because there is a large sense of ownership amongst agents, there is a major mindset shift that takes place with agents at eXp. It’s all about how can we grow this together and support one another, versus the much more common what’s in it for me mindset you see at many other brokerages. I’ve met some of my best friends and business partners through eXp Realty which has helped me to take my business to the next level!
When Was eXp Realty Founded?
eXp Realty was founded in 2009 by Glenn Sanford. Prior to 2009, Glenn was a real estate team leader at Keller Williams doing around $60 million in sales volume per year. However, when the 2008 housing crisis hit, Glenn was stuck with a ton of overhead and suffered major losses, like many real estate agents at the time.
The housing crash got Glenn thinking that there has to be a better way for real estate agents to build and scale their business without taking on as much of the risk. So in order to materialize this thought, in 2009, Glenn founded eXp Realty.
By 2010, eXp Realty was already in 11 states. By 2013, Glenn took eXp Realty public. This enabled agents to earn stock and become owners of the company just by selling real estate. In 2015, eXp Realty introduced the ICON agent award program which propelled eXp Realty’s growth to over 300% the very next year.
In 2018, eXp Realty had opened operations in all 50 US states and Canada. Today, eXp Realty is open in over 14 additional countries, including Mexico, the UK, Australia, South Africa, India, and many more!
Is eXp Realty Sustainable?
A question that a lot of agents have when they hear about eXp Realty is if the company is sustainable. Because eXp Realty gives so much back to agents by way of revenue sharing, stock compensation, and lead generation tools, many agents wonder if the eXp Realty business model is profitable and can last into the future.
The view I have is that our model is highly sustainable. eXp World Holdings, which is the parent company for eXp Realty has little to no debt and has been profitable every quarter since the fourth quarter of 2019.
Our sustainable revenue sharing model pays out up to 50% of the company dollar back to agents, allowing for the other half to go towards overhead and profit. And because eXp Realty has no physical brick-and-mortar offices, the overhead is substantially less than comparable brokerages.
If you look at the companies quarterly financial earnings, you’ll see that fixed overhead expenses run around 30% of company dollars. This leaves around 20% as a healthy profit margin.
Additionally, most brokerages break even off their real estate sales division and earn mostly from affiliated services, like mortgage, title, insurance, property management, and other business partnerships. eXp World Holdings is just starting to get into this side of the business, which leads me to believe there is still huge upside potential.
And finally, because eXp Realty is now a global company, our sustainability is not as dependent upon how the real estate market is doing in the US. As our company continues to grow into additional countries, we become more diversified and sustainable.
Agent Tools and Resources
Does eXp Realty Provide Leads
eXp Realty provides some leads to agents, however, not enough to sustain a business with. Leads that come across the eXp Realty corporate website filter through, round-robin, to agents in the respective market. These leads are assigned via kvCORE. The number of leads assigned depends on how many eXp agents are in the market and the demand for housing in the area.
In general, it’s best if agents treat these leads as a bonus and not something they would rely on for their business. The real lead generation opportunity with eXp Realty is based on their providing of kvCORE to all agents.
At eXp Realty, all agents are given access to a massive lead generation platform called kvCORE (Formerly called Kunversion). kvCORE is an all-in-one solution that gives agents their own lead-generating website and back-end CRM database. Used together, this system helps agents generate leads from a variety of sources both online and with traditional methods.
The front-end website looks amazing and is very informative to potential leads and clients. Users can create an account that will let them save properties and searches so they may be alerted to changes. Also, you’ll have access to see all the properties that they are looking at, saving, and which searches they are interested in.
The powerful CRM system allows agents to manage an extremely large database of leads without ever dropping the ball on communication. Some of the features of the kvCORE CRM include smart email drip campaigns, texting straight out of the system, and the ability to create landing and squeeze pages to support lead generation by even the least tech-savvy of agents.
For more information about kvCORE, check out my ultimate kvCORE guide.
Skyslope is eXp Realty’s transaction management platform. Agents use Skyslope to organize their transactions, get forms signed, and upload documents to eXp Realty’s transaction and broker team. One of the greatest benefits of Skyslope is the confidence knowing that your file is complete and has been looked over by eXp Realty’s transaction coordinators and your state broker.
Whenever you have a new file, you input the details and Skyslope populates a checklist based on what’s required in your market for that particular type of file. All required documents have a red mark next to them. Once turned in, this red light turns to yellow as the document gets reviewed by eXp’s transaction team. If the document is complete and correct, the status is approved and you get a green mark next to the document.
This helps you easily see what’s still required for a completed file. Once all documents have been turned in, eXp Realty’s transaction coordinators will issue a “Disbursement Authorization” that you can give to the title company that ensures you receive a separate check from eXp Realty and get paid at the closing table.
eXp World is a virtual environment that agents can log in to receive support and training. You download the software to your computer, create an avatar (your virtual person), and then can walk around the campus and visit a wide array of departments and training rooms. The entire process is very simple and intuitive to use.
Within eXp World, you’ll be able to access your broker state room and receive live, on-demand support from your state broker and transaction coordinators. Some additional support departments within eXp World include accounting, tech support, onboarding, and team services.
Additionally, there are multiple auditoriums and classrooms you can join for live training throughout the day. There is a training calendar that goes out every Sunday evening that displays all the upcoming training for the week and where inside eXp World you can access it. Simply show up when and where the training is taking place and you’ll have access.
Click here for a free two-week guest pass to eXp World. You’ll have the ability to attend training, interact with other agents and staff, and explore the entire campus!
At eXp Realty, all agents have an enterprise dashboard that shows current and closed transaction details, cap and fees paid to date, and revenue share and stock earned. You’ll know exactly where you stand related to your cap, how much income you’ve earned for the month and year, and how many agents have joined your revenue sharing organization.
I used to have a spreadsheet that I built just to track my transactions, commissions, and goals. I had to update it manually and ensure accuracy. Now, with eXp Enterprise, I simply log in and all my transaction details are in there going back all four years that I’ve been with eXp Realty!
Marketing and Branding Center
eXp Realty has a completely built-out marketing and branding center. From day one, agents who join eXp Realty have access to a library of templated marketing materials that they can modify and make their own. eXp Realty is a huge proponent of branding yourself how you see fit, so long as you are compliant with state advertising regulations.
Some of the top resources in the marketing center include buyer and listing presentations, listing and open house flyers, buying and selling guides, social media shareables, and so much more!
Workplace By Facebook
Workplace by Facebook is probably the tool I use the most at eXp Realty. Workplace is identical to regular Facebook that we are all used to. However, it’s a separate platform, exclusive to eXp Realty agents and staff. There is a desktop and mobile version available.
Within Workplace, you have a news feed full of announcements, recorded training, posts by agents, and referrals. You can join groups, just like on regular Facebook. Examples of groups include your state group, kvCORE discussion, referral network, real estate training 101, and many more.
Finally, just like on regular Facebook, you have messenger built into Workplace. This means that you can message anyone within the company that you need. This includes your state broker, eXp staff, and fellow agents. This is one of the easiest ways to collaborate and even meet new agents within the company from all over.
Regus Office Partnership
Agents who join eXp Realty receive a free membership to the shared workspaces within Regus local offices. Regus is a nationwide coworking space. Agents can pop in, use wifi, grab a coffee, and take care of work in over 13,000 locations across the US.
Additionally, if you wish to meet a client, you can reserve a conference room or office space for the hour. This is an additional fee but is very affordable (typically around $30/hr). There’s also a receptionist at the front that will greet your client and take them back to your office.
Finally, you receive a discount if you wish to upgrade into a full dedicated office space that you can reserve month-to-month.
Training at eXp Realty
If there’s one thing you can be sure of it’s that there is no lack of training available at eXp Realty. eXp Realty hosts over 80 hours of live training per week. Additionally, much of this training gets recorded and uploaded to eXp’s library of on-demand training.
Training at eXp Realty is hosted mostly by top practicing real estate agents around the country sharing their strategies, resources, and mindset. I equate the training to going to a real estate conference every week. There are so many different topics each week with different perspectives as agents share what works in their local markets.
Live Weekly Training
eXp Realty offers over 80+ hours of LIVE training every week. This training can be accessed anywhere you have internet access via our cloud campus. Training ranges from lead generation, contract training by state, scripts and dialogues, social media management, video and blogging, and much more…
Training classes are taught by ICON agents from all over the country. ICON agents are the most productive eXp agents, associate brokers, and team leaders that have reached a certain production requirement. The quality of training that exists within eXp is like no other company out there!
On-Demand Training Library
If you miss training or want to catch up on the thousands of hours of training that has taken place in the past here at eXp Realty, you’ll love the eXp University Library. You can access this library of content, categorized by topic, anytime, anywhere!
eXp Realty Mentor Program
New agents who’ve not yet completed three transactions in the previous 12 months will be assigned a mentor upon joining eXp Realty. The mentor is a local real estate agent, who meets a required amount of production to be able to mentor other agents. This mentor is there to help with any questions the new agent may have.
Additionally, there is a custom-built mentor learning management system (LMS) with modules and lessons to help the new agent get up and running quickly.
There is an additional 20% split that gets charged to the mentee for these first three transactions. This means agents on the mentor program start out at a 60/40 split. Once the mentee closes three transactions and graduates from the mentor program they go to the typical 80/20 eXp Realty commission split.
eXp Realty acquired SUCCESS magazine and the SUCCESS brand in 2020. Since that time they’ve released some exciting news! One of the most exciting announcements has been the addition of coaching for eXp Realty agents through the upcoming SUCCESS coaching. eXp Realty is actively building out this platform and it will be available to agents in the latter half of 2021.
At eXp Realty, there are over 600 corporate staff to help support agents and brokerage operations. Support from our team is available 11 hours per day, 5 days per week.
Agents can access support by logging into eXp World, directly messaging staff through Workplace, text, email, or phone call.
eXp Realty staff range from transaction management, agent concierge, tech support, accounting, HR, team support, onboarding support, plus many other departments.
One of the most common questions I get asked is who’s my broker and how do I get help from them? At eXp Realty, there is a designated managing broker in all 50 states. Also, depending on how many agents are within the particular state, there can also be Assistant State Brokers.
For example, in Texas, we have our designated managing broker plus five additional assistant state brokers. As an agent in Texas, I can reach out to any of the six brokers for support.
Additionally, state brokers are paid a salary and do not compete with agents. This means the brokers are more easily accessible and focused on supporting the agents of their state.
eXp Realty also provides dedicated transaction support specialists to ensure agents’ files are complete and accurate. Through the use of Skyslope, agents can turn in documents for review and receive feedback almost instantly. Also, eXp Realty’s transaction coordinators create disbursement authorizations to give to the title company to ensure agents receive their commission directly at closing.
In addition to eXp Realty staff and brokers, agents will find tons of support from other agents through tools like Workplace and eXp World. Whenever I have a question, I post it to Workplace and within minutes I have the answer. Workplace also has a great search function built-in. Most of the time, the answer to my question can already be found through a quick search.
In-Person and Virtual Events
eXp Realty hosts two large in-person events each year, EXPCON and eXp Realty Shareholder Summit. Thousands of agents travel from all over the world to attend these events and learn from some of the top agents and keynote speakers on the planet. Because eXp Realty owns the SUCCESS brand, we have keynote speakers from the likes of Tony Robbins, Rory Vayden, Grant Cardone, John Salley, and so many more!
In addition to the company-sanctioned events, there are massive agent-led events throughout the year. I just recently got back from an eXp event in Cabo San Lucas, Mexico with over 800 agents. In August 2021, there will be another agent-led eXp event in Dallas with over a couple thousand agents!
For more information on upcoming eXp Realty events, check out my page here.
eXp Realty gives real estate agents the opportunity to earn additional income streams. The first additional income stream is revenue sharing.
Revenue Sharing is eXp’s way of giving back a percentage of the revenue that eXp receives from commissions earned to the agent for helping to grow the company. This money comes from eXp Realty’s side of the split.
Because eXp Realty does NOT have all the overhead experienced by most traditional brokerages like brick and mortar offices, redundant staffing positions, and corporate recruiters, team leaders, and franchise owners, eXp can reward agents off the top, in the form of revenue sharing.
This revenue share can be earned from agents all across the US and Canada regardless of if the agent they attract to the company is in the same state or not. Also, revenue share is paid per deal the agent closes regardless of if the agent does 1 deal a year or is a capping agent.
A major benefit to building your business at eXp Realty is the ability to gain ownership of the company you’re working for. As agents close deals and share the model with other agents, they earn eXp Realty stock. There are three main ways eXp Realty agents can earn stock within the company.
Sustainable Equity Plan
With the Sustainable Equity Plan, eXp agents can receive free shares of eXp Realty stock for doing things they would normally be doing in real estate anyways. For example, when an agent closes their first deal each year, caps, or attracts someone into the company and that agent closes their first deal.
This stock, which is given to agents for free, is vested for 3 years. This means the agent needs to stay with eXp Realty for 3 years from the time they are awarded the stock.
ICON Agent Award Program
The ICON agent program awards agents who reach their commission cap and do another $5,000 in transaction fees to eXp in the same year their $16,000 that they paid into their commission cap back in the form of eXp stock.
An agent hits their commission cap of $16,000 by earning $80,000 in gross commission in one year. 20% of that goes to eXp equaling $16,000. After that time, the agent earns 100% minus a $250 transaction fee. If the agent does another 20 deals at a $250 transaction fee equaling $5,000 they are now eligible to receive their ICON status and stock award. With an average commission amount of around $6,000, an agent would expect to become ICON around 32 transactions within one year.
Agent Equity Program
Finally, an agent can elect to take advantage of eXp Realty’s direct purchase plan. This is an optional program that allows agents to have 5% of their gross commissions automatically deducted to purchase eXp stock at a 10% discount to what the stock is being publicly traded at.
Team Structures at eXp Realty
There are a few different team structures available at eXp Realty.
Self-organized team – In a self-organized team, there is no minimum production from the team leader. All agents on the team can work transactions independently of the team leader and have their own $16,000 cap. This form of a team is mostly for marketing purposes.
Standard Team – With a standard team at eXp Realty, Team Leaders are required to have produced a minimum of $6 million in volume in the previous 12 months. Agents on a standard team qualify for a half-cap ($8,000). A minimum of 25% of each team agent deal must go to the team leader.
Mega ICON Team – A Mega ICON Team Leader must produce over $40 million in the previous 12 months and have 10 agents to qualify for a Mega ICON Team. Agents on a Mega ICON Team receive a quarter-cap ($4,000). A minimum of 25% of each team agent deal must go to the team leader.
Domestic Partnership – Married couples who both have licenses can join forces and share one $16,000 cap and $135 monthly fee.
For more information check out my full article on eXp Realty Team Structures.
eXp Realty Fees and Commission Split
eXp Realty believes that the value proposition of the broker to the agent should be so good that it would be irresponsible for an agent to hang their license anywhere else. Supporting that belief is the extremely low cost of startup and monthly fees for all the value gained with eXp.
The initial startup is $149, which includes 1000 business cards. After this, the monthly fee is $85 and includes your tech and education.
The split is 80/20 with a $16,000 cap. After an agent-caps, they go to 100% with a $250 transaction fee. This transaction fee is then reduced to $75/transaction after paying $5,000 in transaction fees.
In addition to the above fees, the agent pays $40/transaction for risk management (which caps at $500/yr) and $25/transaction for broker review.
All of the fees above are based on a US agent. For Canada, the split stays the same, however, the fees are as follows: $199 startup, $139 monthly, $17/transaction risk management ($200 cap), and $29 for broker review.
For more information about the eXp Realty commission split and fees, check out my post here.
Licensed in Multiple States
For agents that are licensed in multiple states, eXp Realty is a great choice. You can join eXp Realty in every state you hold a license and only pay one commission cap and monthly fee.
Because eXp Realty is one large brokerage rather than a series of franchises, agents only need to learn one set of systems and processes for all their transactions. Everything is streamlined and centralized regardless of how many states an agent works in!
How To Join eXp Realty
Joining eXp Realty is as easy as completing three steps.
- Head over to join.exprealty.com and click on the button to “Apply as an Agent” in the top-right corner. Fill out the application (It takes around 10 minutes).
- After completing your online application, eXp Realty will immediately send you the independent contractor agreement. You’ll electronically sign this document and name your sponsor at the very end.
- Upon completion of the independent contractor agreement, you’ll receive an email from your state broker letting you know how to transfer your state license over to eXp Realty.
If you’d like to learn more about the benefits of naming myself, Kyle Handy, as your sponsor here at eXp Realty, check out my eXp Realty Partner Page here. Get access to all my agent training courses, weekly training Zoom calls, and private Facebook community for free when you partner with me!
The Onboarding Process
Once you’re officially licensed with eXp in your state, the eXp Realty onboarding team will begin setting up your accounts for kvCORE, Skyslope, eXp Enterprise, and Workplace.
kvCORE can take 3-5 business days to set up but you’ll receive access to most all other tools within the same or next day.
Check out the full eXp Realty onboarding process here.
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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!