A prime illustration of how technology is transforming the real estate industry is eXp Realty. An “agent-owned cloud brokerage,” as they call themselves, is what they liken to Netflix, with traditional brokerages playing the part of Blockbuster.
eXp Realty is one of the leading real estate brokerage companies of the modern age. Here’s everything you need to know about eXp Realty and how you can become a part of it!
Want to join the network of realtors that work well with investors, which is expanding quickly? Contact Elizabeth Riley today!
What is eXp Realty and How Do They Work?
Since eXp Realty is a cloud-based agency, there aren’t any actual brick-and-mortar offices. Through the vast digital tools and resources provided by eXp Realty, brokers, team leaders, and agents can work together, assist one another, educate and train others, and grow their companies. This means that regardless of where you are, you can constantly be informed about what is happening at eXp and accept help and training.
The fact that eXp Realty doesn’t use a franchise-based agency model sets it apart significantly from the majority of other brokerages. As a result, agents may basically “create a business within a business”. The cost of the chance to expand a local franchise is no longer in the tens or hundreds of thousands of dollars. You may launch your business at eXp for $149 and do so everywhere eXp Realty is active. Using this innovative model, you may then expand your real estate firm to the greatest levels by utilizing eXp Realty’s technology, support, training, and reach.
The spirit of cooperation among the agents at eXp Realty is another extremely distinctive feature of the business. At eXp, there is a significant shift in the way that agents think because of the strong feeling of ownership that all share. Instead of the far more prevalent what’s in it for me perspective you find at many other brokerages, the focus is on how can we build it together and encourage one another. Through eXp Realty, I’ve made some of my closest friends and business partners, which has enabled me to grow my company to new heights.
eXp Realty’s Lead Generating Platforms
Agents receive some leads from eXp Realty, but not enough to support a company. Round-robin distribution of leads obtained from the company website of eXp Realty to agents in the relevant market. Through kvCORE, these leads are allocated. The quantity of leads assigned is determined by the number of eXp agents in the market as well as the local housing demand.
Ideally, agents can see these leads as a plus rather than something they could rely on to drive revenue. With eXp Realty, the true lead-generating opportunity is predicated on their decision to provide all agents access to kvCORE.
What is kvCORE?
All agents at eXp Realty have access to the enormous lead generation tool kvCORE (Formerly called Kunversion). With kvCORE, agents may get their own lead-generating websites and back-end CRM database. When used as a whole, this system aids agents in generating leads from a range of online and offline sources.
The front-end website has a stunning design and provides an excellent message to prospective leads and customers. Users may register for a profile that will allow them to remember searches and properties so they can be informed when anything changes. Moreover, you’ll be able to view all the properties they’re interested in, save, and conduct searches on.
Agents may handle a huge database of leads thanks to the effective CRM system without ever having a communication breakdown. Smart email drip tactics, messaging directly from the system, and the capacity to design landing and squeeze webpages help lead generation even by the slightest tech-savvy of agents, according to some aspects of the kvCORE CRM.
Skyslope
eXp Realty’s transaction management system is called Skyslope. Agents utilize Skyslope to manage their deals, collect signed paperwork, and send files to the broker and transaction team at eXp Realty. The assurance that your paperwork is complete and has been reviewed by your state broker and the transaction coordinators at eXp Realty is one of Skyslope’s biggest advantages.
When you create a new file, Skyslope automatically creates a checklist based on the details in your market for that specific kind of file. There is a red X next to each needed document. Once submitted, this red light changes to yellow as the transaction team at eXp reviews the document. The status is confirmed and you receive a green checkmark next to the file if it is accurate and complete.
This makes it simple for you to see what has to be included in a finished file. The transaction coordinators at eXp Realty will provide you with a “Disbursement Authorization” when all the required paperwork has been submitted, which you may provide to the title firm to guarantee you obtain a separate check from eXp Realty and collect the funds.
World eXp
Real estate agents can connect in to eXp World, a virtual environment, to get assistance and training. Agents may wander about the campus and explore a variety of divisions and training rooms after downloading the software to their pc and creating a persona (your virtual person). The entire procedure is really easy to use and understand.
Real estate agents may access their brokerage stateroom on eXp World and get live, on-demand assistance from their state brokers and transaction coordinators. Accountancy, technical support, onboarding, and team operations are a few more support divisions found within eXp World.
Additionally, you may participate in live training sessions all day long in a variety of auditoriums and classrooms. Every Sunday night, a training calendar is sent out that lists all the forthcoming training for the next week and indicates where on eXp World you may access it. You only need to appear where and when the session is being held to gain access.
eXp Realty Training
Conventional real estate agents are infamous for providing insufficient agent training. There is no set curriculum; training seminars are held infrequently and often cover a wide range of topics.
Additionally, these brokerages may use some of their own brokers to teach. These agents frequently view you as a rival, therefore they won’t share their greatest strategies.
On the other side, eXp Realty has the greatest learning resources in the industry. By using the training materials, you can:
-Interact with and pick up knowledge from the company’s top specialists.
-Create teams with a single national cap across all states and provinces.
-Organize and take part in regular live events.
-Take advantage of a strong referral network.
-Best practices should be shared among peers.
Every week, eXp offers more than 80 hours of live education to its agents on subjects including lead generation, social networks, sales and listings, and the newest technological advances.
To put it another way, eXp has everything the training you require to enhance your agent skills and increase your sales.
Stock and Ownership at eXp Realty
Although stock options are not always offered, the commission is something that every real estate company gives. However, eXp Realty provides a variety of equity alternatives.
Earning eXp Realty shares is possible if:
-You complete your first deal.
-Your commission has been reached.
-Your sponsored agent completes their first deal.
The ICON Agent Award, presented to agents who meet certain production and cultural objectives, also entitles you to close to $16,000 in eXp Realty stock.
Additionally, you may sign up for an Agent Equity Program, wherein you will receive 5% of every purchase commission in stock and at a 10% discount.
It could be a great idea for you to buy shares in eXp Realty, LLC. Given how quickly the business is expanding, the value of your shares might rise dramatically.
Revenue sharing
Potential revenue sharing for stockholders is among the biggest perks eXp Realty gives its agents. The business employs a system of cascading income sharing.
You may use this tool to invite known real estate agents to join eXp Realty. You’ll get a cut of the profits when the brokers you support sell a house.
Consider this: After five years, you might be earning upwards of $348,000 per year simply from revenue sharing if you just bring on two agents each year with eXp Realty and every one of those agents recruits one productive agent to eXp Realty.
In contrast, you would need to save almost $8 million and invest it at a rate of 4% yearly to generate the same amount of passive income. The eXp income sharing scheme offers a great opportunity to increase your wealth.
Furthermore, Elizabeth Riley can assist you in creating your revenue sharing. To assist you in luring new agents, we’ve created a referral training program and procedure. We handle the majority of the work for you when you join the community on eXp Realty. You’ll have accessibility to workshops and instructional videos that you can share with potential referrals.
The income sharing program, however, is optional. Even if you decide against it, you may still benefit from eXp Realty’s excellent commission split, stock options, training, and digital tools.
eXp Realty Fees
According to eXp Realty, a broker’s value offer to a broker should be so strong that doing business with any other broker would be reckless. The incredibly cheap setup and ongoing costs for all the wealth produced via eXp serve as evidence for this opinion.
One thousand business cards are included with the $149 initial beginning fee. The following month’s price is $85 and covers both your technology and education.
There is a $16,000 maximum and an 80/20 split. When an agent reaches their maximum, they increase to 100% with the $250 transaction charge. Upon depositing $5,000 in transaction costs, that transaction fee is then decreased to $75 each transaction.
In addition to the costs listed above, the agent also pays $25/transaction for brokers review and $40/transaction for managing risk (with a ceiling of $500/year).
The costs listed above are all predicated on a US broker. The split remains the same for Canada, but the costs are as follows: $199 for setup, $139 each month, $17 for transaction risk management (up to a ceiling of $200), and $29 for broker review.
eXp Realty’s Team Structures
At eXp Realty, a variety of team arrangements are offered.
Self-organized team – A self-organized team does not need the team leader to do a minimum amount of work. Each agent on the club has a $16,000 cap and is free to work trades without consulting the team captain. This kind of team is primarily used for marketing.
Team Leaders must have achieved a least $6 million in volumes with a regular team at eXp Realty in the prior 12 months. Standard team agents are eligible for a half-cap ($8,000). Each team agent contract must give the team leader a least 25% of the proceeds.
Mega ICON Team: To be eligible for a Mega ICON Team, a Mega ICON Team Leader must have produced more than $40 million in the preceding 12 months and have at least 10 exp realty agents. A Mega ICON Team’s agents are paid a quarter cap ($4,000). Each team agent contract must give the team leader a least 25% of the proceeds.
Spouses who both possess licenses may form a domestic partnership and split a $16,000 maximum and a $135 monthly cost.
Join eXp Realty
It just takes three steps to join eXp Realty.
Visit join.exprealty.com and select the “Apply as an Agent” option in the top-right area of the page. Apply by completing the form (It takes around 10 minutes).
Following the submission of your application form, eXp Realty will email you the independent contractor document right away. At the conclusion, you’ll add your electronic signature and the name of your sponsor.
You’ll get an email from your state brokerage after signing the independent contractor arrangement with instructions on how to convert your state license to eXp Realty.
The Onboarding
The eXp Realty onboarding team will start setting up your profiles for kvCORE, Skyslope, eXp Enterprise, and Workplace after you have received official eXp licensing in your state.
The setup of kvCORE can require 3-5 working days, however, you’ll often get access to all other tools the same day or the next.
Final Thoughts
In comparison to traditional brick-and-mortar brokerages, cloud-based eXp Realty, LLC is a far more affordable and successful real estate company. In contrast to conventional brokerages, eXp Realty provides stock options, revenue sharing, and the opportunity to achieve 100% commission once you reach the threshold. Technologies & Lead Generation, Coaching, Share Options & Equity, and eXp Realty Profit Sharing are the company’s Four Pillars.
Want to join the network of realtors that work well with investors, which is expanding quickly? Contact Elizabeth Riley today!