Obtaining a real estate license is an exciting milestone in life. It opens many possibilities for a real estate career or one as a real estate investor. This post aims to help you transition smoothly into your new career as a newbie in the industry.
You have the opportunity to start your career in real estate. The question is: what comes next? Remember, you’re not just getting a license to sell homes. You need the skills of a good realtor, which means learning about the industry and how to succeed.
There’s much hype about eXp Realty, a brokerage leading the charge regarding digital transactions. As a realtor and broker, you might wonder: what exactly is eXp Realty? Why is it so popular? Is it worth joining?
One of the most rapidly expanding real estate firms in the US is eXp Realty. By transaction numbers, it is the most prominent private real estate firm in the United States. What else makes eXp Realty special? And what should you as a real estate agent know if you consider joining the brokerage?
Let’s review everything you need to know about this brokerage, including its benefits and how it stands out from other real estate companies. Whether you’re a new or experienced agent looking to join eXp Realty, this post will help you transition smoothly into your new career.
What is eXp Realty?
eXp Realty is a cloud-based brokerage with innovative and cutting-edge real estate technology. Since there are no physical offices for the company’s real estate brokers, eXp Realty’s main point of differentiation is its total remoteness.
Initially based in the United States, eXp Realty has grown to include Australia, Canada, France, Hong Kong, India, Mexico, Portugal, South Africa, and the United Kingdom. eXp Realty maintains remote offices and real estate agents in every county.
eXp Realty offers classes and team-building exercises to over 50,000 agents worldwide on its platform, eXp World. By reducing rent, maintenance, and administration expenditures, the brokerage takes satisfaction in maximizing revenue for all parties involved while saving agents money.
How is eXp Realty Structured?
eXp Realty provides technology in the form of eXp World which makes the company stand out and helps both its agents and their clients make transactions seamlessly. Yet, you can list, rent, or purchase a property with conventional real estate agents in eXp, just like any other brokerage.
Unless you find an agent through UpNest, you get paid a standard real estate commission when you engage with eXp to sell your property. You will still receive all the conventional services you expect from a traditional broker.
eXp is similar to other brokerages even though it is cloud-based and only accepts remote clients. Since it doesn’t require physical locations, it has experienced tremendous growth domestically and abroad.
However, eXp Realty adopts a different strategy. One reason is that eXp Realty primarily focuses on helping its agents grow and establish themselves. It is committed to assisting brokers and agents in achieving professional and financial growth.
Here are some ways that eXp differs from a conventional real estate firm:
Virtual Office
Every eXp realty agent, broker, and staff member works from home or other remote locations of their choosing rather than in traditional offices. Since they may work from anywhere with an internet connection, agents are highly mobile.
One brokerage
eXp Realty is one brokerage rather than various local franchises scattered everywhere. Additionally, eXp is available worldwide.
Collaborative technology
To work with agents and employees, eXp employs state-of-the-art tools and technology. For instance, eXp World and Workplace are two of the primary means that are used around-the-clock.
Real-time assistance
eXp has a reliable IT and service support team on duty to assist with any questions and needs, whether technical or not. This service is available throughout business hours in all US time zones.
Cheaper overhead costs
Agent setup fees are expensive at traditional brokerages. However, because eXp is a virtual setting, agents aren’t burdened with high overhead costs from brokerage operations, such as desk fees, utilities, insurance, personnel, or rent. Extra profit is reinvested in eXp Realty to fund agent training and technology.
Market collaborations
With the help of eXp’s Preferred Partner program, agents and their customers can access a market for services related to mortgages, home warranties, title, escrow, and moving companies.
Revenue-sharing scheme
Every eXp agent that brings a new agent into the firm is qualified for revenue share commissions from that agent’s future transactions. eXp Realty takes care of this share commission and not the new agent.
Agents can also be shareholders
After achieving certain milestones, agents are eligible to obtain equity in eXp World Holdings. Owning stock in the business can increase your commitment to supporting eXp’s success by giving them a voice within the organization and ensuring their financial security.
Collaboration on a national and international level
Agents at eXp are enthusiastic about assisting other agents locally and abroad. Platforms like eXp World and Workplace, or initiatives like ICONversations and Agents Helping Agents, are some of the facilities available to agents worldwide. Premium eXp agents can offer advice on how to succeed to new agents. Additionally, referrals are possible from everywhere in the nation and worldwide.
What is eXp World, and What Does it Offer?
eXp World is a vast virtual environment that replaces brick-and-mortar brokerage firms. eXp operates on the virtual platform, Virbela. It provides agents with an opportunity to expand their business with the help of
- state-of-the-art tools
- educational resources
- business services and forums
- Training Exercises
- Q&As in Live Classes
- Class Records
Agents may complete simple activities whenever it is convenient. Agents worldwide can get assistance with real estate transactions and other services during business hours because of the virtual world’s staffing.
Although eXp World has changed throughout the years, its central idea has not.
eXp World has something to offer both new and seasoned agents. Clients can also benefit from this platform, mainly because they can now rely more on their agents to bring them the best offers.
Workplace
One of eXp’s most successful and well-liked communication tools is Workplace. Workplace is a Facebook product and enables the worldwide eXp agent community to engage with one another easily in a rapid, chat-like format.
eXp World and Workplace are potent tools that eXp agents use to interact and collaborate across various nations. These practical tools help create a team of efficient professionals to give clients the best deals.
What are the Monthly Fees and Commissions for eXp Realty?
As a new agent, you must pay a $149 start-up fee when you sign up with the brokerage. This fee covers various services, including a contact management system, a website, fax, a toll-free number, and business cards.
Additionally, eXp real estate agents pay $85 per month for tuition for eXp world and leadership development tools. Agents also have access to weekly workshops, live classes, and a vast collection of training videos that cover sales and marketing strategies.
eXp Realty offers the traditional 80/20 commission split to its agents. But its agents are charged less than traditional brokerages at the end of each month. Depending on the commission split and revenue generated, agents working with eXp could save between 10% and 20% compared to working with other brokerages.
eXp agents pay 20% of the commission to eXp until they hit a $16,000 annual cap. They then get their full payment. After that, they pay $75 for every transaction before paying $250 for the following 20 transactions. You may also need to pay broker review fees, errors, and omissions insurance.
What Makes eXp Realty Great for New Agents?
Fast Start, a two-week series of classes offered by eXp Realty, is designed for agents new to the real estate industry. You can take online courses and participate in live classes at your ow pace. Within the first two weeks of joining eXp, new agents will receive the foundation they need to succeed in the real estate industry.
The real estate industry is changing, and no one is more aware of this than eXp Realty. In recent years, the company has been making a big push to get more real estate agents on board, and many of these new agents have found their new homes at eXp Realty. The company’s unique model helps agents grow their business with fewer hassles.
In addition, the committed support staff is available to every new agent that joins eXp, who can assist with any queries you may have.
Weekly broker meetings, agent orientation, and contract training events are all provided by the local eXp Broker throughout the year. Throughout your career, they are there to help with any contract or customer concerns you may have.
Using your agent coach, you can receive assistance exploring eXp’s virtual office, order business cards, or make inquiries about anything during your first year at eXp Realty. Your eXp coach will help supervise your training, look over your contracts, and frequently let you observe them during buyer or listing appointments.
The eXp Realty Mentorship Program
The eXpand Mentoring Program will give you all the support you need to establish a fantastic real estate business if you are a recently licensed real estate agent.
Each new agent who joins eXp Realty and hasn’t sold at least three houses in the past year will be a member of the mentoring program. eXp will assign a local real estate mentor to you.
In addition to helping you with your contract-related inquiries, they will ensure that you can use all the eXp systems, tools, and educational materials. The best part is that you will truly understand the process by observing your mentor during listing and buyer appointments.
The Pros and Cons of eXp Realty
eXp Realty is an excellent choice for real estate agents and brokers looking to grow their business. Here are some of the pros and cons of this brokerage.
Pros
Accessibility
The complete brokerage platform of eXp Realty is cloud-based. Agents are free to work whenever and from any place. Furthermore, you have access to the necessary education online 24/7.
Training
The online training opportunities provided by eXp total more than 60 hours weekly. All the necessary continuing education is provided via this training.
Added revenue
eXp Realty offers an 80/20 commission split until you pay a cap of $16,000 in split fees. Additionally, eXp Realty has access to at least ten additional sources of income. eXp World Holdings stock shares, partner referral fees, and revenue shares are some of these alternatives.
Innovation
eXp Realty uses cutting-edge technology that is unmatched. Agents can access eXp World for anything they need to establish their business. They also have access to kvCORE and Skyslope for records, financial statements, and management. In addition, agents can communicate with agents worldwide.
Cons
To Start Is Complicated.
Since eXp is a cloud-based brokerage, all of your questions can be answered either online or by phone. It might be challenging for some agents who prefer an in-person experience to get started with eXp Realty.
— No brick-and-mortar office
— Not likely to provide reduced commission unless via UpNest.
Why Choose Elizabeth Reily?
Elizabeth Riley is an accomplished and devoted eXp Realty real estate broker who wants to help new agents discover practical solutions to their problems and grow their business to new heights.
With the help of cutting-edge technology and tools, Elizabeth presents unconventional solutions to the challenges of the real estate industry, especially for the up-and-coming.
We know how to set new agents up with the right resources while preparing them for transactions with buyers and sellers. We ensure our agents make significant profits on each deal by employing advanced digital marketing techniques and a savvy pricing approach. Elizabeth’s qualifications, experience in senior real estate marketing, and stellar track record make her stand out among various brokers across several platforms.
Elizabeth Riley is a professional in the real estate business, with the expertise to help new agents to thrive. Most realtors cannot balance their work life and their personal life. But she can give you all the guidance and assistance you need as a top agent of a successful real estate company.
Frequently Asked Questions
Is eXp suitable for brand new agents?
eXp Realty provides various programs and services for new agents, including over 50 hours of live training weekly and the FastStart training program. With a broker, sponsor, and mentor by your side, you have a great support network at eXp as a new agent.
How much do royalties or franchise fees cost?
None at all. There are no franchises because we are a nationally held brokerage. This setup enables many agents to save thousands of dollars annually.
What if I occasionally want a physical office or conference room?
Each eXp agent is given a complimentary membership to the Regus Business Lounges. In this coworking space, they can go to work in between appointments or arrange a conference room for themselves and their clients. There should be at least one Regus coworking location near you, as there are over 3,000 in the United States.
Can I buy eXp Realty stock?
With the help of eXp Realty’s stock purchase program, agents can invest 5% of their commission checks in purchasing stock at a 10% discount. You can open a brokerage account to buy stocks if you so desire.
Does eXp have meetings in person?
Yes. There are frequent gatherings, CE programs, etc., for each location. Suppose you occasionally need to use a brick-and-mortar office for training or meetings. In that case, eXp Realty and Regus Business Centers have a deal that entitles agents to free use of their facilities and discounts on rooms for private gatherings and events.
What percentage of the revenue can agents earn?
Up to $2,800 will be paid to you annually for each real estate agent you refer to eXp and a portion of the sales made by any agents who refer other agents to you.