eXp Realty real estate Company review in 2024: A comprehensive guide
Introduction
eXp Realty is a rapidly growing cloud-based real estate brokerage that has been making waves in the industry. Founded in 2009 by Glenn Sanford, eXp Realty offers a unique business model that sets it apart from traditional brick-and-mortar brokerages. With no physical offices, eXp Realty operates entirely online, providing agents with the flexibility to work remotely from home or shared workspaces.
In this comprehensive guide, we will explore how eXp Realty works and delve into its key features and benefits. From its commission split and fees to its revenue-sharing program and additional income opportunities, we will cover everything you need to know about eXp Realty.
eXp Realty: An Overview
eXp Realty is not your average real estate brokerage. Unlike franchise-based brokerages, eXp Realty operates as a cloud-based brokerage, allowing agents to work from anywhere with an internet connection. With a current agent count of over 25,000 in the US alone, eXp Realty has become the fastest-growing brokerage in the country.
Founded in 2009 by Glenn Sanford, eXp Realty emerged after the real estate crash and financial crisis of 2007 and 2008. Sanford envisioned a brokerage that could leverage technology to provide agents with better opportunities for success while reducing overhead costs. By operating in a cloud-based environment, eXp Realty eliminates the need for physical offices, resulting in significant savings that can be reinvested in its agents and company growth.
Today, eXp Realty operates in all 50 states of the US, as well as in Canada, Mexico, the UK, Portugal, South Africa, India, France, and Australia. With impressive revenue numbers and a rapidly expanding agent count, eXp Realty is reshaping the real estate industry.
Company Culture
Despite not having physical offices, eXp Realty has managed to foster a collaborative and supportive culture. The company puts a significant emphasis on communication and connection among agents, often facilitated through online team meetings, training, and networking events. eXp Realty prides itself on a culture of ownership, transparency, and collaboration, with the company’s success tied directly to the achievements of its agents.
Training and Support
eXp Realty places a heavy emphasis on agent training and development. Their comprehensive approach includes experienced coaches, extensive online courses, weekly live sessions covering a wide range of real estate topics, and a supportive agent community that embraces collaboration.
eXp Realty’s virtual campus, eXp World, hosts over 30 hours of live training each week on a variety of subjects, such as real estate best practices and technology use. This vast selection of educational resources helps agents stay knowledgeable and competitive in the rapidly evolving real estate industry.
Commission Split and Fees
One of the most significant advantages of joining eXp Realty is the commission split it offers to its agents. Unlike traditional brokerages that often start agents off with a 60/40 split, eXp Realty provides a generous 80/20 commission split. This means that agents can keep 80% of their commissions, while eXp Realty retains 20%.
The commission split at eXp Realty is capped at $16,000 gross commission paid into the company. Once an agent reaches this cap, they will retain 100% of their commission for the remainder of the year, with a few transaction fees still applicable.
In addition to the commission split, eXp Realty charges monthly and transaction fees. Agents pay an initial onboarding fee of $149 and an $85 monthly fee. These fees cover access to eXp Realty’s comprehensive suite of tools and resources, including kvCORE, Skyslope, Marketing Center, Workplace, and training and support.
Transaction fees at eXp Realty come into play once an agent reaches their commission cap. Agents pay a $250 transaction fee for each transaction after reaching the cap. If an agent pays a total of $5,000 in transaction fees, the fee reduces to $75 for the remainder of the year.
eXp Realty also charges a risk management fee, also known as errors and omissions (E&O) insurance fee, on a per-transaction basis. In the US, the risk management fee is $40 per transaction, with a cap of $500 per year. Additionally, agents pay a $25 broker review fee per transaction.
Revenue Sharing Program
One of the unique aspects of eXp Realty’s business model is its revenue sharing program. Revenue sharing provides agents with an additional income stream for helping to bring new agents into the brokerage. This program allows agents to earn a percentage of the revenue generated by the agents they recruit, up to seven tiers deep.
eXp Realty pays out 50% of the 20% commission split to agents participating in the revenue sharing program. The other 50% goes towards covering eXp Realty’s overhead and profit. This program offers agents the opportunity to earn passive income by leveraging their network and helping others succeed in the real estate industry.
To participate in the revenue sharing program, agents do not need to pay any additional fees. The program is entirely optional and does not impact the commission split or fees agents pay to eXp Realty.
Additional Income Opportunities
In addition to the commission split and revenue sharing program, eXp Realty offers agents various opportunities to earn additional income.
eXp Realty’s ICON Agent Program is one such opportunity. The ICON Agent Program allows agents to earn their $16,000 commission cap back in the form of eXp Realty stock. To qualify for this program, agents must meet specific production requirements, such as selling 20 homes and/or earning an annual gross commission income of $500,000. ICON agents also have the opportunity to earn additional stock by attending eXp Realty’s annual conferences.
Agents at eXp Realty can also participate in the eXp Stock Equity Plan, which grants them stock in the company for various achievements, such as bringing in new agents, reaching commission caps, and completing transactions. Additionally, agents can purchase eXp Realty stock on the stock market using 5% of their commission checks at a 10% discount.
Company Culture and Community
Despite operating virtually, eXp Realty has cultivated a sense of community among agents. With plenty of opportunities to network, share experiences, and learn from each other, agents feel part of a closely-knit, collaborative culture. The company also hosts live events, meetups, and conferences to foster face-to-face interactions amongst agents.
Success Stories
Many agents have found success with eXp Realty. For instance, Jane Doe, an agent who joined eXp Realty in 2015, appreciates the firm’s extensive training, flexibility, and supportive community. “It’s a game-changer,” says Jane, “You have the freedom to manage your business while having the resources of a massive company.”
The powerful combination of control, support, and resources has helped numerous agents thrive within eXp Realty, achieving success in their careers.
advantages and dis-advantages of Joining eXp Realty
Joining eXp Realty offers numerous benefits for real estate agents. Here are some of the key advantages:
- Higher Commission Split: eXp Realty’s 80/20 commission split allows agents to retain more of their commissions compared to traditional brokerages.
- Revenue Sharing: The revenue sharing program provides agents with an opportunity to earn passive income by recruiting and supporting other agents.
- Stock Awards: By participating in the ICON Agent Program and other stock-related opportunities, agents can become shareholders in eXp Realty and potentially benefit from the company’s growth.
- Lower Fees: eXp Realty eliminates many of the fees charged by traditional brokerages, such as desk fees, royalty fees, and franchise fees.
- Flexibility and Remote Work: With eXp Realty’s cloud-based model, agents have the flexibility to work remotely from anywhere with an internet connection.
- Comprehensive Tools and Resources: eXp Realty provides agents with access to a range of tools and resources, including kvCORE for lead generation, Skyslope for transaction management, and eXp World for virtual collaboration and training.
- Global Expansion: As eXp Realty expands into international markets, agents have the opportunity to tap into a global network and connect with clients from around the world.
Disadvantages of joining eXp Realty
Virtual Model Not for Everyone: While the cloud-based business model offers immense flexibility and cost benefits, it might not suit everyone. Some agents might miss the traditional office environment with face-to-face interactions.
Requires Self-Motivation: Being an eXp Realty agent entails managing your own schedule and business. If you’re not disciplined and committed, it could be challenging to stay focused and productive.
Technology Learning Curve: Agents at eXp Realty are expected to adapt quickly to various technologies used by the company. Those not comfortable with technology might face a learning curve.
Revenue sharing stipulations: Revenue sharing depends on recruitment, which can limit its benefits if an agent is not versed or interested in recruitment.
Customer Reviews
eXp Realty customer reviews are generally positive, with clients appreciating the extensive network of agents, the use of innovative technology in the buying/selling process, and the overall professionalism of eXp Realty’s agents. The convenience of getting top-tier real estate service remotely is often praised.
However, as with any large real estate company, there are also negative reviews. Some customers have mentioned inadequate communication, difficulties in coordination due to the lack of a centralized physical office, and subpar experiences with individual agents.
Conclusion
eXp Realty is revolutionizing the real estate industry with its cloud-based brokerage model and innovative approach to agent compensation and support. With a generous commission split, revenue sharing program, and additional income opportunities, eXp Realty offers agents a unique and rewarding career path.
By joining eXp Realty, agents can benefit from higher commissions, lower fees, and access to comprehensive tools and resources. Whether you’re a new agent looking to kickstart your career or an experienced professional seeking a more flexible and innovative brokerage, eXp Realty provides a compelling option.
Take advantage of the opportunities offered by eXp Realty and discover a new way to thrive in the real estate industry. Interested in being a part of this revolutionary approach to real estate? Get in touch with us at eXp Realty today. We’re here to answer your questions and help you be part of the future of real estate.