There are so many amazing opportunities and tools at eXp! We understand that it is a big deal considering a brokerage change, we understand it can be a little overwhelming … we’ve all been there.
We have assembled some of the most frequently asked questions about eXp, the opportunity, joining Julie’s team, the training, resources, and how to navigate your onboarding experience.
Scroll through or click on a category:
What is eXp Realty?
eXp Realty is the first “Agent-Owned Cloud Brokerage” and the fastest growing real estate brokerage ever.
Who started eXp?
eXp Realty was founded by Glenn Sanford. Glenn was a Silicon Valley guy before launching a real estate career in 2002. He ran a top team at Keller Williams Realty before founding the first cloud-based real estate brokerage. Glenn believes that agents and brokers do the heavy lifting in real estate and deserve the benefits of being a shareholder and deserve income opportunities based on the level of their contribution.
When was it started?
eXp Realty was incorporated in 2009.
What does “Agent-Owned” mean?
eXp Realty is agent-owned meaning that agents acquire stock in the company and have a vested ownership in the brokerage. There are 5 ways that agents can acquire stock, from simply purchasing it to achieving certain performance benchmarks.
What is a cloud brokerage?
A cloud brokerage is a brokerage that does not have physical offices and conducts business virtually. Think of Air B&B. They are a cloud company. They have minimal physical presence (compared with major hotel chains), yet they’ve disrupted the entire brick and mortar hotel industry!
What is the eXp cloud campus?
The cloud campus, also known as “eXp World”, is our virtual world where agents and staff meet online for training, collaboration, meetings, and support. It’s like a small college campus online, open 24/7. Training classes and meetings are happening all throughout the day. The campus is staffed 11 or more hours a day, Monday through Friday!
You can tour our campus for free. Email Julie at firstname.lastname@example.org to request a guest pass to the eXp World.
Are there really no brick and mortar offices?
Not really. Welcome to the future of business! At eXp, every agent and broker works from home or a remote office space they personally own/control. By not having physical office spaces, the company realizes a tremendous savings and is able to pass on the savings to agents in lowered costs and revenue share opportunity.
What if I need to occasionally work from a physical office?
We have that covered! eXp Realty has an agreement with Regus Corporate Suites Worldwide to provide free access to their facilities. You can actually use ANY location worldwide for FREE - and there are more than 3,000 locations! You can also opt to meet your clients at your favorite lending or escrow office.
Do you have in-person meetings?
Absolutely! Each area has regular meetings, lunch and learns, CE classes, broker sessions, holiday parties etc.
Where does eXp Realty operate? What about international expansion?
We currently operate in all 50 states and throughout Canada. In 2019 we opened operations in the United Kingdom and Australia. An executive team is in place to manage future international growth.
How many agents does eXp Realty have?
We are rapidly growing and as of the 3rd quarter of 2020 we have exceeded 35,000 agents. And we have ramped up our international expansion team so the writing is on the wall for worldwide growth.
COMMISSION & FEES
What is the split?
Everyone at eXp Realty has a commission split of 80/20 until a cap is achieved, at which time you go to 100% split for the remainder of your anniversary year. See TEAMS section for teams info.
What is the cap?
eXp agents cap when they pay $16,000 to the company. That equates to generating $80,000 in gross commission. Agents who join teams may participate in lower caps of $8,000 or even $4,000 depending on the team’s production and team make-up. And eXp Realty is NOT a franchise so there is no franchise fee!
Is there an additional CAP to sell in multiple cities or states?
No! Since eXp is a National brokerage (not a franchise), you only pay one annual cap. Even if you sell real estate in other states, you will still just have a $16,000 cap.
For example, you could sell real estate in DC, Maryland, and Virginia (providing you have a license in those states) – and you would only pay $16,000 total. This is a huge benefit over other brokerages and franchises.
How quickly do I get my commission checks, how quickly do I get paid?
At closing. Easy, fast.
What is my startup cost to join eXp?
When you start at eXp Realty, you pay a one-time fee of $149. With this fee you get 1,000 business cards PLUS it includes your first month's fees.
What are the monthly costs?
Once you are an agent affiliated with eXp Realty, you only pay $85/month to access all of the training and lead generation tools.
What about E&O insurance?
Agents pay $40 per transaction with a max of $500 per year.
Does eXp Realty charge an annual or per-transaction “Royalty Fee” like some companies?
No, we do not. And, there are no desk fees either.
TOOLS & TECHNOLOGY
What tools are available to agents?
eXp Realty offers a wide array of tools for agents including:
A free kvCORE IDX Website (valued at approximately $600 per month!)
eXp Marketing Center with hundreds and hundreds of customizable marketing pieces
A free eXp Agent Attraction Website
eXp World Cloud Campus
Regus Worldwide Membership
Skyslope Transaction Management Platform
Workplace by Facebook
What is kvCORE?
kvCORE is the next-gen solution for modern brokerages, agents, and teams to run their entire business on one platform. kvCORE comes complete with lead engine, web & IDX, smart CRM, listings, transactions, marketing autopilot, and business analytics.
So I have my own website?
Yes! Each agent has their own individual website through kvCORE to drive leads DIRECT to the agent. Traditional small and medium-sized brokerages tend to have broker websites where all leads go through the broker first then trickle down to the agent … these websites promote the brokerage first, the agent second (if at all). At eXp, we flip this on its head by providing websites that individually promote the agent and provide a state-of-the-industry home search tool for agents’ sphere, contacts, and leads. Your website is ready immediately when you onboard and can be customized to fit your needs, style, and location.
How will I get LEADS while at eXp?
Through the technology & kvCORE. You will get your own kvCORE lead generation website. kvCORE is known as one of the industry’s top lead-gen platforms. This is a BIG deal because many agents pay $600+/mo for a kvCORE site and you get it all just for being an agent with eXp! The powerful business-building tool has landing pages and is designed to generate leads for you daily.
What is Workplace?
Workplace by Facebook is a private collaborative tool that is company-specific with no advertising. The power is in the groups … local and state groups, company announcements, niche groups, tech ideas, social media expert pages, kvCORE best practices groups, investor groups, team best practices, Power Girls, Black eXp Network, Pride Network, short-sale specialists, referral groups, luxury conversations, FSBO scripts, content marketing … the groups & collective knowledge exchange is endless! Workplace is an ENORMOUS resource!
How does eXp handle Teams?
eXp is a phenomenal fit for teams! As the Team Leader, you will be paying your $16,000 cap through an 80/20 split and your team members will have a "Half CAP" at $8,000 or a “Quarter CAP” at $4,000 depending on your production and team make-up. You can split your commissions however you wish with your team members (50/50, 60/40, etc) - you just have to receive at least 25% of the commission on each transaction for your team member to receive the reduced cap.
What about expansion teams?
For expansion teams (teams that operate in more than one market) the commission structure at eXp cannot be beat! You pay just ONE CAP and you can operate in as many cities as you want! You do not have to pay an additional fee for each market you are in.
We also have a special onboarding staff for teams and small brokerages for strategic planning and to insure a smooth onboarding process.
Teams on Workplace
Set up your private team as a group in Workplace for an easy collaboration tool or tap into various team best-practices and masterminding in Workplace.
REVENUE SHARE & STOCK
What is revenue share?
Because eXp doesn’t have a lot of overhead – like the typical brokerage – they are able to share almost half of the 20% split with agents who help our company grow.
For every agent that you introduce to eXp Realty and who names you as their reason for joining (called a “sponsor”), you receive a portion of their commission on each closing. The agent that joins eXp and names you as their sponsor doesn’t pay you - eXp pays you out of the company dollar paid to them by the agent you attracted. You will also receive revenue from agents that your sponsored agents sponsor - up to 7 levels deep.
The revenue share component of eXp Realty is a way you can create residual income - and you don’t have to buy a franchise or open your own brokerage to do it! Revenue share is a compelling reason some agents (and entire brokerages) join eXp Realty.
How does an agent build their revenue share?
Simple. Introduce eXp Realty to other agents that you know in a friendly, consultative, and supportive way. When they join and name you as their sponsor, you will receive up to $2,800 annually from each agent you sponsor. And up to $3,200 annually from each agent they sponsor. And then the agents they sponsor - 7 levels deep. This passive income shows up in your bank account once a month.
How much revenue share can I earn?
For every agent you personally recruit (your first line) you can earn up to $2,800 annually. There’s no limit to the amount of revenue share you can earn! Think of how different your life would look if your car payment or house payment was made each month from the revenue share you earn from attracting other agents to eXp Realty! For some agents, an extra and passive $500 per month can be life-changing (I know an agent who could finally afford a modest life insurance policy because of revenue share); for some agents, six figures per month rev share is possible … yes, you heard that right.
What If I don’t want to recruit?
You don’t have to! The majority of agents drive solely in the real estate sales lane, the main highway of real estate, or you can choose to also drive in the revenue share lane … it’s your choice, one income lane or two. Most eXp agents don’t ‘recruit’ anyone, they just love the company and have agent friends and co-op agents that want to learn more about our brokerage … they build their downline organically.
Just think about it this way…you have as many as 8 people highly invested in your success and happiness at eXp Realty. Your sponsor and 6 other people who joined the company before you PLUS your state broker - all these folks will play an active role in wanting to support you in your real estate career. It’s a brilliant win-win set-up!
Is eXp a publicly traded company?
Yes, and eXp stock is traded on the NASDAQ stock market exchange. The ticker symbol is EXPI.
Can I purchase stock?
eXp Realty has a stock purchase plan that allows agents to take 5% of their commission checks and buy the stock at a 10% discount. 85% of the agents opt in to this program. If you’d like to buy stock on your own outside of the company, you can do so.
What kind of stock awards can agents receive at eXp Realty?
eXp Realty is an agent-owned company and they want everyone to have a vested interest in our success. So after you sell your first home, you are awarded stock in the company! Agents also receive stock awards when they hit their commission cap every year, introduce another agent to the company, and/or become an eXp ICON. Stock awards have a 3-year vesting period.
What is ICON agent?
The best award is the ICON Agent stock award where top-producing agents receive up to $16,000 worth of stock every year that they receive the ICON award. There are ICON agents who have accrued millions in stock.
SUPPORT, EDUCATION, TRAINING
Who is the broker for eXp Realty?
Each state has at least one state broker. Some larger states also have several compliance brokers to help with reviewing files. Because of the cloud-brokerage set-up, the broker plays a key role in the support of agents throughout their state.
What about broker support?
Agents can log in to broker support online, click on their state and are immediately standing inside that state’s broker operations office that is staffed with on-call brokers and broker support. Some states have one broker, some have many depending on the number of agents in that state. Also, each state has a broker email address, such as email@example.com, that is monitored every day depending on which broker is on-call that day.
How do I get help on paperwork or with any questions I have on transactions?
Each state has a designated broker and based on our experience, the brokers at eXp are top notch...better than most traditional office brokers. eXp values their brokers more than a traditional brokerage as we are a virtual company and the support from the brokerage has to be STRONG...and it is!
Many states have broker departments of 2, 3, 4 and 5 people because of how many agents are in that particular state. These are all salaried eXp employees in each state. Contract questions would be directed to your state broker and their support team (available 7 days a week).
We also have our contract review and submission platform, SkySlope, for broker contract review and compliance. SkySlope is an easy, intuitive, red light / green light contract review tool.
Does eXp Realty offer training?
Yes! eXp is agent success obsessed. We offer hundreds of live classes every week plus an on-demand library of online training. Additionally, our Workplace collaboration creates unlimited opportunities to collaborate, ask questions, tap into best-practices, access broker information, and mastermind with other agents locally and throughout the entire brokerage worldwide.
Where are classes and meetings held?
All of our classes and meetings are held in the eXp World Cloud Campus. We have everything from a large auditorium to small private spaces. Some classes are held locally in person, most are online.
What kind of agent support do you offer?
eXp Realty offers superior agent support - 11+ hours a day you can get help in eXp World. There are various departments including Transactions, Accounting, Agent eXperience, tech support, and more. eXp has hundreds and hundreds of full-time employees to serve YOU!
You pop into the online campus (eXp World), click the department you need, and typically you are on live audio with a staff person literally within a few minutes. Your broker, sponsor and/or mentor and/or your first-year concierge can also answer many of your questions.
What about tech support?
eXp Realty has a whole division that offers tech support. Need help with eXp email? Questions about WordPress? kvCORE? eXp has you covered with live tech support in our eXp World Cloud Campus.
Does eXp Realty have conferences?
Yes, eXpCon is our annual conference held in a unique, North American city each year. There is also an annual eXp Shareholders Meeting also held in a unique, North American city each year.
What about coaching or masterminds?
Weekly LIVE Group Coaching Calls – I run special weekly live calls, The Wednesday Influencer Network (WIN), for agents on my national team with a focus on lead generation, business tools, and business building. These calls often include other national coaches, trainers, and top producers. There are also hundreds of mastermind opportunities on Workplace … join one or create your own.
Does eXp work for newer agents?
Honestly, it depends. If you are a self-starter who is motivated, attends classes on a regular basis and doesn’t care about working in a physical office, then yes, eXp should be a good fit for you. Also, all newly licensed agents receive training classes and a local mentor that works with them on their first three transactions (and beyond if you’d like). As a new agent at eXp, you have such a great support system with your broker, mentor, and sponsor and you always have someone to answer your questions and help get your business off the ground.
What about luxury?
eXp Realty is attracting some of the top agents around the country and we have a luxury division with curated material and a built-in network.
Can I use my current branding?
eXp is very flexible with branding. You are required to use the approved eXp logo and to meet your state standards, but you can include your existing branding / logo alongside the eXp logo and can use your own color scheme and can design your own signs and marketing material.
Is eXp a good fit for influential agents, brokers, owners and other high-profile industry types?
eXp is a remarkable fit for high-profile professionals (top producers, authors, trainers, speakers, entrepreneurs, coaches, brokers, owners, team leaders, public figures or any agent who has a decent following).
Why? Because you can build your Revenue Share Group FAST. Your "fans" will want to align themselves with you, heads will turn, people will want to know what you are up to!
All you have to do is create a simple program that will help the agents you attract succeed and we will help with the rest. We will personally help you build your revenue share group!
JOINING & SPONSORS
What is the process of joining eXp Realty?
Joining eXp is really simple. Everything is done online with an onboarding concierge experience. I personally have a dedicated white-glove onboarding specialist on call who sets 2-3 phone consults with you to manage the onboarding detail and make it as easy and seamless for you as possible including your initial tech setup.
What is an eXp sponsor and how do I choose one?
When joining eXp, you will be asked to name a sponsor. A sponsor is the person that most influenced you to join the company.
What do I get from my sponsor?
Your sponsor is someone who is to provide support and assistance to you over the course of your career with eXp Realty. If you spoke with multiple people before deciding to join eXp, you should name the sponsor that was the “procuring cause” or in other words, helped you say YES! to the brokerage. Also, you want to have a sponsor that is going to help you navigate the brokerage tools and technology and can guide you in the growth of your business — even if they are in another state! State borders do not matter in your eXp family tree … I have agents coast to coast in my organization.
How do I transfer my current listings to eXp?
Active listings can be transferred between brokerages if your current broker agrees to it in writing. Most brokerages will not hold your listing “hostage” and will typically allow you to transfer active listings. Clients that you have under contract (buyers or sellers) will remain at your current brokerage and close out at the current brokerage as the broker is the responsible party on contracts in the eyes of the state. Most brokers will pay you the commission you are owed if you exit gracefully and on the best possible terms.
Sometimes agents try to align their eXp start with the timing of their current brokerage cap reset. If you have capped at your current brokerage, you may be eligible for a cap deferment at eXp and could join us faster than you think. We can discuss this in more detail as you start to plan your move to eXp.
I am a brokerage owner … can you help me plan & strategize?
Absolutely! We continue to have small and medium-sized brokerages all over the country bring their entire brokerage under the eXp umbrella. You get to continue to love on and support your agents, while eXp takes on compliance, technology, training … it is less stress, less liability, less on-call, and an exceptional ROI by earning revenue share on your agents’ production.
We have a dedicated growth staff that works solely with planning and onboarding for large teams and brokerages. Contact Julie today to set up a consult with one of our growth partners.