I did it, I made the jump and partnered with eXp Realty! You might be thinking, wait isn’t eXp that brokerage, where the only thing agents do, is recruit other agents to join them? Yes and no, more on that later. Being a relatively new full-time real estate agent, I knew I needed help on how to build and run my business as a successful real estate agent. I needed to implement changes like technology, CRM software, and training to grow my real estate business. In my search, I considered a few big name brokerages and a shortlist of successful local small brokerages. These are the reasons why I chose to partner with eXp:
- Technology – eXp is a major brokerage in the US, Puerto Rico, and currently 19 other countries, with more to come. eXp currently has 73,000 agents and they do it all as a completely virtual brokerage. eXp utilizes cutting edge technology by Virabella to create a virtual world as it’s meeting space for all agents under the brokerage. eXp basically operates in the metaverse before that became a thing. eXp world is a virtual, videogame-like, world where agents and admin from all over can meet to train, discuss, and interact. If you need to meet with HR or accounting, there’s a virtual HR and accounting building where you can goto meet with that department.The virtual campus created by eXp works so well, that many universities and other companies are using the same technology to create their own virtual campuses. And as we enter the realm of NFTs, crypto, and virtual real real estate it will become even more interesting where eXp goes in the future.
- Software – being an engineer in my previous life, I value leveraging the use of software to help run my business with less of my own effort through building systems to automate certain tasks. This can be accomplished through, kvCore, the best real estate focused customer relationship management (CRM) software, which a single monthly subscription would be $500. As part of my monthly brokerage fee at eXp, $85/mo, all agents get full access to kvCore. This powerful CRM includes a free website for all agents which includes a web IDX that allows potential customers to search the local MLS without ever leaving my website. kvCore also allows agents to market their listings by creating a webpage specific to a single property listing which can then be shared to multiple platforms. kvCore also allows for creation of landing pages and squeeze pages. Once leads are collected by kvCore you can tell kvCore how to filter the lead based on the information given by the customer. It will then automatically begin designated drip marketing campaigns based on the type of lead that it is. kvCore can also post listings directly other platforms like facebook, craigslist, twitter, pinterest, and direct email/text to clients.
- Training – eXp being a virtual cloud based brokerage and eXp world offers hundreds of hours of training each week to all it’s agents. eXp has such a great community where top producing agents have a chance to give back and educate their fellow agents on topics of all sorts from how to be a top producing agent, how to invest in real estate, how to best serve your clients needs, and many many more. Many of these trainings are recorded and can be viewed at anytime. In addition, eXp has partnered with top sales trainers like Grant Cardone and Tommy Hopkins to provide even more high level sales training to their agents.
- Support – joining a virtual brokerage with no physical office to report to or an opportunity to meet any fellow agents can feel strange. However, eXp has built such a great community within the eXp world as well as using Workplace, a professional facebook like platform, where agents, brokers, and admin can interact on a daily basis. At eXp there are maybe 2 or 3 co-managing brokers that manage all the agents of the state, then there is a full office support team that helps those brokers communicate with all the agents in that state. On top of that there are dedicated eXp concierge agents that get assigned to you, so if you have any eXp related questions, they can help you with that. We have monthly brokerage calls in eXp world to get up to speed on the latest changes within the state as well as any general training topics or to answer any questions for the brokers. In addition, if you join eXp under a team or sponsor who provides additional value by providing you with a private community of agents within eXp, that is another layer of support and training that you can goto as an agent. I myself joined eXp under a terrific sponsor, who has a well established community of great top producing agents and real estate experts. We have daily coaching calls and trainings on how to be a successful agent, mindset, and other aspects of real estate such as investing. It is invaluable to find a great sponsor that can help you with grow your business.
- Multiple streams of income – at eXp there are three ways for agents to make an income. The first is getting paid through their active normal real estate agent work. The commission split at eXp is 80% to the agent and 20% to eXp. The 20% caps at $16,000, and then the agent gets 100% commission minus transaction fees from that point. The second is passively through accumulation of eXp company stock by electing to get paid a portion of their commission in stock. If an agent is able to cap and attain eXp’s Icon Agent status. An agent can actually be rewarded with $16,000 in value of stocks. So essentially you are getting back the 20% split. Lastly, the third way to create income is also passively through a revenue share program via agents that you recruit to join eXp. Whenever these agents make a real estate transaction sale, you receive a small portion of the brokerage’s 20% commission split. This is important to note that your revenue share does not come from the agent’s 80% split, only the brokerage’s 20% split. Therefore, the agent’s commission is not affected by the revenue share program. Of course in this day and age, there are many transaction brokerages or 100% brokerages and they only charge transaction fees. However, as a newer agent, 100% of zero sales dollars is till zero. In addition, I don’t plan on working forever as an active agent. So the ability to potentially acquire two additional passive streams of income is incredible. Keep in mind that these two other ways to make income are 100% optional. You do not need to participate in either one of them if you don’t want to. With that said, there are agents who all they do is actively recruit other agents. Some of which are going about it the wrong way, to aggressively, spamming or annoying agents of other brokerages. Unfortunately this has given eXp a very negative reputation as a firm that only recruits and doesn’t actually sell real estate. However, eXp is actively working to fix this through proper training and strict guidelines on how to appropriately recruit and grow eXp. So as you can see, by partnering with eXp and taking part in all three of these income producing strategies, you can earn income while actively working as an agent and even later in your career when you just want to be passive.
If you’re at all considering eXp now or in the future, hopefully, this article helps you understand eXp and in making your decision. If you should have any questions for me at all, please feel contact me at any time.