EXP REALTY FORMAL TEAM STRUCTURES
An agent may want to start a self-organized team to allow other agents to be able to use the team leader’s marketing and branding. You are the team leader and there is no minimum amount of deals you have to do to keep your team. Everyone is on a $16,000 cap, and there is no minimum referral percentage required to the team leader. Everyone you are “teaming up” with basically decides to share costs for marketing and branding. It is good to give Exp a list of names on the team to keep them informed of who you are sharing marketing costs and/or referrals.
The real estate team has team splits and formal leadership from the team leader much like teams at other brokerages. Each team member has a half cap of $8,000, with the exception of the team leader, who remains at a $16,000 cap. Each agent pays a minimum required split of 75/25 on all deals. A written team agreement and team roster must be submitted to Exp and approved. To qualify as a standard team, you need to have closed 30 transactions the previous 12-month period or have done a minimum of $6 million in transactions. And, you can upgrade your license with the kvCORE lead generation platform to a team license and manage your agents’ accounts for a few hundred dollars per month. This can potentially save you hundreds per month when you consider a comparable system.
Mega ICON Team
This is the Exp Realty team structure for large teams of 10 or more. Each agent, aside from the team leader, has a quarter cap of $4,000. The cap for the team leader is $16,000. It requires a written team agreement and team roster. Each agent pays a referral percentage to the team leader with a minimum required 75/25 split. A minimum of $40 million in closed transactions is required for the team or 175 closed transactions. It requires 10 capping team members in the previous 12 months. The team is responsible for $56,000 in caps regardless of how many agents reach their individual cap. Lastly, while you can achieve ICON status as an individual agent, team leaders have an advantage in that both your personal production and the splits you receive from agents on your team will count toward ICON requirements.
This is an option for spouses who are legally married and want to be an Exp Realty team. Domestic Partnerships share one $16,000 cap and get discounted Exp monthly fees. One partner has a $85/month fee, and the second partner’s fee is reduced to $50/month. Registration is required with Exp. A written team agreement is not required.
Revenue Share “Team”
Revenue Share is how Exp rewards agents who are helping grow the company. It encourages agents nationally and internationally to team up and help each other find success in their business through a sponsorship program. You are not bound by location. Agents who sponsor another agent will earn a percentage of that agent’s gross commission income for the entire time they are with the company. That percentage comes out of Exp’s share of the split, not the agent’s. It is not an additional fee paid by the agent. As the agents you sponsor grow their own teams, your revenue share team grows as well up to 7 levels. Because eXp Realty does not have all the overhead that most traditional brokerages have like brick and mortar offices, corporate recruiters, franchise owners, etc., Exp rewards agents off the top of commissions, which is not what a Profit Share program does.