EXP COMMERCIAL EXPLAINED FOR BROKERS
Exp Commercial is a separate entity from Exp Realty and is owned by Exp World Holdings. It is not affiliated with the National Association of Realtors and does not have membership with a Board or MLS owned by Realtors.
Since Exp operates remotely online through a cloud office called Exp World, you can set up your office space anywhere, anytime and attend live meetings and educational classes conveniently. You are able to talk directly to support staff within their operating hours through the virtual cloud system with little wait time. It takes a little time to get used to the highly-creative, virtual world and being an avatar online. It is a lot of fun and, most importantly, extremely convenient.
Exp commercial advisors/brokers are supported by a large support staff daily within our cloud office, and designated brokers and commercial advisors are available through the cloud, phone or Workplace Chat. Accounting, Human Resources, Team Support, New Associate Support, Tech Support, Transaction Management and many other departments are easily reached with little wait time. And, since it is all done live from your computer, you can simultaneously work while you wait, if ever needed.
Commission Splits & Fees
Start-up fee is $250. The monthly fee is $250 which includes your CRM BuildOut and Reonomy, commercial trainings, tech and cloud brokerage fee and support. The split is 80/20 with a $20,000 annual cap. Risk management is $350 per transaction w/no cap on E&O. After an agent-caps, the transaction fee is $250. Broker review is $250 per transaction. If a commission is less than $1500, capped transaction fee is assessed as 20% of the commission with no broker fee and the risk management fee is $40. All of the fees above are based on a US agent.
Live Training Available Weekly
LIVE training is offered every week through the cloud, which can be accessed via your phone or computer from anywhere you have internet access. Classes are taught by advisors and brokers from states of which Exp Commercial is a part. One time-saving idea is that team leaders can recommend classes within Exp World to his or her team.
Included in the monthly fee is BuildOut, a comprehensive software program for commercial real estate marketing efforts, which includes CRM and pipeline management tools. Also, included is Reonomy, a software platform that connects the world of CRE by mapping data and insights all kept private to you.
Revenue Share is how Exp rewards advisors/brokers who are helping grow the company. It encourages Exp commercial advisors/brokers nationally and internationally to team up and help each other find success in their business through a sponsorship program. You are not bound by locality. Agents/brokers 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. The Revenue Share program also allows agents/brokers to sponsor both residential and commercial agents.
Exp commercial advisors/brokers have the opportunity to earn company stock in multiple ways and awards real estate agents stock (EXPI) for hitting certain production and attraction benchmarks. An advisor can choose to participate in Exp Realty's direct purchase plan, which is an optional program that allows agents to have a small percentage of their gross commissions automatically deducted to purchase Exp stock at a discount that does not need to be vested. Exp commercial advisors/brokers can also be awarded free shares of eXp stock for doing things they would normally do in real estate like when an agent closes their first deal, caps or attracts someone to Exp and that agent closes their first deal. This awarded free stock needs to be vested for three years, which means the Exp agent/broker will receive the stock after being with the company for three years.
Once the $5000 capped transaction fee is paid and the agent/broker reaches $500,000 in GCI and pays the remaining capped transaction fee total amount of $5000 or the difference, the agent reaches ICON status. The ICON stock award is earned as $14000 in stocks (3 year vest) with a requirement to teach 10 Commercial classes in the following 12 month period for $3000 in stock and also attend ExpCon and the Shareholder's Conference for $1500 each in stock.
At eXp, all agents have a dashboard that shows cap and fees paid, revenue share information, stock earned and transaction details. You will see what percentage you have paid toward your cap, income you have earned for the month and year and how many agents have joined you with Revenue Share.
Workplace by Facebook
Workplace by Facebook is a separate tool for Exp agents and brokers to collaborate, help one another and share referrals. It is available to eXp agents, advisors, brokers, leadership, and staff only. Workplace holds a directory of everyone within the company and cannot be accessed through Facebook directly.
Optional Health Insurance
Exp also has optional insurance plans for additional costs through Clearwater Benefits. Exp Agent Healthcare helps agents save money, improve their provider network and decrease their out-of-pocket costs. https://expagenthealthcare.com/