EXP REALTY EXPLAINED FOR AGENTS
residential real estate
eXp & Me"-And, yes, that's a Texas accent!-2 min.
A quick overview of eXp Realty-9 min.
"The Model Explained" by Brent Gove-36 min.
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.
Agents are supported by a large support staff daily within our cloud office, and managing brokers are available through the cloud, phone or Workplace Chat. Accounting, Human Resources, Team Support, New Agent 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
The initial startup is $149, which includes 1000 business cards. The monthly fee is $85 which includes your E&O, an individual website, a KvCore lead generation and database system, support and education. The split is 80/20 with a $16,000 cap. After an agent-caps, they go to 100% with a small transaction fee. This transaction fee is then reduced after paying $5,000 in transaction fees. In addition, all agents pay $40/transaction for risk management (which caps at $500/yr) and $25/transaction for broker review. Incredibly, agents that have licenses in multiple states pay only 1 cap with Exp. All of the fees above are based on a US agent.
50+ Hours of Live Training Available Weekly
Exp Realty offers over 50+ hours of LIVE training every week through the cloud, which can be accessed via your phone or computer from anywhere you have internet access. Training ranges from contract training by state, lead generation, scripts, social media tips and more. Classes are taught by Exp ICON agents from all over the country and other countries of which Exp is a part. One time-saving idea is that team leaders can recommend classes within Exp World to his or her team.
Personal KvCORE Real Estate Website + CRM
At Exp Realty, all agents are given access to a lead generation platform called kvCORE, which gives agents their personal lead-generating website and CRM database. This powerful system helps agents generate leads from a variety of sources both online and with traditional methods. The website is easy to navigate, looks professional and allows you to have potential leads and clients search their local MLS from your website. You are able to see all of the properties that have been seen and saved by viewers. KvCore allows agents to manage a large database with features such as smart email drip campaigns, texting directly from the system and creating landing and squeeze pages. If you are a team leader, you can upgrade your license with kvCORE 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.
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 locality. 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. The Revenue Share program also allows agents to sponsor both residential and commercial agents.
Exp Realty agents 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 agent 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. Agents 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 will receive the stock after being with the company for three years. Finally, the ICON agent program awards stocks to agents who reach their commission cap of $16000 and do another $5000 in transaction fees to eXp in that same production year. Agents are paid the commission cap back in the form of eXp stock after certain criteria are met. If the agent does another 20 deals with transaction fees equaling $5,000 they will be eligible to receive their ICON status and stock award. I have not heard of other brokerages that give their agents the opportunity to earn back their cap.
At eXp Realty, 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 to collaborate, help one another and share referrals. It is available to eXp agents, 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/