How To Join eXp Realty
A guide for new and current agents interested in joining eXp
You’ve made it through your prelicensing classes and passed the real estate exam, and are ready to hit the ground running in your new career.
Maybe you’ve been an agent for a couple of years but haven’t hit the level of success you were hoping for and don’t feel at home at your current brokerage. Either way, you may be considering making a move to a new brokerage. The brokerage you belong to is, after all, one of the most important aspects of your real estate career.
If you haven’t heard, eXp is revolutionizing the real estate industry and should be at the top of your list of brokerages to consider. Let’s look at some of what eXp has to offer and how you can quickly and easily join the team.
What is eXp Realty?
eXp was founded in 2009 and has become the fastest-growing real estate company in history. The company currently has over 40,000 agents worldwide. eXp focuses on offering excellent training to their agents and allowing their agents to run their business the way they want. The growth of eXp has been exponential in the last few years as agents all over the world have caught on to the fact that the training, freedom, and opportunity that eXp provides cannot be matched by any other brokerage out there. The agents are increasing their incomes and are
Why Should I Join?
There are so many reasons to join eXp! eXp has incredible benefits that other brokerages don’t offer. One of the largest benefits is the commission structure. Gone will be the days of giving up half of your hard-earned commission. You’ll start out at an 80/20 split, but once you’ve hit your $16,000 cap, you will get to keep 100% of your commission for the rest of the year. Once you get to 100%, you will be responsible for a transaction fee of $250 per transaction. The transaction fee has a cap of $5,000, and once you hit that amount, your transaction fee will be reduced to $75.
eXp also offers its agents a revenue share plan and incredible training opportunities. The eXp platform provides 50 plus hours of live training each week. That means if there is something you’d like to learn, you’ll be able to do so from the comfort of your own home.
Another huge perk is that eXp offers healthcare which is typically unheard of in the real estate industry. Agents have saved thousands of dollars on medical bills each year through eXp’s healthcare partnerships with Clearwater Benefits. This is just another example of how eXp puts agents first and pushes the limits of the real estate industry.
To get started, you’ll be charged an initial start-up fee of $149, which includes getting set up on numerous platforms and 1,000 business cards. You’ll be charged a recurring $85 monthly fee covering your tech, education, and administrative costs. Compared to other large brokerages and considering everything that is offered to you, these expenses are very low and well worth the investment in your career.
Determining who your sponsor will be is an important decision and should not be taken lightly. Your sponsor can be any agent within eXp’s network and does not need to be part of your home office. This person will help you find success by leading them through eXp’s company to find the resources that will help take your skills and expertise to the next level. The best part is that there is no additional fee for you to have a sponsor.
Many sponsors within eXp have started their own training programs to help motivate agents who work with them. These sponsors will offer advice, motivation, lead generation tools, and one-on-one coaching sessions to help you in areas that you need it.
If you’re wondering why someone would want to take on the responsibility of sponsoring another agent, the answer is they get paid. eXp offers a revenue sharing program where your sponsor will get paid every time you close a transaction. The amount you get paid does not come from your share of commission. It comes out of eXp’s cut. Essentially, your success is their success, and so far, the sponsorship has helped agents grow their businesses more efficiently than other leading brokerages mentorship-type programs.
How Do I Join?
Joining a new brokerage should not be a stressful, time-consuming ordeal. You have other things to do! For that reason, the process of joining eXp is very simple. You’ll have to register on the eXp website and submit an application.
This application will consist of filling out an independent contractor form, paying a $149 start-up fee, and providing the following information:
- Personal: Your name, address, phone number, emergency contact, etc. You will not be able to proceed to the next step without entering an emergency contact
- Sponsor: You will enter your sponsor’s name. Remember, once you enter someone’s name, you cannot change it, so choose carefully.
- License: You’ll answer questions about what state your license is held in, how long you’ve had it, and so forth.
- Experience: This section has yes/no questions about your real estate experience. It is imperative that you are honest about any complaints or suspensions that you have had.
- Financial: You’ll enter information regarding your finances which include your social security number, W9 information, and direct deposit information
- Documents: You’ll be prompted to sign your independent contractor form electronically.
That’s it! Once your application has been submitted, it will be verified by an agent transition specialist. Your Designated Managing Broker will need to approve some items, and your license transfer will need to be approved by your state’s real estate board before you can start working. The process usually takes 48 hours from start to finish.
Ready To Join?
If you’ve been thinking about joining eXp, what are you waiting for? This will truly change your career and your life for the better. If you’re ready to take a leap, we can help guide you through the process or answer any questions you may have.