What is eXp Realty?
eXp Realty is a cloud-based brokerage and key subsidiary of the public traded eXp World Holding Inc. (EXPI), which currently sells on the Nasdaq stock exchange. The company is compliant with all the legal regulations which have been set for all the public companies listed on the Nasdaq and is regularly audited to maintain this status.
Founded in 2009, the company has grown to be home to over 35,000 real estate agents across all the states in the United States and Canada. The company has continued to scale while ensuring all new agents get industry leading assistance and support.
The cloud-based brokerage has empowered new agents, guaranteeing an excellent strategic partnership and stock awards, revenue share for those who wish to pursue it. The commission splits are among the highest in the industry, which encourages many people to join.
The monthly fee($85) helps run and maintain the resources and tools that will help the agents boost their businesses. These tools will include landing pages, sky slope, free marketing materials, and critical tools for the new agents. There are essential equity ownership programs with the receiving stock whenever the agent happens to make sales on the first home.
In addition to that, eXp Realty has introduced the ICON agent program, which aims to award high producing real estate agents with a $ 16,000 cap back, which is rewarded in the form of company stock. All the agents need is to ensure they meet the attainable benchmark.
Why eXp Realty is important to the Industry
Did you know eXp Realty, LLC, is the largest residential real estate brokerage in North America, and it is also a subsidiary of eXp World Holdings, Inc? The company has played a significant role in the agents, brokers, and consumers, ensuring an adaptive and sustainable environment. Being a cloud-based real estate brokerage, eXp Realty provides 24/7 access to all the collaborative tools and other critical training and socialization for real estate agents and brokers, thus ensuring there is the effective delivery of the various roles the real- estate. In the United States, it has more than 19000 agents, and the rate of growth has been tremendous, which is an indication that agents and brokers have accepted this cloud-based real estate brokerage.
Traditional real estate brokerages have been following a similar setup, and the agents and brokers have been working together in a physical office. Still, with the recent development in technology, there has been a new development, which has led to the rise of eXp Realty, which has simplified the environment. There is a different approach that has been adopted in eXp Realty, which is aimed to ensure there is an agent’s success in the market.
If you are an agent or broker, consider the following reasons as to why you should think about joining in 2021:
It’s one brokerage
If you are an agent and want to reduce the hustle of real estate, you should join since eXp Realty has been designed to offer all the services under one roof. It is one brokerage, and it is available in the United States, but it has expanded its services in the United Kingdom, Australia, and Canada.
Enjoy collaborative technology
EXp Realty mainly adopts the updated technology, which helps to collaborate with all the agents. For instance, eXp World and Workplace are the primary tools to facilitate the system to offer services 24/7. EXp World helps the agents and other staff members have good communication with personalized avatars. There are complete offices for additional support staff, such as accounting and human resources, allowing people to hold meetings. On the other hand, the workplace, which is one of the Facebook products, helps communication tools, helping the global eXp agent enhance effective communication.
There are live training and classes.
Most of the traditional brokerages have been holding onboarding classes that are used for training. If you are new agents, you should consider joining eXp Realty in 2021 since the platform offers a curriculum to follow for the first few months, which has enhanced the live training. There is continuous support with life for 50 hours a week for all the agents, covering all the tips on the sales and listings. All the sessions are recorded, and therefore you can also follow the classes later in the day.
There is a national and international collaboration.
eXp Realty is an intensely and collaborative company that allows the agents to help new agents on board and ensure that they can effectively interact with the system. This can happen organically through the eXp World or the workplace, providing innovative programs for the Agents Helping Agents. There are vital programs that are top-producing eXp agents and share all the tips needed to ensure success for the eXp agents. There are also referrals while on the platform, which you can get either in the national and international, which can boost your growth.
The agents can be shareholders.
T possible for the agents to be the shareholders, and they can receive shares of the stock in the eXp World Holding after you have made some milestones in the field. Owning the company’s stock is possible, and this provides financial security for the new agents onboard. It also gives the agents a voice in the company, which could help enhance the level of commitment. It’s a new platform for the agents, and therefore there is a need for the new agents to come on board and purchase the stocks.
There are more significant commissions.
eXp Realty has adopted a commission model, an 80/20 commission split, a $16,000 annual cap. For instance, all the agents will get 80% of the commission, and 20% goes to eXp Realty. Once you have hit the $ 16,000 cap on the anniversary, you will get the commission you need, and you will get your commission in full. If you have not joined the platform, you should consider this commission, increasing eXp Revenue Share.
There are no costly overheads.
With the traditional brokerages, there are hefty charges for all the agents. However, this has disrupted these brokerage firms’ operations with the introduction of eXp Realty, which is a virtual environment for all the agents and therefore reduces the overall overhead costs. Most of these overhead costs, which are related to traditional brokerages, reduce the agents’ profits. There will be a rise in the profit scales in the new environment, and therefore if you are a new agent, you should always consider joining this new platform.
There is real-time support.
When dealing with an online system, you should think of having real-time support, which would help resolve all the grievances you raise in the platform. With the eXp Realty, there is available IT service support staff, ready to ensure that all the issues have been addressed adequately. For instance, the support staff offers 24/7 support despite the time zone you are calling.
The Industry’s Best Revenue Share Program
Suppose you are a new agent, and you have been using the traditional brokerages. In that case, you should consider joining eXp Realty to get the best revenue share program, which would boost the level of the profits you generate at the end of the property’s sale. Most of the prominent agents who have worked in mega real estate have joined the platform, which has influenced their profits. You should make a point of joining the reality show, and you will increase your EXP Revenue.
Since 2019 Exp introduced new innovative and low-cost healthcare options for the agents. Many estate brokerage firms do not offer health insurance plans, which has made the agents suffer while accessing health care services. However, with eXp, they have prioritized the agent’s well-being, which has promoted the agents’ welfare. In 2021 you need to engage with a brokerage that cares about your health well-being.
Marketing and Branding Support
With eXp Realty, you will have access to marketing and branding support, which will work best for all the agents and ensure that you have more access to the proper. Is eXp Realty right for you in 2021?
If you are a new agent and want to increase the eXp Revenue Share, you should prioritize joining the new platform. It’s an excellent investment that you can make, and you will never regret it since there are promised a high level of returns compared to the traditional brokerage. Since the inception of the idea, many agents have benefited from the program, which has boosted the level of the revenue share, which they generate at the end of the process. The real estate industry is rapidly growing. Therefore, new technology has been introduced to enhance their revenue share level, which is realized especially for the new agents in the market.
When you join eXp Realty, you become part of the global family of agents and meet brokers and other key partners who can help boost your revenue share and impact you with more knowledge if you are new agents. You are more likely to gain more experience in real estate and get more empowered. There is more strategic partnership that you can get from the platform, and this is more likely to boost your revenue shares at the end of the process.
Achievements of eXp Realty
- It is the number one Top Movers for Transactions.
EXp Realty has been ranked in the first position since 2018 and 2019 due to the largest increase in the closed sides, which we’re going way to 130,627, which is a significant increase of 77.8% compared to the previous period.
- Its ranked first position for top independence
EXp Realty was ranked number one independent brokerage firm with 130,627 closed transaction sides in 2019, which indicates that this was achieved due to the level of independence displayed in the platform.
What is revenue sharing in eXp Realty?
eXp Realty offers the agents and brokers a different form of compensation, which is called revenue share. There will be even distribution of the revenue that will be shared from the income generated from the sales of the homes. Its distributed among the various stakeholders where the agents are the biggest beneficiary of the revenue share. However, revenue sharing is relatively different from the profit shares, where revenue is what is left after the even when there rise in the stock in the market. For instance, the company can decide to offer the share of the risks and rewards with the team member based on the performances, which will allow you to realize more revenue at the end of the sharing.
Compared to the traditional real estate brokerages, eXp realty has been able to significantly reduce the brick and mortar operations and host all the company support to ensure there is adequate training and enhance an effective platform that could be relied upon by the company. eXp is mainly set up on real estate brokerage, reducing the agents’ costs and fees. When the company has saved these savings, they are usually passed to the agents and brokers in revenue shares.
For example, suppose you recruit a new agent on board. In that case, the agent will begin to earn a commission, and you will share the revenue which the new agent is bringing in the company without affecting the income you make in the company. If the agent attracts another new agent in the company, you will get more revenue from the original agent.
Everything new agents need to know about eXp Realty
Zillow and Redfin developed from startups to big industries proving that Real estate has fertile ground for disruption. Like many industries, real estate is going to evolve alongside technology. eXp Realty is leading in embracing technology hence changing the face of real estate. They even refer to themselves as an agent-owned cloud brokerage, and they compare themselves to Netflix, which uses big data analytics to ensure success.
eXp realty has no physical locations where they can interact with customers face-to-face in an office. It has made it easier for them to scale faster by never having to incur the cost of acquiring and operating an office. All their information exists in the cloud, having an entire online campus. The setup resembles a video game, where there are multiple classes during the day which more than 10 accumulating to over 25 hours of live training a week. eXp Realty also keeps an archive of previously recorded sessions uses during the live training.
Most of the money eXp saves goes into lead generation to attract and convert strangers to potential prospects. Examples of the lead generators range from job applications, blog posts, coupons, live events, and online content and exp prices are at a deep discount. They provide access to the leading real estate-specific lead generation platform, either conversion or Commission inc, as part of the $50 a month tech package.
The three ways to make income using the eXp model, according to Greg McDaniel, host of Real Estate Uncensored is by;
- Your normal commission income
- Passive income derived from the team
- Company stock
The following is the upfront cost breakdown for eXp new agent:
- Start-up fee including first monthly fee accumulates to $149.00
- Month tech package totals to $50.00
- Yearly university educational fee of $420.00 (monthly fee payment $35)
Breakdown of commission and transaction is as follows:
Commission for exp new agent
A commission of 80/20 is split until the limit of compensation
- No Royalty
- $16,000 annual CAP is paid to eXp
- $8000 (half CAP)team agents are also paid to eXp
- When you CAP, you are awarded 250 shares of eXp stock
Transaction fees for eXp new agent will include the following:
- Broker review of $25
- E&O insurance per sale of $40 (rounded off to $500per year)
- Capped agents receive 100 percent commission
- $250 fee per transaction for subsequent 20 sales after CAP
- $75 fee per transaction after the next 20 sales
- For icon, Agents earn a $16,000 cap in the form of eXp stocks
From the evidence above, eXp seems to give new agents material incentives to succeed. Reviews of many eXp agents are mostly positive, but that cannot be the case for the kind of people who still prefers the physical office environment who might feel a bit uncaged.
The future of the real estate
Without a doubt, the real estate market is one of the fast growing investment in the world, owning the ever increasing demand for better residential and commercial houses. As the world population continues to grow, so is the need for housing, business premises, and accommodation. The business has a bright future since it embraced an all-inclusive technological up-gradation such as home activation via the internet of things(IoT)and Artificial intelligence (Al) and many other latest innovational development. Some of the future trends of real estate include:
- The real estate market is already experiencing a steady rise in tech-enabled innovations that are significantly contributing to its faster growth. One of the most exciting developments in home automation, an excellent example of collaboration between technology and real estate. This technological development is expected to accelerate the growth of the overall real estate sector in the future since:
- Smart homes can attract more investment and potential buyers. Smart homes and spacious accommodation can attract lots of investment opportunities as well as future-oriented eager buyers.
- Lead to an increase in property value. Future real estate will come with integrated systems that save time, increase efficiency, and reduce labor; thus, it will cost more than a standard property for such an automated property.
- More comfortable to sell and resell. One of the biggest worries of real estate owners is whether their property worth the overall market value. But in the future, that will not be a problem because, with automation, the demand for those properties will only increase over the years. Thus owners will not have to worry about selling and reselling the real estate.
Expansion of cities
The future of real estate is promising as the industry is experiencing a trend of urbanizing cities and economic growth. Most cities in the world are working and competing to build and improve their structures to be centers of wealth creation. As the construction activity will be booming, expect to see the contribution of real estate from growing cities across all continents since the people residing in those towns will require residential homes and accommodations rooms. Overall a global total construction output is projected to reach a whopping $15 trillion by 2025. China is expected to experience the most massive migration of 1.5 million monthly new residents in the next ten years. London will build 2 million new residents by 2031. Not forgetting the Hudson Yard Redevelopment project in New York will be a significant catalyst for city real estate expansions.
A greener future for real estate
Growth in population and urbanization brings along the need for more eco-friendly real estate innovations. It’s projected that by 2050 the world will need 50 percent more energy, 40 percent more food to help sustain that growing population. Thus future real estate will be built with a green strategy in mind of the designers. And it’s evident since we have started including renewable energy technologies and waste reduction mechanisms.
Suppose you are an experienced agent or new agent in the real estate industry. In that case, eXp Realty is undoubtedly your next option in enhancing your eXp revenue and ensure that you get the best experience in selling home across the globe. Any current agent interested in revenue sharing opportunity earn more income in stock and thus grow the company. As an agent, you should not let any other business model or company dictate what you sell or what you generate in the real estate business market. There is much compelling reason why you should join eXp Realty, mainly due to the benefits derived. For instance, International Reality companies provide agents with exceptional advantages, which is an indication that one can benefit from such a setup and generate more revenue.