Exp Realty Review- Should I Sell My Home With Exp?

Table of Contents:

eXp Realty and How It Works

eXp is a remote cloud-based brokerage focused on online lead generation for real estate agents. Being completely remote, the brokerage saves agents money by avoiding rent, maintenance, and overhead costs, increasing profitability for everyone.

The company was founded in 2009 by CEO Glenn Sanford. eXp is publicly traded on the NASDAQ stock exchange under the ticker EXPI as part of the parent company eXp World Holdings.

In 2021, the company consisted of over 50,000 real estate agents globally in all 50 U.S. states and Canada, Australia, France, and other countries, according to eXp Realty reviews.

eXp Core Values

The company has several core values that align with the company vision.

• Community
• Fun
• Agile
• Innovation
• Integrity
• Service
• Sustainability
• Collaboration
• Transparency

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Real Estate Agent Benefits

eXp Realty offers several benefits to real estate agents who join the company, unlike others in the industry.

1. Technology & Lead Generation – eXp Realty offers several tools for real estate agents to help them gather leads and close deals. The company’s transaction management platform is called Skyslope and provides tools to help agents market properties. The company also has a second program, eXp Enterprise, that helps realtors manage their earnings, stocks, and revenue sharing profits. Additionally, the lead generation program is a key differentiator. Real estate agents pay $250 per month and receive between 10 to 25 leads per month.
2. Training– eXp is known for its training platform and offers over 50 hours of live training every week on topics about lead generation, sales, listings, social media, and the latest technology trends. The platform provides the following training support for agents:

• Opportunities to interact and learn from other top professionals in the company
• Team building across states and provinces with one nationwide cap
• Hosting and participation in daily, live gatherings
• Benefits from a robust referral network
• Sharing best practices among peers

1. eXp Realty Stock & Ownership– One of the significant differences between eXp and other brokerage houses is that the company offers stock options to real estate agents. Agents are allowed to buy stock in the following cases:

• An agent closes their first deal.
• An agent reaches a commission cap.
• An agent that sponsors another agent closes their first transaction.
• Agents gain up to $16,000 in eXp Realty stock when they win the ICON Agent Award, given to agents who achieve specific production and cultural goals.

1. eXp Realty Revenue Sharing – The company also offers revenue-sharing opportunities for its agents. The system it uses is the cascading revenue sharing system. When agents bring other agents on board, they receive a portion of their commission.

eXp realty accepts any licensed real estate agent and attracts new agents daily to the platform.

Top 10 Reasons Agents Join eXp Realty.

• stock is awarded to all realtors and brokers – everyone is an owner
• making it rain lead generation program
• fully-staffed technology team available for marketing and technology questions
• customization, top-ranked WordPress websites, allowing agents to build their brands
• coaching and accountability workshops
• excellent commission splits with a low annual cap
• 20+ hours of live training every week
• opportunities for multiple revenue streams
• industry’s leading revenue share program

Frequently Asked Questions

What are eXp Realty commission splits?

eXp agents have an above-average commission split of 80/20 when they start with the company. ExP does, however, have a $16,000 commission cap. Once that cap is hit, the agent’s commissions transfer to 100% for the next year until the agent’s anniversary of the date they joined the company. As a result, agents can save between 10 to 20 percent working for eXp over other brokerage houses. This unique model makes it more likely an agent will earn more money with eXp than with other brokerage houses.

eXp also offers employee stock and revenue sharing options. This provides passive income that can be invested in retirement and increases the agents’ wealth. Traditional brokerage houses do not offer these benefits.

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There are, however, some fees real estate agents pay upfront when they join the company.

They spend a $149 startup fee that pays for business cards, a website, a contact management system, fax, and a toll-free phone number. Agents also pay $85 per month for ongoing costs that cover the costs of the company’s lead generation platform and tuition for agent training. In addition, agents are offered weekly classes and a Rolodex of training videos on marketing and selling techniques.

Where does eXp Realty operate?

eXp was founded in the United States but has expanded to Canada and several remote offices with agents in France, India, Australia, Hong Kong, Mexico, Portugal, the United Kingdom, and South Africa.

How does eXp Realty work?

eXp Realty is remotely operated by real estate agents but works similarly to other brokerages. The company has experienced tremendous growth with this model because there is no physical location which saves tons of money.

Buyers and sellers can use eXp real estate agents the same way a traditional agent buys, sells, or rents a house. eXp’s primary differentiator for agents and customers is its easily accessible technology platform, which stores a tremendous amount of data about the market.

Sellers should still expect to pay a standard commission rate to their agent when working with the company. The agent provides the same services, including an open house, listing the property on MLS, photography, and other marketing initiatives.

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What does eXp Realty stand for?

The simple answer is that the founder, Glenn Sandford, loved that it was a prefix for many of the words representing the culture and values at eXp Realty. A few examples include: eXceptional, eXperts, eXcellence, eXpectations, eXposure, eXponential and many others.

Who founded eXp Realty?

eXp Realty was founded by CEO Glenn Sanford. He is known for changing how real estate transactions occur through innovation and entrepreneurial drive. Before launching eXp Realty, Sanford was known for launching a restaurant delivery service similar to Uber Eats but several decades before Uber Eats launched. He was part of several online startups in the early 2000s and closed more than $60 million in deals.

Sanford believed agents and brokers were doing the work and deserved to be shareholders with an income based on how much they were contributing. Classic franchises and their trappings were the limiting factors holding agents back.

He launched eXp Realty in 2009 with just 24 real estate agents. Sanford’s idea for a fully remote structure was not reliant on a physical location and the associated overhead costs. He believed this would put them ahead of competitors.

A few years prior, most everyone had dial-up connections in their homes, which changed drastically in 2009 with smartphones. This made possible a cloud-based technology innovation.

The company went public in 2013 with around 300 real estate agents. In 2014 the agent ownership initiatives rolled out and helped grow the company exponentially. The company gained traction through word of mouth amongst agents, and in 2015 the company expanded with a 100 percent year-over-year growth. The company still sees this type of growth today.

Is eXp Realty publicly traded?

Yes, the company went public in 2013.

What are Other Companies Owned By eXp World Holdings?

Showcase IDX – Showcase IDX is a platform that connects real estate websites to a local MLS. The connection lets the website display local listings. Showcase IDX leads the real estate industry with a modern interface and features.

SUCCESS Enterprises – eXp World Holdings acquired SUCCESS Enterprises. The company focused on personal development and was established in 1897. Features include SUCCESS magazine, SUCCESS.com, SUCCESS Newsletters, podcasts, digital training courses, and social media accounts.

Virbela – Virbela is a platform that provides virtual office environments for companies on a global scale. Virbela is a significant function of eXp World. Many other companies also use Virbela’s virtual offices, including PricewaterhouseCoopers, MIT Sloan School of Management, and computing company HTC.

eXp Commercial – eXp commercial is an independent brokerage focused on commercial rather than residential real estate. eXp World Holdings created the business in 2020. Today eXp Commercial is supporting brokers in the United States and will soon be international.

Is eXp a pyramid scheme?

eXp Realty is not a pyramid scheme. However, some people classify eXp Realty as an MLM due to its revenue sharing. But many agents see the benefits beyond this one facet of the company. High-producing real estate agents can earn their cap back every year and invest in company stock. They also receive access to other agents and support from the brokerage house for only $85 per month. The Real Trends Five Hundred report for 2019 ranked eXp Realty the #1 top moving real estate brokerage by transaction count from 2017 to 2018. eXp Realty was also named the largest independent real estate brokerage in North America, by transaction count, for 2019.

eXp Realty is a brokerage house that offers extensive financial benefits to real estate agents and, in turn, great deals for those selling their homes. The business model is unique and is highly successful to date.

Can eXp realtors create their brand?

At eXp Realty, agents can create the look and feel of their brand. This includes creating a unique logo and branding that the agent has used over the years, or they can develop a new look using customizable templates. The goal is to make marketing the agent’s brand simple by offering easily customized marketing materials and resources.

eXp has a marketing center for marketing materials for real estate agents and offers hundreds of templates to personalize. In addition, they provide open house materials, social media content, and designs for other activities. If agents want a custom design, they can create their materials also.

Once they have used their logo and branding, they have the option to download the files and share them on social media and other digital platforms. The materials can also be printed.

Summary

eXp Realty is paving the way for technology-driven brokerages and changing how real estate agents operate and how people buy and sell properties. eXp Realty offers real estate agents a variety of financial and lead generation benefits. Since its founding, the company has experienced tremendous growth and is quickly becoming one of the most successful online real estate platforms.