eXp Realty has smashed all kinds of traditions when it comes to real estate. Big-box brokerages have franchises and territories all over the world, but eXp continues its innovative path of creating one, big brokerage with no boundaries. That means no limitations for eXp agents on where they want to conduct business.
While its headquarters are in the United States, eXp maintains brokerage operations throughout the world such as Canada, United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia and Spain. (See them all here.) Through eXp’s technology and cloud-based model, eXp’s expansion is possible without ever stepping foot on a plane.
Why does having one real estate brokerage have an advantage? And why does a brokerage without borders and boundaries matter? Take a look:
The Advantage of eXp’s One Brokerage
Reduced Infrastructure Costs — eXp Realty is a cloud-based company. Therefore, brick-and-mortar offices are not necessary, unless required by each state or region to conduct brokerage operations. While many states do require one office to represent the company, the cost-savings of having just one office in a state as opposed to many are enormous. Savings include:
- Rent, utilities, furnishings and overhead – Instead of multiple offices and franchises sprinkled across each state, eXp saves millions by operating virtually, therefore eliminating costs for rent, insurance, computer equipment, furnishings and utilities.
- Staff – Instead of hiring staff for each of these locations, eXp has one “super staff” team providing the same support and services as a brick-and-mortar office. eXp staff work from home and are located across the country and many time zones, which provides an additional benefit of having office hours transcending time zones. That means the support is nearly 24/7.
“By sharing staff across multiple regions of the country — accounting, tech, payment processing and so on — we can extend hours of operation and can scale much easier and cover more ground for more agents,” said Stacey Onnen, President of U.S. Operations.
One Cloud-based System — eXp runs on Virbela, eXp World Holdings’ technology company whose software developed eXp’s cloud-based campus, eXp World. eXp World contains virtual meeting rooms, an auditorium, and an entire support system staffed with offices — just like in real life with real people — such as accounting, human resources, brokerage operations, legal, tech support, brokerage operations, and more. It has everything an agent would need to conduct business.
One Place for Training and Classes — Many traditional brokerages have onboarding and training classes office by office. The time and effort it takes to pull together curriculums and staff make this process inefficient, tedious, time-consuming and costly. eXp does a weekly onboarding for all new agents, plus offers 50+ live classes a week for eXp’s entire 50,000+ agent community virtually via eXp University. Can’t make a class? You can watch the recording in the robust eXp University library.
One Managing Broker Per State/Country — Instead of brick and mortar sprawl, eXp has a designated managing broker in each state or country, and virtually, the savings for establishing office space and staff are significant. Because all managing brokers can work virtually, this means eXp can select and hire the very best talent in each state or country. There are no geographical constraints. Brokers can stay where they are and collaborate together to help support the agents state-by-state.
Collaboration — At eXp, collaboration is company-wide. The incentive is because eXp agents can all benefit from each other’s success via the revenue share and stock option programs. Agents can mastermind across states. The better the company does, the better everyone does at eXp.
“Our agents are our greatest asset,” said Dave Conord, eXp President of U.S. Growth. “Through the power of collaboration, we grow together and succeed together. Our international footprint is rapidly expanding and we welcome everyone to come join us and be part of our journey.”
One National Insurance for Errors and Omissions — Most brokerages pay for errors and omissions insurance policies state by state. But eXp has one national policy, saving millions in costs.
To summarize, at eXp, there are no territories, no franchise fees. eXp is one big brokerage where agents help other agents. And with all the savings of operating as one, big brokerage, the company is able to expand internationally, develop new tools and technology, and offer more classes and personal development opportunities with little cost to agents. It truly is the most agent-centric brokerage in the world.
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