Traditional real estate brokerages generally follow the same setup: Agents and staff work out of a brick-and-mortar office, commission structures are established, and then agents are pretty much on their own.
But eXp Realty takes a hugely different approach. For one thing, eXp Realty’s mantra is “agent success obsessed,” which means it is laser-focused on helping agents and brokers succeed professionally and grow financially in ways that a traditional brokerage cannot. That’s why eXp Realty, which launched in 2009, continues to attract agents and grow at a record pace.
Let’s take a look at 12 ways eXp is different than a traditional real estate brokerage:
- One brokerage — Instead of individual franchises all over the place, eXp Realty is one brokerage. And, eXp is not only in the United States! eXp has expanded internationally into Canada, the United Kingdom and Australia.
- Virtual workplace — Instead of brick-and-mortar offices, eXp Realty agents, brokers and staff work from home or anywhere they desire. By using eXp’s robust technology (see below), there are no commutes to and from the office. Agents are very mobile and make their office wherever there is an internet connection.
- Collaborative technology — eXp uses cutting edge tools and technology to collaborate with agents and staff. Two of the main tools are eXp World and Workplace, which are used 24/7.
eXp World is eXp’s virtual world in which eXp agents and staff members move about and communicate with each other via their own personalized avatars on a large online campus, complete with offices for support staff such as accounting, brokerage operations, and human resources. There are meeting rooms and large auditoriums for the entire company to gather and even fun places — like the beach and soccer field. The experience is similar to the popular life simulation video game, The Sims.
Workplace is a Facebook product and is one of eXp’s most effective and popular communication tools because it helps the global eXp agent community interact seamlessly with one another in a quick, chat-like setting.
These two tools engage eXp’s massive agent population and allow them to interact seamlessly across states and time zones to talk out ideas and partnerships.
- Live training and classes — While traditional brokerages may have some cursory classes and onboarding, eXp’s training is robust and ongoing. New agents are given a curriculum to follow for the first few months. There is continuous support with live, ongoing classes 50 hours a week for all agents covering tips on sales and listings, lead generation, social media, CRM tools and more. Sessions are recorded, so there’s no fear of missing a class!
- Real-time support — No need to hope an IT professional is accessible and available. eXp’s IT and service support staff is available during working hours across U.S. time zones, offering support for any question or need — technical or otherwise.
- Marketplace partnerships — eXp’s Preferred Partner program provides eXp Realty agents and their clients with a marketplace for home-buying and -selling services such as mortgages, title, escrow, moving services and home warranties. Everything is set up for an eXp agent to seamlessly keep the transaction moving forward.
- National and international collaboration — eXp is an intensely collaborative company where agents are eager and willing to help other agents near and far. This can happen organically through eXp World or Workplace or through programs such as ICONversations and Agents Helping Agents — two programs in which top-producing eXp agents share their tips on success with other eXp agents. Also, referrals can come from anywhere across the country, as well as internationally — and they do!
- Agents can be shareholders — Yes, that’s right. Agents can receive shares of stock in eXp World Holdings (eXp Realty’s parent company) after reaching milestones. Owning stock in the company not only provides financial security , but it also gives agents a voice in the company and enhances their commitment to helping eXp succeed.
- Bigger commissions — At eXp, the commission model is an 80/20 commission split with a $16,000 annual cap. That means each time an agent closes on a property, they keep 80% of the commission and 20% goes to eXp. Once the agent hits the $16,000 cap in their anniversary year, they keep 100% of the commission per transaction.
- No costly overhead — Traditional brokerages have hefty setup charges for agents. But since eXp is a virtual environment, agents are not hit with costly overhead fees passed onto them for brokerage operations such as rent, desk fees, insurance, utilities, furnishings, staff and more. This frees up profits, which go back into the eXp business for agent support, training and technology.
- Revenue share plan — Whenever an eXp agent brings a new agent into eXp, they are “sponsoring” that agent and can receive revenue share income from the future sales activity of that sponsored agent. To be clear: eXp pays that share — not the new agent.
- Healthcare — Starting in 2019, eXp introduced innovative and low-cost healthcare options for agents. While some real estate brokerages do offer health insurance plans, this is just another example of eXp prioritizing its agents’ well-being and success.
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