eXp Realty has seen a meteoric rise in becoming one of the world’s most dynamic brokerages. Now comes some added star power as HGTV’s hit-making home-flipper Tarek El Moussa has joined eXp Realty.
El Moussa, whose entrepreneurial spirit has inspired millions with his real estate investing and flipping regimen, is already a household name among real estate and reality TV enthusiasts. He is co-starring on the HGTV hit show “Flip or Flop,” and has now embarked on his very own show, “Flipping 101 w/ Tarek El Moussa.”
The California-based real estate investor said his move to eXp Realty is a perfect fit, since he is looking to move beyond the Southern California base of his business to a truly national powerhouse presence.
“I enjoy helping other people and under the eXp model I have the opportunity to help many others and perhaps change their lives at the same time,” El Moussa said, adding: “I’ve looked at plenty of brokerages, but the reason I’m joining eXp is for their business model.’’
With eXp’s virtual online brokerage and array of hands-on end-to-end support and innovative tools, El Moussa will no longer face limitations about where and when he buys and sells houses.
“It’s always been a dream of mine to build a huge real estate team across the nation and with eXp, there are no limits to where and how I can do that. I want to have a team of thousands of agents that become more successful at selling houses, that learn how to invest in their marketplace and at the same time give me the opportunity to sell me their deals.’’
Below, Dave Conord, U.S. President of eXp Growth, interviews El Moussa on a range of topics.
A Well-Placed Billboard Inspired El Moussa to Pursue Real Estate
After years of high-profile home investing and flipping, El Moussa’s story as a self-made entrepreneur has been well-chronicled. Just out of high school, he started out selling Cutco knives door-to-door. One day, he was standing at an ATM and the stark reality of his dwindling bank account forced him to rethink how to use his skills. A billboard nearby was advertising for a real estate company and he thought: “That’s my lane.”
He got his real estate license at age 20 with a small firm, but initially it did not go well. He had no training, no guidance and was living in his mother’s garage. That’s when he ramped up his effort.
He invested in a sales coach — at $1,000 a pop, per month. He learned how to go after expired listings and make at least 50 contacts a day. It paid off big time, earning $120,000 in commissions in 90 days. It helped that his first listing was a $1.6 million-dollar property.
El Moussa rode that successful wave until the 2008 market crash decimated the real estate and financial markets. He had to sell his big L.A. house, close down his fancy office, unload his luxury cars and move into an apartment with a friend. At age 26, he lost everything and was back at square one.
He Had the Idea for a Reality TV Show Based on Flipping
But in true El Moussa fashion, he was undaunted. He observed investors coming into L.A. neighborhoods and flipping houses for profit. He wanted a piece of that action, so he cashed out his last $30,000 in savings, maxed out his credit cards and bought his first flip. It was a $115,000 condo that he flipped and sold in 60 days for a $34,000 profit.
Then lightning really struck. El Moussa had the idea that flipping houses was a perfect platform for a reality TV show. He whipped up a mock episode and sent his proposal to a TV production company. Ten months later, HGTV said they wanted to do a pilot in 2011, plus 13 episodes.
Nine years later, “Flip or Flop” became a staple of the booming real estate reality TV space and “Flipping 101 w/ Tarek El Moussa” has just kicked off.
“For every new agent out there, they don’t realize that real estate is nothing more than a numbers game,” El Moussa said. “It’s a mathematical equation. You drop more flyers, you get more leads. You get more leads, you get more deals. You make more calls, you get more leads. It’s all about making more contacts and touching people and touching houses. That’s it.”
El Moussa says he’s eager to get started at eXp. He’s bringing that same large-scale entrepreneurial vision here, too.
“I’m ready to build this thing. I want to have the biggest team within eXp Realty – that’s the goal.”