FAQ for agents considering joining eXp realty
What is eXp Realty?
eXp Realty is the nations first “Agent-Owned Cloud Brokerage”.
Who started eXp?
eXp Realty was founded by Glenn Sanford, a former top Keller Williams agent who realized that a cloud-based brokerage that offered revenue share was the future of real estate.
When was it started?
eXp Realty was incorporated in 2009.
What does “Agent-Owned” mean?
eXp Realty is agent-owned meaning that agents acquire stock in the company and have a vested ownership in the brokerage. There are 6 ways that agents can acquire stock, from simply purchasing it to achieving certain performance benchmarks.
What is a cloud brokerage?
A cloud brokerage is a brokerage that does not have physical offices and conducts business entirely on the Internet. Think of Amazon. They are a cloud company. They have minimal physical stores (Whole Foods, which they recently acquired), yet they’ve disrupted the entire brick and mortar retail industry!
Are there really no brick and mortar offices?
Well there is one actual physical office. That is the corporate headquarters in Bellingham Washington. Other than that, every agent and broker works from home or a remote office space. The company realizes a tremendous savings and is able to pass on the savings to agents in lowered costs.
What if I need to occasionally need a physical office?
We have that covered. eXp Realty has an agreement with Regus Business Lounges Worldwide to provide free access to their facilities.
Where does eXp Realty operate?
We are currently operating in 49 states and several provinces in Canada. Future expansion plans include all 50 states and international growth.
Are there different divisions at eXp Realty?
Yes, we currently have residential, commercial, REO, and a luxury division.
Who is the broker for eXp Realty?
Each state has at least one state broker. Some larger states also have several compliance brokers to help with reviewing files.
How many agents does eXp Realty have?
We are constantly growing but as of May 2018 we have over 12,000 agents.
What is revenue share?
For every agent that you introduce to and joins eXp Realty, you will receive a portion of their annual commissions, paid from eXp’s split. You will also receive revenue from agents they attract up to 7 levels deep. The revenue share component of eXp Realty is the way you can create residual income streams even after you stop selling real estate. Rev share is one of the most compelling reasons agents join eXp Realty.
How does an agent build rev share?
Simple. Introduce eXp Realty to other agents that you know. If they join, you become their sponsor and you will receive up to $2800 annually from each of them (3.5% of GCI until they cap). You will also get rev share from whoever they recruit, all the way down to 7 levels.
How much rev share can we earn?
For every agent you personally recruit (your first line) you can earn up to $2800 annually if they cap. There’s no limit to the amont of rev share you can earn!
Do I have to recruit agents?
No. It’s up to you. However, there is a great opportunity to build passive income if you do attract agents to eXp Realty. Ask your sponsor for help.
What is the split?
Everyone at eXp Realty has a split of 80/20 until the $16,000 cap is achieved, at which time you go to 100% split for the remainder of your anniversary year.
What is the cap?
eXp agents cap when they pay $16k to the company. That equates to generating $80K in gross commission.
Where is eXp stock traded?
eXp stock is traded on the NASDAQ stock market exchange.
What is the ticker symbol?
The ticker symbol is EXPI.
What is the start up cost?
When you start at eXp Realty you pay a $99 fee for business cards and folders, which includes your first month’s $50 Tech Fee. There is also an annual $420 university Tuition fee taken from your first annual closing. This pays for training.
What are the monthly costs?
Once you are an agent affiliated with eXp Realty you only pay $50 per month that goes towards tech support. That’s it!
Does eXp Realty charge an annual “Royalty Fee” like some companies?
No, we don’t, and there are no desk fees either.
What is the eXp cloud campus?
The cloud campus, also known as “eXp World” is our virtual world where agents and staff meet on the web for training, collaboration, meetings, and support. You can join and tour our campus for free. Call or text me @ 817.480.9514 to get an invite to eXp World.
Does eXp Realty offer training?
eXp Realty offers approximately 25-30 hours of live training every week, plus a full library of on-demand training through our Career Expressway.
Where are classes and meetings held?
All of our classes meetings are held in the eXp Cloud Campus. We have everything from a large auditorium to small intimate spaces to meet clients.
Des eXp Realty have conferences?
Yes, eXpCon is our annual conference held in different cities. Past conferences were held in Las Vegas, Chicago, and San Antonio. We are excited to announce eXpCon is going to be in New Orleans in Oct 2018! We also have annual ownership meetings for stockholders.
What tools are available to agents?
eXp Realty offers a wide array of tools for agents including:
A free WordPress website and free hosting
A free Kunversion IDX Website (worth $400 per month)
An free eXp Agent Attraction Website
A free Hello Fax Number
Free G-Suite (mail, spreadsheets, word processing, contacts, hangouts, etc.) eXp World cloud campus
Regus Worldwide Membership
Skyslope Transaction Management Platform
What kind of agent support do you offer?
eXp Realty offers superior agent support. Each state or region has an “agent services” person and a transaction coordinator. You simply log in to eXp World and go to the department you are looking for and ask for help.
What kind of tech support do you offer?
eXp Realty has a whole division that offers tech support. Need help with eXp email? Questions about Word press? Wondering how to use Google apps? We got you covered. Live tech support is located in the eXp Cloud Campus.
What is the process of joining eXp Realty?
Easy, just go to chrissoignier.exprealty.careers and fill out the simple application. Make sure you see a confirmation that your application was successfully submitted. The application will be forwarded to the state broker for approval, after which agent services department will start the onboarding process.
What if I have additional questions?
Call me (Chris Soignier) @ 817.480.9514, and I’ll be happy to assist you in gathering all the information you need to perform due diligence as to whether eXp is the right brokerage for you.