FAQ for agents considering joining eXp realty

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 who was a former 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 can 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 no physical stores yet they sell a heck of a lot of merchandise!

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 39 states in Canada and growing. We will eventually be in all 50 states and international.

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 one state broker. Some larger states also have compliance brokers to help with reviewing files.

How many agents does eXp Realty have?
We are constantly growing but as of Jan 2017 we have 2600 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. You will also receive revenue from agents they recruit up to 7 levels deep. The revenue share component of eXp Realty is the way you can create income 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 them if they cap. You will also get rev share from whomever they recruit. All the way down to 7 levels.

How much rev share can we earn?
Well, for every agent you personally recruit (your first line) you get up to $2800 annually if they cap. See this chart to see what you can earn for 2nd -7th levels.

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 cap is met.

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 OTC Markets.

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. 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, they don’t, and of course 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. Go here to download the app and get your avatar.

Is there training?
eXp Realty offers a full array of training offered ever week.

Where are meetings held?
All of our 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 Ft Lauderdale in Oct 2017! We also have annual ownership meetings for stockholders.

What extras are offered to the agents?

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 eXp branded Google Apps for work , email, storage, Youtube, anf Hangout
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 join.exprealty.com and fill out the simple application. Make sure you have your sponsor’s information. The application will be forwarded to the state broker who will contact you to set up a short interview. Then the agent services department will start the quick onboarding process.