An Introduction to eXp Realty
(Updated: March 2020)
Whether you've been selling real estate for 20 years, as I have, or just getting started, choosing the right real estate company is very important. For the longest time, they all seemed like slight variations of each other. Commission splits, marketing, technology, supplies and an office or a desk were all a part of the basic offering. Now, there's a not so new kid in town called eXp Realty. This is going to blow your socks off with revenue share, stock awards, avatars and more. Buckle up! Once you see it, you can't unsee it!
What the eXp Realty Introduction Covers:
- Who We Are
- Our Business Model
- eXp Realty World
- eXp Realty Solutions
- Joining eXp Realty
Glen Sanford, CEO of eXp Realty believes that agents and brokers deserve the benefits of being a shareholder and income based on the level of their contribution. His forward thinking and transparent approach has and will continue to set a new standard in the real estate industry. Welcome to eXp!
eXp Realty was founded in 2009 and has become an international company with well over 30,000 agents at an unprecedented rate. Along the way, eXp has not only been a great place for real estate agents and brokers but was recognized by Glassdoor as one of the best places to work! The future of real estate is here!
Over 30,000 real estate agents in North America alone as of August 2020. To put that in perspective, the largest real estate company in North America has over 62,000 agents. One thing stands out above all else is time. In a very short amount of time, eXp Realty has become a major player and there are some very good reasons.
We've seen it time after time; the old ways of doing business evolve at a snails pace, leaving room for companies like eXp to make their mark. Blockbuster, Sears, Toys R Us, Hotels and more. Air B&B, Uber, Lyft, Amazon, Netflix and more have changed the game. Auto Manufacturers are even taking a big hit from Tesla. All of these startups were scoffed at by the big corporations. Time and again they end up taking notice way too late.
eXp Realty is one company with a singular vision. The days of each office being independently owned and operated are going to have to take notice. From one location to the next, you never know what you're going to get. **Insert Forrest Gump referrence** :)
The goal of every broker is to acquire as many agents as possible to fill their building. The rent has to be paid regardless, so they might as well fill it to the brim.
This is by far the coolest and most exciting part of being with eXp Realty. It feels a little bit awkward at first to walk around with an avatar and talk to people, but after a day or so you get used to it. Imagine being able to walk inside your local office and corporate office as well as tech support, training classes and more anytime you want! It sounds amazing because it is amazing! With over 50 hours of live training with the BEST agents in the industry. We've never seen anything like it.
Imagine having an issue or confusion with setting up your website. You walk into your office and speak with someone you think can help. Turns out your issue is handled at the corporate level. They say "I'll meet you at tech support in the main Tech building. When you get there, they explain to the next person what your issue is. Now you're in the right place to get the help you need and it took all of 10 minutes for it to happen. Sounds strange doesn't it? In the eXp World that is exactly what you can do.
Real estate agents all have unique experiences in this business and you'll still get surprised a time or two. A local office gives you access to some agents that may have run into a similar situation as well as the managing broker with their own perspective. The sad fact is, those agents don't really have time to help. They're focused on themselves. If they stop to help everyone that asks, their business will suffer. Not the case with eXp. Every agent has a real financial interest in other agents' success. Need an added bonus? Those agents are always engaging and sharing with each other from all over the world!!
How much stock do you own in XYZ Realty? If you're anything like us, the answer is zero, unless you purchased it like any other consumer.
This is an agent owned company. If that's a hard concept to understand, you're not alone. No other real estate company in the world is agent owned. Do you earn stock in your company? Do you share revenue with your company? If you have profit sharing with a franchise, look up revenue share (on the corporate level) vs profit share with a franchise. Night and Day.
Revenue share is something the real estate industry has NEVER seen. If you've experienced profit share, go look up the difference between the two.
This took us a little bit of time to fully understand. When we did, we about fell on the floor. This is a life altering game changer.
Our team adjusted to having an avatar pretty quickly. Everyone thought it was going to be strange but just like shopping online, it's AWESOME!
Honestly, the avatars kind of creeped us out at first. We didn't know what to expect and figured they would talk like Max Hedron. What makes them so easy to get used to is the view is first person and people are speaking to each other. It is very cool and so interactive you'll be a pro in no time! The future of real estate is really here and it's very cool now and can only get better. I can't imagine what things will look like in 10 years, but I'm excited to find out.
Healthcare options? I've never heard of such a thing in the 20 years I've been selling real estate. When your entire household income in based on commission, healthcare can be outrageously expensive. We didn't even realize there were healthcare options until we signed up with eXp, but as with most things, we were pleasantly surprised.
Real time snapshot of your business at eXp. Have you ever been able to check your commissions earned, cap status, equity awards, revenue share and analytics all at once? I know we haven't, but we sure do now.
SkySlope was another pleasant surprise for my team. We've used just about every paperless system there is and SkySlope is head and shoulders above the rest. Everything is integrated so you don't have to switch between several programs just to update a transaction. This one feature (which is also included) is going to be the most benefitial to our clients.
This is where you can really find information, files, pre-recorded videos and more very quickly. Every agent has a workplace account with all of their contact info, as well as a chat feature, just like the Facebook we all know and love. This is an easy way to quickly get in touch with the managing broker, designated broker or anyone else. Broker support is very important and this platform is faster, easier and more convenient that anything we've ever had.
You can do anything you want. We have 6 websites and 3 of them are with eXp. We will probably transfer the remaining sites as well but we didn't want to do everything all at once. The KvCore system seems every bit as good as our current system with one added bonus; FREE! Our team pays well north of $500/mo for the other 3 sites combined. Everything we've tested so far has been top notch and easy as can be.
Does eXp Realty Offer Marketing and Branding Services?
Do they ever! We've always had access to premade marketing and customizable marketing materials. We have never used them. Once you change any information or upload a picture you can rest assured things are going to get whacky quick. Everything we've made in the marketing center at eXp has been top notch. Even if we had a problem we could walk right over to customer support and have it fixed. We have not had to do that yet and we really like to customize! There is nothing that I can think of that has been overlooked. A few clicks and you can print, ship, mail, download, share and more! Everything is integrated together. When I say everything, I mean E-V-E-R-Y-T-H-I-N-G! If you can dream it up, you'll find it.
Joining eXp Realty is the most seamless and easy process we've ever had to do. Not only that, we've learned more about real estate and eXp Realty than we ever have previously. It is easy, painless and the only regret you'll have is the same one everyone else has; "I wish I had payed attention to eXp a lot sooner!" Join us today and become a shareholder in a company you'll absolutely love!
Everyone who's ever sold real estate knows about fees. Desk fees, broker fees, copy, print, transaction fees and more. On top of that you give up a percentage of your commission. All of the companies out there are different but it all shakes out to be about the same. Bottom line is you get what you pay for. We've been very fortunate to be with a great company and broker. Unfortunately, the traditional model can not even come close to competing. They will have to change, but it may be a case of too little too late.
Where are the biggest and best agents in the industry? If they've really looked into eXp that's where you'll find them. If not, they'll be here soon!