eXp Realty FAQ's
eXp is a national brokerage (not a franchise). eXp Realty is in all 50 states in the US, 3 provinces in Canada (as of August 2019) and in the process of launching in the UK and Australia.
We have physical offices where we are required to by law or licensing requirements. In Connecticut, our "main" office is a Regus location in West Hartford.
No! Since eXp Realty is a national brokerage, your eXp fees apply to the entire company, no matter where in the world you are working.
Profit-sharing is derived from a complicated formula controlled by accountants and mathematicians to minimize an office's profit, and in turn, your profit and maximize the profits of the main benefactors. In the real estate industry tt is generally based on agent recruits, company growth and individual office profitability. Since "office profit" is based on an office's NET profit and any accountant worth their salt can minimize profit, the likelihood of a substantial payout is minimal.
Revenue sharing is paid whether the office makes money or not. It is based on the agent commission. It is easily explained. There is an actual formula you can use to determine your profitability. eXp Realty rev share pays you residual income from your recruits regardless of office or company profitability. If an agent makes money, you get paid the following month. No accountant necessary to figure it out!
In a nutshell, if you recruit an agent, you receive 3.5% of their gross commission. And you will keep receiving 3.5% for every one of their transactions until they have "capped". When an agent caps they have reached their annual company cap of $16k. At that point they go to 100% commission so you should be happy for them! If eXp pays them 100% there is nothing to share!
The calculator starts to get complicated from here but it is still based on actual math. For instance, if you recruit at least 5 agents, you then receive 4% from the commissions of any agents your recruits have recruited. (2nd level agents)
If you recruit at least 10 agents, you not only receive the 4% from second-level recruits, but also another 2.5% from third level recruits.
And it keeps going for seven levels. At a high level, for every 5 personal recruits, you qualify for one deeper level of residual, passive income.
We have an in depth calculator for you to play around with to figure this out. No accounting shenanigans allowed to calculate an office profit.
We've put together a few pages of information for you to peruse.
I'd like to answer this question in general. The anecdotal perception is that hundreds of thousands people become realtors every year and hundreds of thousands quit. I decided to devote a page to this question. Please follow this link:
Your monthly fee includes the following tools:
- KVcore ($400/month value)
- Technical support
- A slew of other perks.
In addition to the core eXp Realty perks, the Festa Home Team will augment the eXp experience through our value proposition. Read about our proposition here
Yes! In fact we offer all the services of a traditional agency plus some. "Cloud" based represents a paradigm shift which is defined as "a dramatic change in thinking and planning, which ultimately changes the way projects (or processes) are implemented." eXp has been perfecting the shift for over 7 years and it works.
A cloud brokerage changes the way agents, brokers, trainers, and consumers work together. The cloud is an accepted and proven concept. Some benefits"
- Creates a truly collaborative community
- Allows for interaction with other top professionals around the world.
- Cuts unneeded expenses enabling the brokerage to share the additional funds with the agents and fellow owners.
You can manage your transactions and interactions from anywhere, at any time. Manage your real estate business from your office, a Regus location, a coffee shop or the beach! all your transaction and business requirements are readily available.
We offer support at EVERY level. Some examples of our support structure include:
- New Agent Services
- Transactions and administration
- Marketing and technology
- Business development
- Peer-to-peer training, support and camaraderie
- Mentoring and upline
- Agent, team and broker support
- Executive support
You can manage your transactions and interactions from anywhere, at any time. Manage your real estate business from your office, a Regus location, a coffee shop or the beach! all your transaction and business requirements are readily available.
We call our "in-house" technical gurus the WTM which stands for Working the Magic. They are full time employees who simply work magic and provide marketing and technology support to eXp Realty agents. You can simply visit the cloud office or open a support ticket and receive assistance with whatever you need. Some examples of support include:
- email support including such tasks as creating a custom signature
- getting around the cloud office
- help with your wordpress site
- assistance with your Kunversion site
- help with your electronic fax and toll free number
- other mundane tasks such as "which printer do you think is best" or "which tablet should I buy?"
The WTM folks live and breath technology and they are ready to assist you succeed.
You can manage your transactions and interactions from anywhere, at any time. Manage your real estate business from your office, a Regus location, a coffee shop or the beach! all your transaction and business requirements are readily available.
We have over 25 hours of live weekly training and a growing archive of recorded sessions covering today's best industry and real estate business practices. Our staff is up to date current on the latest technologies and always ready to help. Check out a sample of the available training on this page:
Most agents will meet their clients at a coffee or sandwich shop. You also have access to the network of Regus office locations (http://www.regus.com/).
In terms of meeting with clients, it is our experience that our clients enjoy a nice cup of coffee or tea away in an environment they are familiar with already. Our clients are more at ease as a result of the environment.
There are a number of steps involved in transitioning to a new firm. Our onboarding process will make it as seamless as possible. The important thing to remember is that you are not alone! Reach out to me and come into the Cloud Office and collaborate with like minded realtors.
Here is a list of items we will need to attack. It is not comprehensive yet but it will be over time.