What is eXp Realty?
eXp Realty is the Nation's 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 5 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 Corporate Suites Worldwide
to provide free access to their facilities. You can actually use ANY location worldwide for FREE - and there are more than 1500 locations!
You can also opt to meet your clients at your favorite title/escrow office or lender office.
Where does eXp Realty operate?
We are currently operating in all 50 states and every province in Canada. We are also open in the UK, Australia and dozens of countries worldwide.
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 June 2020 we have over 30,000 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 20% split. You will also receive revenue from agents that 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 (retirement income). Rev share is one of the most compelling reasons agents join eXp Realty.
Even if you aren't interested in focusing on agent attraction, Knolly will help you grow your revenue share group!
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 revenue 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 amount of revenue 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.
We have found that about half of the agents who partner with Knolly want to recruit and the other half just want to sell real estate (and some want to do both). We recommend you stick with what you are good at.
If you don’t like recruiting, then you don’t have to. The cool thing is, if someone IS interested, you can simply send them a few videos to watch and then Knolly can talk to them for you! That way Knolly can help you build your revenue share group, and all you have to do is have them talk to Knolly - LOL. If they decide to join they go under YOU.
What are the main reasons that Knolly joined eXp?
The 4 main reasons that Knolly joined are:
1. Better split/smaller cap/no royalty fee (so you keep more of your money).
2. Dashboard/backend is a lot more user friendly (and you get paid at the table).
3. Stock Options (agent owned and you can earn stock in 5 different ways).
4. Revenue Share (all the CAPs paid in to the company are paid back out to the agents).
5. MUCH better for Teams - because you can operate in multiple cities or states for the same monthly fee and just ONE CAP.
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.
Is there an additional CAP to sell in multiple cities or states?
No! Since eXp is a National brokerage (not a franchise) you only pay one annual CAP. Even if you sell real estate in other states – you will still just have a $16,000 CAP. For example, you could sell real estate in Hawaii, California and Nevada (providing you have a license and all those states) – and you would only pay $16,000 total. This is a huge benefit over other brokerages.
Where is eXp stock traded?
eXp stock is traded on the NASDAQ stock market exchange. The ticker symbol is EXPI.
What is my start up cost to join eXp?
When you start at eXp Realty you pay a one time $149 fee.
With this fee you get 1000 business cards and 20 folders, plus it includes you your first month's fees.
What are the monthly costs?
Once you are an agent affiliated with eXp Realty you only pay $50 per month Technology fee and a $35 per mo training/admin fee . That’s it!
Does eXp Realty charge an annual or per-transaction “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.
Does eXp Realty offer training?
Oh Yeah!!! eXp Realty offers 80+ 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 class meetings are held in the eXp Cloud Campus. We have everything from a large auditorium to small intimate spaces.
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 and New Orleans. 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 Kunversion/Commissions INC IDX Website (worth $700 - $1000 per month!)
• A free eXp Agent Attraction Website
• 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.
eXp has more than 2,000 full time employees to serve YOU.
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 Wordpress? 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?
Joining eXp is really simple. Everything is done online (and you don’t have to involve your brokerage - unless you want to). We know goodbyes can sometimes be awkward.
2. In a few days you should receive your ICA (Independent Contractor's Agreement) via email. When filling it out list the person referred you to Mentorship Masters as your "Sponsor"
3. You will get a few more onboarding emails from eXp and the last one will be to transfer your license online. It's super simple and eXp will send you step-by-step instructions.
Q. Does eXp work for newer agents?
When you work with a cloud based company there are pros and cons. One of the cons for very new agents is they don’t have folks they can bump into in the hallway or at the water cooler and ask questions. So if you don’t have a good mentor it can feel as if you are on an island. That’s when you join you will have ME. Remember, all of there perks that I give you (my Mentorship Masters Program) is available for the folks you sponsor as well.
This is an EXTRA perk for you because when you are introducing folks to eXp - you can tell them that they also get my Mentorship Masters Program so that they too can be successful. This will make your recruiting efforts that much easier.
eXp does work well for seasoned agents who don’t need much hand-holding, but it’s an amazing company for brand new agents as well - providing they have the right sponsor.
Remember, as your sponsor, you will have access to me ;-).
Here's what comes in my Mentorship Masters Program:
Mentorship Masters is basically additional Value coming directly from me (in top of the benefits eXp has to offer).
> Your Own Accountability Partner. You’re partnered up with your own accountability partner so that you can sit and reach your highest goals!
> Mentorship Masters Training Online Portal. A complete library of all of Knolly’s LIVE coaching calls as well as tons of resources!
> Weekly LIVE Group Coaching Call. You get LIVE weekly group coaching calls with our business coaches and partners! Learn skills to sell more homes and GET YOUR QUESTIONS ANSWERED.
> All of Knolly’s Resources and Tools for FREE!!! Yep, you get Knolly's Seller Guide, Pre-Listing Package and ALL of Knolly's Success Tools for FREE.
There are also additional bonuses (see above videos) for agents who want to build a team and for Celebrity agents.
Why is Knolly offering his Mentorship Masters Program? Doesn't eXp have enough benefits of its own?
Most agents will find that joining eXp is an absolute "no-brainer" once they really take a good look at the company and everything that is offered.
Mentorship Masters is in no way an inducement for agents to join Knolly or to join eXp.
Knolly is offering his Mentorship Masters program because he doesn't just want to Sponsor agents into eXp. He wants for you to be HIGHLY SUCCESSFUL and to FLOURISH. As you sponsor, Knolly has a vested interest in YOUR SUCCESS, and thus he is pulling out ALL THE STOPS to make sure you succeed.
Q. How do I get help on paperwork or with any questions I have on transactions?
Each state has a designated broker and it’s been our experience that the brokers at eXp are top notch - better than most traditional office brokers. eXp values their brokers more than a traditional brokerage as its a virtual company and the support from the brokerage has to be STRONG...and it is!
Many states have broker departments of 2, 3, 4 and 5 people because of how many agents are in that particular state. These are all salaried eXp employees in each state. So, in addition to being able to use Knolly's guidance and support as your sponsor, contract questions would be directed to your state broker and their support team (available 7 days a week).
Q. How do I transfer my current listings to eXp?
Active listings can be transferred between brokerages if your current broker agrees to it in writing. Most brokerages will not hold your listing “hostage” and will typically allow you to transfer active listings.
Clients that you have under contract (buyers or sellers) will remain at your current brokerage and close out at the current brokerage as the broker is the responsible party on contracts in the eyes of the state.
Most brokers will pay you the commission you are owed if you exit gracefully and on the best possible terms.
How does eXp handle Teams?
eXp is a phenomenal fit for teams. As the Team Leader, you will be paying your $16K CAP, and your team members will have a "half CAP" at $8K. You can split your commissions however you wish with your team members (50/50, 60/40, etc).
For very large teams eXp has some additional plans available.
Our sponsors into eXp are Group 46:10. The sell 500 homes per hear and operate in 5 major markets with approx 40 agents. For expansion teams (teams that operate in more than one market) the commission structure at eXp can't be beat. You pay just ONE Cap and you can operate in as many cities as you want! You do not have to pay and additional fee for each market you are in.
If you are looking to grow your team to it's highest heights, we will also gift you a powerful Team Building training (2 Day Bootcamp) done by Group 46:10 where they teach you everything they know on how to build an amazing mega-team. They will also offer workshops and consulting (and direct access to text them your questions as you are building your team) to help you succeed at the highest level! Watch the 4 min YouTube video here: https://youtu.be/HD6vY22oXjA
Is eXp a good fit for celebrity agents?
eXp is a remarkable fit for celebrity agents (authors, trainers, speakers, entrepreneurs, coaches and public figures or any agent who has a following). Why? Because you can build your Revenue Share Group FAST.
Your "fans" will want to align themselves with you!
All you have to do is create a simple program that will help the agents you attract to succeed and we will help with the rest. We provide the weekly group coaching program for them as well as our Mentorship Masters Program! As a celebrity coach we will personally help you build your Revenue Share Group!
As your sponsor, Knolly will also help you create a "flagship product"
, generate successful seminars, build your list and more! Watch the 6 min YouTube video here: https://youtu.be/38kRvyRl7B0
How will I get LEADS while at eXp?
1. Through the technology. You will get your own kv Core (kunversion) lead generating website. Kunversion is known as "The Industry’s #1 Lead-Gen Platform". This is a BIG deal because these agents pay $500+/mo for these sites and you get it just for being an agent with eXp
The site has landing pages and is designed to generate leads for you daily.
2. Weekly LIVE Group Coaching Call (focused on lead gen) - for this Weekly Group Coaching Session Knolly Williams has partnered up with Group 46:10 and our business partners in our upline at eXp.
3. NO COST VIP ACCESS to ALL of Knolly's FULL DAY RETREATS (Success with Listings and Millionaire Success Secrets) held in Austin TX. If you can't attend LIVE you will get the event recordings.
4. From other eXp Agents. eXp agents are super loyal and we love to refer deals to each other through our national referral network!
What if I have additional questions?
Schedule a call with Knolly and he will 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.
Knolly Williams wants to become YOUR Mentor!!!