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#458834 - 08/19/17 12:49 PM eXp Pros & Cons??
CRW Offline
Member

Registered: 03/14/10
Posts: 12
Loc: PA
Some of our biggest producers at our company have left to start up an EXP cloud based agency. I have been approached by 2 members to join. It's hard to beat an 80/20 split...and after a quick calculation realizing that by not being with them I lost out on an additional $3000+ this month.

Can anyone give me pros and cons about the corporation to help in my decision making?

Thanks!

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#461349 - 05/02/18 11:39 AM Re: eXp Pros & Cons?? [Re: CRW]
koz Offline
Junior Member

Registered: 02/19/17
Posts: 6
Loc: pa
I'm seriously considering a switch to them and from what I've researched:

Pros.
-Just one big one IMO. more money. significantly more if you are like most and not handed listings/buyers from your broker.
For instance here is the difference in take home, in my area for typical average agent splits-200k house at 6% commission
Howard Hanna $2800
Coldwell Banker $3000
KW $3750
Exp $4745

-Even their cap is lower than KW. HH/CB have no cap so if your really busy agent it blows my mind how people even work for them, or Berkshire.

-Its definitely growing. The real trends had them 209% growth and its not like its form nothing to a tiny bit, they were up to number 7 or 9 iirc.
For comparison, HH(who i live in the heart of) had a 0.5%..and that was probably small brokers they bought out.


Cons
-the 'virtual world' is kind of strange especially for older agents. Its basically a video game setting you run around in. I went in to check it out and saw a bunch of people standing around I guess in private chats. So i just went and kicked a soccer ball then stole a boat.

-Depending on the area, people may have never heard of them. Most of the people I work with have no idea, and don't care who I work for so thats no big deal. I'm with KW right now, and most people in my county don't know that name anyway..

-I don't 'love' recruit driven incentives. While this doesn't affect your commission, its a little annoying to me any webinar I've seen revolves around the concept. But if you are a good recruiter with a solid network of other agents you could make some good money that way.

-No office. I don't ever go into my office and most don't at KW. When I started off, I was with CB and there were a lot of agents who would go in the office and just sit all day. It was nice to socialize from time to time, have a meeting, get to know agents you could open house for if your slow etc.


Edited by koz (05/02/18 11:43 AM)
Edit Reason: adding a con

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#461361 - 05/03/18 12:51 PM Join the eXp Team!
casperpearl Offline
Junior Member

Registered: 04/25/18
Posts: 2
Loc: Ohio
Hey everybody! I've been a browser on these boards for a few months now. I've seen a few questions regarding eXp Realty and figured I'd chime in since my team recently switched over to them.

eXp Realty is a virtual, agent-owned brokerage and is rapidly expanding. I’ll take a moment to go over what they offer. If you see something that aligns with your goals as a Realtor, I’d love to chat more and answer any questions you have😊


Splits:
At eXp, you start on a 80/20 split. Once you cap at $2.66 million (or $16,000 paid in), you go to 100% with a $305 per transaction fee (includes E & O). Once you hit 20 transactions after capping, eXp will reward you back your $16,000 in the form of stock!


Rev-Share
If you bring another agent to eXp, you will receive 3.5% of their gross commission. For example, if the agent you brought on sells a $500k home and generates $15k commission, you’ll receive 3.5% of the gross commission, which is $525. You will keep receiving 3.5% of everything that agent sells until they hit their cap of $16,000. And then it starts over the next year.

There are seven levels in this rev-share model. The first level includes all the agents you’ll personally brought to the company. The second level consists of agents that your recruits brought on (which you can earn 4% of their gross commissions), and so on for seven levels. Here's a graph:



For teams which switch over, the cap for the lead agent is $16,000, but the cap for the team members is only $8,000.


Stock:
At eXp, each agent has the option to convert 5% of their commissions into stock. It’s bought at a 20% discount of the 30-day rolling average. You’re also rewarded 50 shares of stock for your first sale, and also after every recruit’s first closing.


Virtual Brokerage and Lead-gen
eXp really wants to evolve from brick and mortar, which is why we work in a virtual world where each agent creates an avatar. Inside this world, you can meet with your team, chat with other agents from all over the country, attend seminars and trainings (30+ hours every week) or approach support to figure out solutions to your problems. The vision for the future is to eventually have vendors setup inside this world to make it a one-stop shop for every real estate need!

Along with Skyslope (which manages all of our transactions, giving us a breakdown of how much we’re going to earn in commissions each month, dates of all of our closings, and how much we need to sell in order to hit our goals), each agent has two lead-gen services available to them: Kunversions and Commissions Inc. It’s up to the individual agent to run campaigns, but the programs are integrated and ready to go.


When my team switched back in January, eXp had around 6,000 agents. We’ve since surpassed 11,000. We are the fastest growing brokerage in the country, located in 47 states, and the plan is to eventually go abroad.


eXp Webinar
Here’s a great webinar by Brent Gove on the model.



If you have any questions, are interested in more information or would like to fill out an application, send me a message!

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#461362 - 05/03/18 12:56 PM Re: eXp Pros & Cons?? [Re: CRW]
casperpearl Offline
Junior Member

Registered: 04/25/18
Posts: 2
Loc: Ohio
Hey CRW and koz, I just posted about eXp Realty if you'd like to check that thread out. It's located here: Join the eXp Team!

Or if you have any questions regarding eXp or would like to know my personal experiences, feel free to shoot me a message.

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