What are you thoughts on eXp Realty brokerage???

Question

What is your honest opinion on eXp Realty? If it’s bad, why do you think is bad?

Has anybody try the brokerage and then leave because it didn’t was as expected?

If it’s a bad idea to join eXp, which one should I join and why?

Thanks!!!

Jacob Peistrup · Answer

I've come across a couple people in my market who've gone with EXP. It's a relatively new brokerage, but it's getting attention because they have a really innovative business model that disrupts the traditional brokerage method.

I personally decided not to go with the cloud-based brokerage and EXP's hands off model and chose a brick & mortar brokerage for now. EXP isn't as expensive to work for as other brokerages that have lower commission splits, but EXP also doesn't have a very large market share in either city I operate in (Boston and St. Louis)

You really just have to pick the right brokerage for you that offers the right resources and network that you personally want from the company in order for it to fit well with your goals.

Jaime Davila · Answer

whats the difference between split and revenue share?

Im sorry to ask so many questions but Im new to this so I want to know as much as I can before making any desicion!

Kobe Xin · Answer

@Jaime Davila

The split at eXp is 80/20. There’s also a $16k cap.

When it comes to revenue share, the agent doesn’t lose any of their commissions, which means you won’t have to pay a split to your up line. EXP pays your sponsoring up line based on a percentage of your gross commission income. Since there’s a cap on the amount of money paid into the company/brokerage by each agent at $16,000, there’s a cap for the amount of revenue share made by the up line too.

Jaime Davila · Answer

@Kobe Xin

Do you know how much are the splits between broker and agent? How much does the up line make from me? If I join another agent into the brokerage my up line would make money from my down line, and how much?

Is eXp the only brokerage you’ve been?

Kobe Xin · Answer

@Jaime Davila

Revenue share is optional. You definitely don’t have to participate in it if you chose not to. As long as you’re working with your clients and other agents honestly no one will judge you for which company you decided to go with.

We hate it when agents are pressuring other people to join. It’s always been about adding value and sharing accurate and objective information. No one brokerage is perfect or for everyone, eXp has its perks but the model has to be right for your personal goals.

Jaime Davila · Answer

@Kobe Xin

Thanks for your reply! I just got my license this week and I’m trying to find the best brokerage to start. I need training and some guide, I’ve never closed a real estate transaction in my life so I’m looking for a broker that offer this.

I already saw the eXp online campus and think is great, what I don’t like is the bad reputation and the pressure of the agents trying to recruit people into the brokerage...

Kobe Xin · Answer

@Jaime Davila

Hi Jaime.

I joined eXp this year and I can say that I really like their business model. More specifically the freedom it gives agents who don’t want to be tied down to a job or want to do this as a part time thing or investors who want to use their license for their own deals. Since there’s no production expectations from the company, you are free to captain your own ship. I also like that the fees aren’t drastic and are lower than most brick and mortar offices because of the cloud based nature.

I think some agents might find eXp to be too hands off as a brokerage. There really isn’t anyone managing you or your progress full time. Agents have access to support functions but you have to make sure that you’re keeping up with your own business. It’s up to the agents to decide what resources they want to use and what they need to do to be successful.

If you’re looking for a brokerage where you are told exactly what you need to do, then eXp is not the best choice for you. If you’re looking for the freedom to run your own business, then eXp can be a great brokerage to hang your license with.