eXp vs. Boutique for a new agent

[David Ackley]

Hey all,

I just passed my licensing exams for the state of KY and am trying to decide which broker I should hang my license with.

A bit of a unique situation because i've had the opportunity to intern with an eXp team in LA for the last 6 months who's production is in the top 1.5% nationwide.

I'd love to join the team because theyre great to work with and the value is unmatched. However; I'm having trouble determining if it's still in my best interest considering that I'll be moving across the country to KY in the beginning of March which means i'll be a solo agent with the rest of my team in California.

After interviewing with several brokerages in town I've now narrowed it down to signing on with the eXp team vs. a local high producing boutique.

I understand that the two are drastically different but having no real experience as an agent i'm finding it difficult to determine if I'll get more value & be able to scale faster while learning directly from the eXp team which seems like a great way to stand out in my small KY market considering that i'll be able to keep up with what's working in LA before my market responds to a change a year or two later.

Heres a quick rundown on how the numbers stack up:       

            eXp:                                                                                 Boutique:

Split:            - 75/25 ($8,000 cap)                                                                - 75/25 ($12,000 Cap)

CRM:           -Follow-up Boss Provided                                                      - Not Provided

Mentor:      - Assigned for 1st 3 transactions for an                              - Assigned at will, mentor receives 5% of the broker's cut

                       extra 20%

Tools provided: - Breakthrough broker, eXp suite                                - Docusign

Fee:            - $50/Month Desk fee ($600/yr)                                                           - $85/Month Cloud brokerage fee ($1,020)

Transaction Coordinator: - Yes                                                                 - No

Floor time/Phone duty:     - No                                                                 - No 

The boutique doesn't really provide any training & only has meetings every other thursday due to all of the agents being a bit older & having been in the business for years but they do seem to have a good mentorship program where I can be assigned directly to one of them who's a top producer in our market.

What would you deem more important in this given scenario?

The local support that the boutique has to offer OR the amazing training & virtual support offered with a top 1.5% exp team???

TIA

[Ryan Lesley]

Hey @David Ackley,

My vote goes towards sticking with eXp for both the flexibility and training. 

I had a similar situation where I got licensed in Florida, moved to Colorado and got licensed here as well. I like that I can be licensed and operate in both states and yet only have to pay the one monthly brokerage fee. 

are you Licensed in California as well? If so you would be in a similar situation. Not to mention if you feel really good about the team in California and they are still willing to keep you on you can still benefit from their mentorship. One thing of note though, is that you would still be obligated to be in exp's mentorship program in KY if you don't wind up joining a team there. The exclusion from the mentorship program would only apply to California if you were to remain on the team there. 

Hope that helps and best of luck with your career in KY 🤝🍀

[Brett Deas]

I would go towards the boutique. I was at a big box brokerage for a while like exp and it was not for me. What truly matters is do they do what they say. If you can I would talk to the agents not the brokers at these brokerages and see what they say, and what their results are. That was my mistake when I joined my first brokerage I just listened to the broker and the place didn't do all they said it did. Now I am at a boutique brokerage and I have found they really get to know you better because they are smaller. Personally, I thrive off personal connection and that is really how I learned. 

Honestly, most of it comes down to personal preference but also check out the numbers and success of all the agents at these brokerages. 

[Marian Huish]

Hands down stay with eXp Realty @David Ackley!  You’ll have access to the 60+ hours of weekly training and all the cloud-based tools in the virtual world regardless of where you go and will be assigned a mentor as a new agent in any state you’re licensed in.  And since you already have relationships with your eXp team, they can continue to nurture you and you can go on your own at some point where are y’all then be at 8020 split with a 16 Which then takes you to 100% split. And while it may not be important to you now, you will receive performance stock awards and equity ownership in EXP along with Other passive revenue share opportunities. One thing you didn’t mention is that KV core is the EXP provided CRM that you’ll have access to for free! This is a system that you would pay $800 per month for elsewhere… Obviously your team has chosen to use Boomtown instead. There’s also healthcare, and many of the affiliate partnerships that help you to succeed in your business. Talk more to your current team to make sure you’re aware of all of the resources available to you, regardless of where you go! All the best!

[Kai Kopsch]

@David Ackley congratulations on your license, and you're the first post on BP. Company Names and split, software don't really matter when you start your Realtor journey. What matters is the people working there and helping you and a free mentorship! Interview the Agent working there not only the BIC and find an experienced agent you can shadow and advise you on how to make your first few deals. The same with the split better ten deals at 60/40 than one at 75/25.

Good luck 

[Russell Brazil]

As a new agent, Id recommend joining Keller Williams probably. And note, Im not affiliated with KW. 

[Holly Barrett]

Is there a local EXP team you could join w/instead? 

[Dane Basham]

Dave, With eXp  You have been blessed with plugging into one of the very best companies in the world to grow your real estate business. I am not currently with eXp but am currently working on getting my license and will join eXp. Why? Because at eXp we all have a seat at the table to be an owner and grow locally and globally. I scrolled thru and saw several eXp leaders in this post encouraging you to stay and stick with your group in Los Angeles that brought you to the company. My wife and I live in Tulsa and we are happy to help you out. Why? Because we all win as owners by helping each other grow. That’s not the norm at the traditional brokerage. Go ask all the other brokerages how you can be an owner and get stock in their company and have an exit strategy to one day get out of the day to day production and still continue to grow your income. The challenges of getting your personal production going is going to be the same at every company. One idea is to focus on move up buyers. Ask your team leaders and go to the resources available on this at eXp. 

[Katherine Earle]

My experience with eXp as a new agent was not as rosy as their sales pitch tried to make it seem. My split after all of the fees and the mentorship program was barely more than 50%. Plus, it’s more like $200/mo for everything. The mentor was more focused on trying to be a mentor than being an agent which meant that his experience as an agent was sub-par at helping me with my first transaction. I had to learn how to navigate how to be an agent, plus their tech. I was in a different board than my mentor which meant he couldn’t help with knowing which docs to use and neither could the broker when I asked. I ended up signing up with both flexMLS and RealComp and was so confused, and nobody could tell me that it wasn’t what I was supposed to do (not that I can’t do that, but not necessary and very confusing as a new agent). Plus, they are so new, that the rules and fees are changing faster that anybody could keep up with. And you are in charge of getting your own transaction coordinator. Believe me, it is a life saver when you are busy!

After I switched to a boutique brokerage, they helped me sort out the mess that I left eXp with. They are a 70/30 split after I do 5 transactions (50/50 at first) and $60 monthly fees. It’s clean, simple, I have access to my broker and the wonderful admin team, who are all experienced licensed agents. I have closed 3 transactions with them and about to close #4 next week and I feel so much better than I did when I tried a big brokerage in Wisconsin and eXp after moving to Michigan. 

You might have a different experience. So try one out and see if it’s a good fit. It’s annoying to switch if it doesn’t work out, but it’s not that big of a deal. Good luck!

[Marcus Auerbach]

@David AckleyYou are on the right track by joining a team, IMO there are only two options: join a team or start a team. A team is a better experience for clients and for the agent, plus it get's you through the learning curve faster.

A lot of what I hear about EXP is similar to what Kathrine said above. EXP was created as a knock-off from KW, more focus on recruiting and less on training. For me a boutique brokerage is a non starter, because tech and training are not there (and can't be on the same level as a 180,000 agent firm with deep pockets), but I would check out KW before you sign with EXP.

[Holly Barrett]

@Marcus Auerbach

Just my two cents. I started as a new agent with EXP and love it! It is not the best fit for everyone, but I think the training is extensive. There is so much training opportunity that the problem really becomes having a good mentor and guide to streamline and clarify critical training over the “fluff” or add on trainings that perhaps should come later while putting the foundation together in a timely fashion.

Everyone seems to share this opinion that exp focuses on recruiting. I really do not agree with that. Some do, some don’t, And only if you want to grow a team or down line of agents would you participate in those trainings. The vast majority of training is focused on the day to day business of being realtors.

That said I have seen many new agents come and go, but I suspect the same dynamic occurs at other brokerages with similar complaints being heard.

At the end of the day the brokerage is the tool and the agent must have the mindset of “I am creating my own business” and if they aren’t ready for that they definitely would want to join a team that they properly vet. Even still some teams appear amazing from the outside and once they join the looks can be deceiving! It still comes down to the agent… perhaps reading Jacko’s Extreme Ownership should be required reading for all new agents. ;)

[Melissa Haworth]

@Holly Barrett totally agree with you!  I love eXp and would never consider another brokerage -it is perfect for me as an investor/agent.

[John Adrian Dobson]

I've been with EXP Realty for the last 2 years, and it's been generally positive. Their on-boarding mentorship program was getting an overhaul when I joined so help was pretty much non-existent but I thankfully had a great mentor who I knew prior to joining who took a lot of time teaching me, even though I was an independent agent. 

[Holly Barrett]

@John Adrian Dobson same here, they have made some super positive changes in the onboarding and mentorship since then.