Thoughts on Exp Realty?

159 Replies

To my sisters and brothers in the real estate biz - I'm considering joining Exp Realty and curious to hear your thoughts - positive and negative - on this company/their approach. On the one hand, the stock options, agent referrals, etc, make it feel like a no-brainer. On the other hand, if it was truly a no-brainer, wouldn't everyone be doing it?? Thanks!

@Ben Toth It’s not for everyone, but it’s great for the right agent. The agent growth has more than doubled just since the spring, so I do think “everyone” is joining that understands the model and has heard of it.
@Ben Toth I'll let others who have switched from another brokerage to exp chime in, @Darren Sager comes to mind, care to chime in? I got my license earlier this year and hung it with exp. I'm blown away by their systems, tech, and the willingness of everyone to grow and help. Growing pains that arise in any company are handled with total transparency and feedback from everyone. However, I imagine you're more interested to hear from some other experienced agents who made the switch as that experience would be different than mine as a new Realtor. In regards to your thought that if it were so great everyone would be doing it: when I started my pre-license coursework in late 2017, there were about 6800 agents nationwide, up from 2500 the year before. By April this year that number passed 10,000 and I believe there are now over 12,000 agents in 49 states and Canada. The leadership admitted that in a planning meeting in 2014, they optimistically though they may hit 10,000 agents by 2020. Oops, broke through that goal two years early. Over 200% growth year over year.....I think "everyone" kinda is doing this :). KW just announced plans for virtual office for new broker owners after Gary Keller throwing out a bunch of anti-exp nonsense. The big players are taking notice and brokers are moving whole teams over. It is at least worth looking into further!

Thanks so much to you all for the thoughts! @Darren Sanger and @Russell Homes, I'm curious, how have you found the process of bringing on your agent colleagues (if, indeed, you have done so)? For some reason, I wonder if that might almost be trickier than actual real estate work. Or maybe I'm just weary of being sales-y to my friends/colleagues. :) Thoughts? Thanks!

@Ben Toth   I was pitched by them - HARD.  The entire experienced reeked of Amway or any other MLM scheme you've ever been pitched on.

I was sent the Powerpoint of their pitch - still have it somewhere.  Nearly the entire focus was on recruiting and getting rich from your "downline".

Every person I've talked with who signed on takes on the aire of a cult promoter.  In fact the guy who pitched me sent me a polite kiss-off letter, saying he was sorry that I couldn't see the obvious value that he had placed in my lap.

They may have the best systems in the world, but their pitch was a VERY effective turn off for me.

@Charlie MacPherson -  I'm very sorry to hear you were hit so hard by someone trying to recruit you...  exp is really trying to stop this kind of behavior!  I moved to eXp Realty in April after 15 years with a traditional Brokerage... as an experienced Realtor, it has been a terrific move for me as I generally don't work in an office and found that my Broker was providing less and less in the way of support, leads, etc. while still taking a large part of my commission in order to pay for the office overhead!  After closing my first deal with eXp, I received 50 shares of stock and was able to purchase shares at a 20% discount from 5% of my commission.  When I joined in April, exp was less than 10,000 agents and is currently approaching 15,000...  I was skeptical and thought 'it's too good to be true', however, after only 5 mos., I can say that it truly is legit and I'm feeling as though exp is more focused on an Agent's success than the Broker's success.  Once day I can stop selling real estate and still have a rather generous income which is just impossible under the traditional Brokerage model.  I currently have 3 Agents that have followed me... my approach is to continue to focus on selling real estate and to encourage anyone who is discontent with their current Broker to consider eXp.  I do stress, however, that it is NOT for agents who aren't self-starters, experienced or 'entrepreneurial'-minded!  I love the convenience of listening to training throughout the day and regularly collaborate with agents throughout the country which is hugely beneficial both in terms of seeking advice and in terms of referrals.  I feel like the geographic constraints of a traditional broker office have been lifted.   Best of luck in your decision @Ben Toth ...    Marian.

@Michael Stange   It's not the method of the pitch itself so much as the content.  

EXP just might be the best thing since chocolate mint brownies (which are FAR better than sliced bread), but it smells cult-ish.  It felt like I was being pitched by an Herbalife True Believer™.  

They *might* be telling me the absolute truth, but I tend to interpret excess passion as 1 part truth and 5 parts hype.

At the time, I had my own brokerage and was getting ready to fire myself.  I was sick of reinventing the wheel with every turn and was ready for another brokerage.

In the end, I went with a broker who I've known for many years and have an immense amount of respect for.  4 months in and I can say that it was a very good decision.

I feel the same way as @Charlie MacPherson . I had some eXp agent come into an open house one of my new agents was hosting. I was there for support, it was one of his first open houses. I'm sure he wasn't expecting me to be there. The guy obviously had no interest in looking at the property. He came in to recruit my agent. I've been doing this a long time so I instantly recognized his ruse. I called him on it. He denied it. The slime was oozing from all his orifices. I have a similar pyramid scheme set up within my brokerage's commission schedule but it's not so pronounced. I want my Realtors to primarily sell real estate, not primarily recruit other licensees.

@Ben Toth I have no experience with this company but if they pay you more to recruit agents vs selling real estate I would be very cautious
@Ben Toth as many here have pointed out, there are some exp agents who take an Amway vibe to it. The company is cracking down on that and released further training and an agent attraction pledge to try and stop it. The revenue share from sponsored agents can add up with time, but that is really not a primary income source, or at least wasn't intended to be. I've sponsored one person who asked me for some guidance and answers here on BP, and that is how I found my sponsor as well. I sought answers, I got them, and in turn put that person as my sponsor. He didn't come chasing me in an open house (that's completely unethical beyond just unprofessional) Same goes for the person who came to me, he sought me out for answers. I asked if he had been discussing with anyone locally, and if so to use my answers to form his decision to join with them. He didn't and so he put me down.. Other than that, my focus is 100% on building MY business as a realtor. There are equity bonuses and other achievements one can achieve solo. I personally feel the sponsoring aspect is something I'll get to down the road when I've built myself too much work, and I'll be sponsoring from the standpoint of bringing on agents to help with excess leads and actually help them. Sponsoring just to sponsor and hope THEY do well isnt what exp is supposed to be about, but some try to do that. They've also put checks in place to watch out for those sponsoring agents places they have no ties to or in a large volume without any sales. Anyone considering exp, just realize you don't have to join with the first one who pitched you, but the one most influential. I personally know a Realtor who was being pitched hard while at KW. It was annoying and offensive so he stayed at KW and broke records. Down the road a trusted friend of his joined exp and casually talked to him about joining him so they could work together from different cities, something they always talked about. He joined the friend and exp, not the hard pitch guy. Hopefully they'll be able to weed out these "recruiter" types because I'm with all of you, that is tacky and unprofessional. If your leaning toward exp, search out an exp agent you feel a connection with and let those hard sales recruiters go on down the street. I'd never be so dense as to think one company was the end all be all and everyone who didn't get it was wrong. Some people are surprisingly dense however :)
The question you should ask is: "What do I want out of a brokerage?" I have been an agent since 2012 and have worked with a number of brokerages over the years. What I can tell you is that brokers are a dime a dozen and it is a commodity business. If you are starting out I suggest you find a mentor or work under a successful agent. Brokers will say they will train you but the training will be limited at best. If you want to go it alone find a brokerage that has good branding and invest in a coaching program. If money is an issue buy a good book and find people in your area you can practice with. Start with what you want out of a broker relationship and focus on the value you will get and not the cost.

@Ben Toth

We actually just joined EXP last week. Jumped over from KW and it was a tough decision. The model EXP has was something we had considered looking into building before we even joined. Now unlike others we weren't hard sold, but it does happen. To be clear we have been affiliated with Exit and Keller Williams and all companies that allow an incentive for recruiting do have those who seem very pushy to recruit. While, sure we will recruit and bring people in that is not our main focus. Our main focus remains sales and investments. Having some of the best technology, a good starting commission split at 80%, getting to a 100% commission after 80k gross, owning stock in the beginning of a company that is looking to be in the top 10 soon were all the reasons we joined. 

Now with that being said, if you are new, you should definitely look into becoming part of successful team to help you actually be successful at real estate sales. If you are experienced and a self starter, then consider it you being part of a franchise. We have a goal of opening a boutique type office for our team for trainings, meetings, etc... We believe in the virtual, and know it's going that way, but until it's completely there we'd like to have an office to hold meetings. Something like a wework space in the Bronx. 

I hope this helps buddy,

I recently joined with EXP after 30+ years as an agent. Im really impressed so far. If I was brand new it might be helpful to be in a more traditional office environment to learn from 

colleagues in the office..but if your already an experienced agent it has the potential to add to your business bottom line while growing a team. 

I moved to eXp 3 months ago. Worked with KW and Coldwell in the past.  I love it.  I pay zero attention to agent attraction because even if you don't recruit, the business model is great.  

50k gci with fees figured

 CB where i started  22k  

KW it would be around 29k  

Exp close to 40k

I watch my kids so couldn't go in the office to sit and talk and go to meetings/trainings 5 times a week.  In 3 months at exp Ive been to dozens.  Takes a minute to get used to exp world but its a godsend for me. 

If you are one of the 99% of agents who has to bring all their own business anyway, why not get paid for it?
And IMO the tech is so through the roof better.   The support is great, even dumb computer questions I just sit down at the computer, log on to exp world, and 5 minutes later someone is talking me through it. 

--that being said if you are going alone, it is a bit more independent.  I moved with an older agent who just didn't feel like putting the time in to learn the system, wanted people to hand her business, do her paper/computer work, and let her sit million dollar open houses.  She lasted not even a month.   

I'm a bit late to this thread, but I've now been with eXp for 25 months, and the rev share/stock has created financial freedom for my family and me. Yes, I sell real estate, but I've also made agent attraction part of my business plan, as it's very rewarding and I enjoy helping other agents create their own financial freedom.

It's not for everyone, but we must be doing something right given how we're disrupting the market and taking huge chunks of market share from our competition!

Hi everyone! There seems to be many experiences and opinions in this thread and I would love to talk to some of you further. I am a new(ish) investor as well as a licensed broker. I have put off affiliating with a brokerage for a year while I was getting my feet wet with investing but I am ready to affiliate now. I am having a very hard time deciding between a traditional brokerage like KW or a virtual brokerage like EXP. I would love to hear y'all's thoughts and opinions [Request to contact removed by moderators]

I just switched over to EXP from a small private brokerage with only 3 agents and the broker. I had the sweetest deal possible where I kept 100% of the earned commission and only paid a small monthly fee to cover E&O and other misc expenses plus a small transaction fee of $695. After just selling a property of mine I developed for $1.56M, I only incurred broker fees of under $1000. On a traditional 80/20 split, I would have spent $7800 on my $39k commission so switching for me was not an easy decision. None the less, as a lifelong entrepreneur and business owner for nearly 20 years, I see benefits in eXp that exist nowhere else if you take advantage of them.

We just had an independent broker who did a ton of advertising switch over to Exp.His first event is a marketing campaign to attract new agent's.I would guess the double income from signing up new agents and sales make up for the intial 20% split

I switched to eXp about 18 months ago now, never once considered switching for the revenue share aspect of the company as I know I am not a recruiter. I am too blunt and don't have the time nor patience for it.

I was the second agent in my area to switch so we did not have a huge name in the area, but I also know none of my clients cared who I was with, they just wanted to work with me and my team. I will say it's great for some and awful for others - for me, it was a perfect fit. I do about 100 deals a year myself and never wanted anyone standing over my shoulder, but also didn't want my own brokerage because I hate paperwork and the hassles that come with it. I could simply go to a 100% brokerage and pay a transaction fee and be done, but I saw value in the company in their training, the technology the provided me and the ability to network with agents effortlessly within the community across the globe through the campus. 

Everyone is going to see pros and cons in every brokerage. You have to do what seems right for you. Have I enjoyed the added stock, yes, am I what they call an icon agent, yes, so long term for what I want to do in the field of real estate it worked - it won't for others. Best of luck in your search for the right brokerage, when you find it, you will know. 

The interesting thing is the more agents that sign up, the more diluted the stock gets..... unless they have a ginormous stock pool?   Altho i guess as the value of the company goes up it probably wont matter....