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!
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.
Thanks, all, for the thoughts!
@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.
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.
If there was such a thing I can see where it could succeed very nicely.
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
Thanks, all, for the thoughtful replies! Much appreciated.
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....