Debating joining EXP realty. Pros cons in western Canada?
I have been reading and listening to podcasts on joining EXP Realty. I live in Sask. Canada. We are real estate investors (fix n flips, new builds) in your opinion is it beneficial to become a licensed agent myself? Is EXP a good fit?
@Russ Wahl
Hi Russ!
This is a topic that’s garnered a lot of debate. I personally think that having a license as an investor who mostly do flips can only be beneficial. Not only do you get to lost your own properties, whenever you get a seller lead who’s property might not work as a flip for you as an investor, you now have the option to list their home on the mls and make a commission that way. It’s a great way to expand your business!
As for eXp, you are allowed to keep 100% of your commission on 3 personal transactions every anniversary year with a normal split of 80/20 with a $16k company cap. EXP is also unique in that it offers equity opportunities to its agents in EXPI stock if we meet certain goals. On top of that you have no expectations from the company to do retail transactions and can basically Captain your ship.
@Kobe Xin
Thank you Kobe for your feedback. Do you think it would drive anyone anyway in having to disclose that your a realtor?
@Russ Wahl
No. As long as you’re approaching the situation honestly. It’s a part of your business, if anyone is driven away because you disclose to them that you’re a licensed professional then it probably means that they may not want to do an honest or professional deal.
@Kobe Xin
That is very true. I would assume that EXP would give me access to the local MLS and be able to view houses for sale? I find realtors in our area are not very prompt at viewing properties. I'd like to find my own deals and view properties in my own time. My only deterrent to any other brokerage is the yearly fees. I don't intend to replace my full time job at this point
@Russ Wahl
Yes, that is correct. You would have access to your local MLS. The monthly cloud brokerage fee in Canada is $139 for eXp.
@Kobe Xin
That is a lot less then any other realty group! What did you think of the training process? I’ve worked in and around the residential houses for years but I really do not know much about the legal selling of a property. My only worry is not knowing the paperwork side of things.
@Russ Wahl
When you first join the company you're assigned a mentor in your local MLS area. He/she will be able to help you get familiarized with the technical side of things. You also learn some basics in your licensing course. You can also contact your broker team whenever you have questions about contracts or disclosures.
If you’re serious about getting licensed and considering eXp as an option to be your brokerage I’d be happy to invite you a private discovery presentation on how our team and business model works or offer you a guest pass to our cloud office if you’d like to check out some of our training classes or support functions.
Best thing to do is a cost analysis and compare brokerages. If you in it just to have access to MLS and do flips and save on transactions fee then it should be based overall expenses..
@Kobe Xin
I appreciate your offer. It has been a thought for a long while to get my licence, so if I do decide to go that route then I will take you up on that. To be brutally honest my biggest hesitation on becoming a realtor is that it would make me a hypocrite. We have used realtors a number of times and some experiences have been decent while others have been down right a waste of time. So it makes me hesitant to join.
I will discuss it further with my wife. Thank you very much for some time out of your weekend to answer some questions. I really appreciate it. Thanks Kobe
@Russ Wahl
No problem! Getting licensed is a big decision and you need to make sure it’s the right decision for you before you make that addition to your business. And don’t worry about being a “hypocrite”, that’s actually be one of main reasons you should consider getting licensed yourself. That way you can always count on yourself to get the job done right!
Feel free to reach out anytime! Good luck!
@Russ Wahl I'm in Texas, getting my real estate license (4 of 6 classes finished!) and probably will go with EXP. I'm hoping that being an investor too will give me a unique niche to work with investors since I can understand their mentality, unlike some other RE agents who focus on selling someone their turnkey dream home. I've also had a lot of measly side hustles to earn capital for my next deal so being an agent might help expidite how much capital I can earn/save as a commission will be a much better return than my side hustles. Good luck!!
@Charlotte Chew
Yes those are my thoughts exactly! I don’t need to be the top selling agent or anything but to do a few deals and have a bit of an inside advantage on deals. We are also wanting to find and source more off market deals so if we can’t flip or brrrr them then maybe we can just list them
@Michael Breisch
I would like to start by buying and selling my own properties and touch on a few on market deals if the opportunity arises. I do like working with my hands and building things so I don’t want to be a full time desk boy. The low monthly fees is definitely appealing too.
Is there a website or what woujx the best way to get in touch with someone in my area involved in EXP?
@Michael Breisch
That easy eh? Right on Michael, I’ll look into that tonight. Thank you.
@Russ Wahl the biggest attribute to you joining eXp will be the sponsor & community they provide you. Too many out there join a recruiting sponsor and are left out to dry. I joined 3 years ago with a very good leader and now have closed over 150 homes and left my full time job just a year in to pursue real estate full time.