Keller Williams or eXp Realty?

Question

Good morning BP community!

I hope this post finds you well. I recently moved to the DMV (Washington DC, Maryland, Virginia) area from California not too long ago and I am looking to become a part time real estate agent. I love my current my job working at NASA as an engineer but real estate investing has always been a passion of mine as well. I have 3 rental properties currently under my belt in Cali and in Maryland in which are all making positive cash flow.

So why I am here? Like many of you in this community I am looking to take my real estate game to the next level and get my real estate license and join a brokerage. I have searched for many hours for that “perfect” brokerage to meet my expectations and so far eXp Realty and Keller Williams are my top two. I wanted your opinion on who I should team up with. If you have worked for any of these companies in the past or simply just have an opinion on them I would certainly welcome to hear all about it. Thank you for your time! =)

My expectations:

• Mentor (with specialty in rental investments)
• Flexibility to work with agents who have full time jobs
• Network opportunity (make long lasting friendships)
• Great brokerage culture

Candace Pfab · Answer

We are with eXp, so of course I am biased, but I love the fact that eXp is a virtual company which I think is key for a part-timer.  We have an online platform, much like this one, where you can network with other agents, get help & do all of your training online, so you are not confined to a typical schedule.  Most of the live training sessions are held during typical business hours, but they are on PST, so you should be able to find some in your time zone & many are recorded so you can watch any time.  You should choose your own mentor.  Don't let them assign you one.  You should interview the mentor pool to see who will be able to help you the most with investment property.  Make sure they will have evening & weekend time to spend with you.  There are a lot of eXp investor agents on here that you could probably find if you do a search.  The synergy at eXp is amazing & there are investor groups within eXp that you can join.  Wishing you much success!

Charlie MacPherson · Answer

@Jonathan Farin  Before I got out of the business, I worked with both.  Much of your decision will revolve around the person directly managing you.  Here are some notes from my personal experience:

Keller Williams (South Portland, Maine).  They talked a VERY good game.  Lots of tech, tons of support, lots of training, but the reality fell far short.  My "guide / mentor" was a 20-something kid who was in the process of getting his real estate license!  He broke every commitment he made.

I was relocating from Mass to Maine and needed some guidance on writing my first offer (different paperwork, terms and practices than Mass).  I was GHOSTED.  I could not even get return phone calls, emails or texts over the course of several days.  Even when I resigned and copied both my "mentor" and the managing broker.  To this day 2 years later, I have never heard another peep from KW.

In the onboarding, they pushed HARD for me to attend their "Ignite" program, which turned out to be a full day sales pitch for their $800 "Bold" training program.  It was so cultish as to be genuinely creepy.  I felt like I had stumbled into an Amway convention.

I'm positive that other KW offices will be more supportive or they wouldn't be in business.

On to EXP.

I contacted the managing broker (DMB) for Maine and said I needed to make a change.  I had been VERY turned off by two hard pitches from EXP agents, promoting "wealth through recruiting", but decided to give EXP an honest look.

EXP has outstanding tech and the DMB actually walked me through the Maine terms and forms so I could write an offer on my own home.  I got more support from her in two phone calls than I did in months with KW.

I was never interested in recruiting or the stock options and just wanted to sell real estate.  They have to tools I needed to do just that.  The monthly fee of $85 was a little higher than KW's $65, but well worth it for the support that was there - not just promised, but actually there.

I ended up leaving real estate because at my age (now 65) and knowing only 8 family members in a new state, it didn't make sense to invest the 5 years and colossal expense it would take to start building a reputation, repeat business and referrals - especially given the low real estate prices in central Maine where I now live.

Business brokering made a lot more sense and is orders of magnitude more profitable, so I turned both MA and ME licenses in last year.

All that said - and with no dog in this hunt - I strongly recommend EXP.

Good luck in whatever you decide.

Caroline Gerardo · Answer

It isn't the company, it's the humans who work there. Is broker in office? Are other agents willing to answer questions?  Does brokerage offer classes and training for free?  The part time aspect is up to you. I assume you work 8-5 Monday- Friday. Which office has the stars who are closing piles of deals? I wouldn't focus on the one with large dollar amounts, but with volume. Will they allow you to shadow them on the weekend or hold an open house? Who is working the neighborhood you plan to target? Will they see you as a person they want to help or competition? These answers are deep in the culture of the office. Only someone who worked for both may be able to answer. Dive in, be open, be listening, be helpful you will find the perfect place even if you have to change offices.

Mark Futalan · Answer

@Jonathan Farin

Hi Jonathan, I’m a real estate STR investor based out of the Palm Springs area. Like you, I have a full time job and also a family. I recently got my real estate license and signed up with eXp literally a few weeks ago. The reason I signed with them was the flexibility, technology and virtual cloud based platform they provide. I’m still learning and by no means, am I an expert, but I really like that I can do things on my own terms. Happy to chat if you need anything. Best of luck to you!

Deneuve Brutus · Answer

@Jonathan Farin, Welcome to the DMV! I too am a part-time agent, as of April 30th, 2021, and an engineer in the DMV. I was really close to joining KW, however after speaking with a part-time agent who left for EXP. I decided to go with EXP. The training flexibility worked best for me. Its all online so I can train at 2 am if needed. The fees are manageable because I wasn't going to be in a broker's office, no desk fees. I also believe we should leverage technology to make any process smoother. I was also sold on EXP because they give agents 3 self-represented transactions per year which they keep 100% commission if they haven't capped. This is great if your interested in investing. The cap rate was reasonable. Agents can purchase insurance, stocks and among other things. I joined a team of agent-investors. The team lead is also part-time, full time military, married with 2 children. He has a decent portfolio and still closes at least two deals per month. He has only been an agent for 19 months. He walks the talk. You get a mentor with EXP to walk you through the first 3 transactions. I also joined because I want to transition to commercial eventually and there is opportunity to cross-train.

I can't speak on KW experience however some of the best agents I've met are from KW or have been KW agents at some point in the past.

Let me know if you have any questions.

Peter Mckernan · Answer

@Jonathan Farin congrats on putting together the rentals and being now in the position to pick what brokerage you would like to go to for your real estate career (part-time). The biggest thing I would say is what the company/real estate brokerage will do for you. There are a lot of brokerages that state they will give you a lot and they end up not doing that, so I would not just interview the broker manager, but would sit down with a couple people at that brokerage and see how they like the brokerage.

It really is not the brokerage that gets you the foot in the door, or gives you a leg up at that listing appointment anymore, unless you are going for high luxury. The brokerage name use to be something that would tip the scales in your favor at a listing presentation when sitting down with someone, but now it does not have that impact. The thing you need to look for is culture, brokerage benefits, and what their goals are and if they will aline with your own.

Samir Patel · Answer

Hi Jonathan! Welcome to BP :)

I'm also a California native that moved out to Northern Virginia to pursue similar goals. I got my real estate license earlier this year and joined with KW Metro Center in Arlington as a part-time agent. I agree with Charlie MacPherson that it felt like a constant sales pitch to buy into their training programs (e.g. Ignite & Bold). I'm sure they're fantastic but I wasn't able to afford them at this time since I'm just starting out. That being said, KW does provide great free training besides the 2 programs mentioned that I found very helpful. I recently transitioned out of KW to a more cost effective brokerage for the time being. I can't comment much on eXP since I haven't been with them but I've heard some great things from other agents about them. Best of luck in your journey!

Feel free to reach out if you have any questions or want to discuss real estate!

Jonathan Farin · Answer

@Candace Pfab Thats some really good advice. Thank you so much for your in site into the company!

Jonathan Farin · Answer

@Charlie MacPherson From someone who is barely starting their real estate venture, your post holds so much weight and guidance. Thank you for your life experiences for both agencies. Going forward from the advice I have received here I think I have great path forward and for what its worth it was KW's lost when you left. Good luck with business brokering my friend take care!

Jonathan Farin · Answer

@Caroline Gerardo Those are some powerful words and for someone barely starting their real estate journey I sincerely appreciate your advice. Thank you for your help.

Keller Williams or eXp Realty?

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