- eXp RealtyÂ offers borderless business opportunities
- eXp Realtyoffers generous financial incentives not available with other firms
eXp RealtyÂ Now Too Big to Ignore
According to Mike DelPrete, a global advisor and strategic advisor in real estate tech, eXp RealtyÂ is one among three of the fastest-growing and largest brokerages in the US.Â (The other two are CompassÂ and Redfin.)
Â DelPrete believes that this trio of brokerages may well be the future of Americaâ€™s real estate landscape.
In 2018 â€“ 2020, eXpâ€™s agent count increased by +151%, or more than 55,000 agents around the world.Â Its transactions increased +220%, or 240,000 transactions.
eXpâ€™s Â Business Model
eXpÂ leverages cash, or the promise of cash via stock options, and multilevel marketing to recruit and lean on tech as a differentiator.
Being a virtual brokerage, agents/brokers have no office space costs and no staffing costs.Â Real estate teams can expand to new markets easily because expansions are virtual.Â As one team leader who recently made the jump to eXpsaid, â€œWeâ€™re borderless.Â We literally can expand anywhere we want.â€
According to DelPrete, â€œIt all comes down to money.â€
eXpÂ returns 50% of company revenue to its agents.
The company provides revenue sharing and stock programs plus rewards for each agentâ€™s recruiting efforts. The company then uses particular equations to determine how much agents get for their own efforts as well as the performance of the agents they recruit.
Therefore, agents are motivated by the opportunity of making financial gains via both its revenue sharing program and its stock offerings that can generate a cash stream even when agents are not selling houses.
Other brokerages, of course, offer revenue sharing opportunities but eXpÂ appears to be more transparent about such opportunities.Â According to Kathy Helbig-Strick, a former team leader with Keller WilliamsÂ who joined eXpÂ last April, the profit sharing at Keller WilliamsÂ was challenging because â€œâ€¦you never really knew what to count on.Â It had some incentives, but it fell flat for a lot of people.â€
Sure, stock prices go up and down but eXpâ€™sÂ promise is â€œthat agents can make more money,â€ said DelPrete.
In addition to financial perks, eXp RealtyÂ is becoming the â€œnew homeâ€ to more and more agents and agent teams. Â The more agents and agent teams move to eXp,the more â€œwatchingâ€ agents and agent teams pay attention.
Jonathan Lahey, one of the more recent team leaders to make the switch to eXp,Â said, â€œWhen bigger names (in the industry) start to move one by one, itâ€™s a domino effect.
According to eXpâ€™sÂ President Dave Concord,Â â€œWeâ€™re getting some people who have been legacy members of other brokerages that people thought would never leave.Â When those people move, itâ€™s a much larger ripple effect.â€
Working Ethics of Collaboration, Expansion & Growth
Rather than having competitive relationships with fellow agents and brokers, eXpâ€™sÂ mantra is â€œI have a huge financial incentive to help everyone,â€ said Jimmy Rex.
Who knows how many agents and agent teams will jump ship to eXp RealtyÂ but the consensus among those who already have, eXpÂ has already reached a critical level of recognition and, according to Jonathan Lahey, â€œI truly believe this is the best model Iâ€™ve seen.â€
Thanks to Inman.
URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.
P.S. Limited Space Available. 235 Spots Left.