15 Reasons That Independent Brokerages Are Flocking to eXp Realty
Dated: September 17 2020
Owning your own independent brokerage is a dream many real estate agents have and many take the plunge, only to realize it’s not what they thought it would be.
Namely, the risks are high, the overhead is huge and the perceived benefits of higher revenues and independence don’t always pan out as planned. If you have an independent brokerage and are looking for your next move, or if you are contemplating opening your own brokerage, read these 15 reasons why hundreds of independent broker-owners have decided to join forces with eXp Realty.
1. No Overhead
To start, you can say goodbye to paying rent, insurance, utilities, staff salaries, computer equipment and servers, software and other costly overhead expenses. There is no brick-and-mortar office unless you want one. At eXp, all you need is a mobile phone, laptop and an internet connection and you are tapped into a virtual office that will give you all the infrastructure and support you need to conduct your business.
Or, if you wanted an office setting without the huge overhead, eXp, through its sister company VirBELA, offers affordable, customizable Team Suites where you and your team can meet virtually for minimal monthly costs. Additionally, eXp has a partnership with Regus where eXp agents get free access to their 1,200 business lounges across the country.
2. No Brokerage Risk or Liability
Managing the risk for a group of agents can be stressful and time-consuming. Being a broker carries a great deal of responsibility and liability, and brokers often find themselves sitting through arbitrations and mediations in addition to the many hours of phone calls and meetings whenever a concern arises. eXp has an experienced team of seasoned brokers who handle all of these things for our agents. When you bring your agents to eXp, we handle all of this for you!
3. Branding & Naming Freedom
Don’t want to lose your name, branding, identity and what you set out to do with your indie? Keep your name. Yes – that’s right. eXp agents in the U.S. and Canada can co-brand their names with eXp’s, as long as branding guidelines are followed. Example: John Doe Real Estate Group, brokered by eXp Realty.
4. Collaborative Virtual Platform
eXp is known for its innovation, which means you and your agents have access to eXp’s cloud-based platform, called eXp World and its collaborative communications tool, Workplace. Jump into these sites and connect with your fellow agents and eXp’s support teams. This is where eXp’s entire team of agents and staff communicate all day long to share tips and tricks and even referrals. It’s easy, super collaborative and it makes communication easy and fun.
5. Back Office Tools
No need to get a multi-layered enterprise system installed for your team. At eXp, agents pay a low-cost monthly technology fee of $85 and get access to a full suite of back-office software and systems including paperless file sharing and transaction management, web design, social media, marketing materials, customer relationship management platforms, best-of-breed lead generation tools, business coaching, tech support, and live training. Everything you had in a brick-and-mortar office — and more — is here for you and your team at eXp.
6. Agent Support and Services
Within eXp World is an entire support system staffed with offices such as accounting, human resources, brokerage operations, legal, tech support, brokerage operations, and more. There are even virtual meeting rooms, auditoriums and offices. It has everything an agent would need to conduct business and is staffed with real people nearly 24/7.
7. Brokerage Support and Operations
Each state is set up with at least one state broker and many states also have additional compliance brokers. These brokers are there to help you conduct your business and help keep you up-to-date on changes within eXp as well as rules and regulations in the industry.
8. Real Estate Training
You can finally hang up your training hat and focus on what you want to focus on. Once you and your team are onboarded, you have access to the highest level of training and education via eXp University. Many classes are taught by eXp’s top-producing ICON Agents. And, if you miss a class, you can watch the recorded video later in eXp University’s vast video library.
9. No Costly Fees
eXp is not a franchise, so there are no desk fees, no royalty fees, no other random charges. At eXp, you pay a one-time startup fee of $149, which provides you with 1,000 business cards and covers your first month’s tech fees, which are $85 and gives you access to training in eXp University as well as lead generation tools.
10. Retention and Reward System
A constant challenge for independent broker-owners is finding, retaining and rewarding good talent. If your agents move to eXp, they can also reap benefits that owners typically enjoy such as a piece of the company dollar, and ownership equity. At eXp, agents get a generous 80/20 commission split with a $16,000 cap (and after that cap, 100% commission), but they can also leverage income opportunities through revenue share and stock awards.
11. Unlimited Expansion
Joining eXp means the world is your oyster, literally. eXp is not a franchise — it’s one big brokerage. Therefore, there’s no such thing as a “territory.” That means you have the ability to expand partnerships to other areas, regions, cities, states and even countries without red tape, additional costs or obstacles. At eXp, the walls are down and the borders are open.
12. Get Your Own Personal Dashboard
eXp’s Enterprise system is your own personal launchpad to all things eXp Realty. View your transactions and commissions from a dashboard. Use it to set up your eXp email. It’s part of eXp’s software infrastructure to help you keep tabs on your business, revenue share, stock awards and network.
13. You Have Multiple Income Streams
With traditional brokerages, you stop making money once you stop selling real estate. With eXp, you can leverage your income in a few ways that go beyond eXp’s generous commission program (80/20 split with a $16,000 cap). For one, agents can benefit from the revenue share program and earning stock awards. That means at eXp you are building a business that will let you benefit not only from your efforts but the efforts of the team you build.
14. Healthcare Options
As independent contractors, many real estate agents go without healthcare insurance or face hefty premiums on the open market. In eXp’s agent success obsessed mindset, agents are offered an innovative and low-cost healthcare option: eXp Agent Healthcare.
15. Collaboration & Lead Generation
Above all, eXp agents help other agents. It’s an uncanny thing, but at many other brokerages, territories are established and the competition is fierce. Therefore, no one is sharing tips. But at eXp, connections are made and trust is built via the Workplace site — essentially a Facebook page for business — where groups are formed and genuine support is given — especially referrals.