This essay will address a frequently asked topic about our brokerage, eXp Realty. eXp Realty operates as ONE brokerage, unlike most other large real estate brokerages that came before us. There are no eXp Realty franchises available. "How does it work then?" you might wonder. What are my options for obtaining a territory or what happens if there is another large agent in my market? "What is the business model?" says the narrator.
Before we begin answering these questions, one point concerning eXp Realty's business strategy should be noted. It's designed to provide all agents with the same growth incentives and ownership opportunity. Furthermore, all eXp Realty agents have access to our one-of-a-kind resources. To mention a few, we have a cloud campus, a worldwide referral network, real-time assistance, and strong agent ownership. The business strategy of eXp Realty ensures that collaboration, one of our key values, is at the center of all we do.
There Is Only One Brokerage, Not A Franchise
eXp Realty is a single brokerage. By sales volume, transactions, and location, eXp is the nation's top independent brokerage as of this writing. We have agents in all 50 states of the United States and 14 countries around the world.
Thousands of top agents and large teams work side by side with other top agents to run their businesses. Despite the fact that there isn't a single eXp Realty franchise, our brokerage's agent count, market share, and active transactions are all skyrocketing!
Many independent real estate brokerages have chosen to merge with eXp Realty and are thriving as a result. That was, in reality, my tale in 2017. See why I switched my independent brokerage to eXp Realty in this post.
Expenses Vs. A Cloud Campus Environment
Commercial leases, tenant upgrades, office equipment, and furnishings are just a few of the common high-cost overhead items that most brokerages opt to pay for. Because these types of fixed expenses are costly to a company, most brokerages pass those costs on to agents in the form of desk fees, franchise fees, and other fees.
We don't charge desk fees at eXp Realty. We've ditched the physical campus in favor of a cloud-based environment that you may access from your phone or computer from anywhere at any time. An agent can now work from anyplace for the first time.
We can invest in technology like eXp World and focus on our agents' success because we don't have any pricey leases. From signing our ICAs to submitting our transaction documentation, being cloud-based helps us to go "paperless."
With a few mouse clicks, an agent can be in the cloud office collaborating with peers, visiting one of our many support employees, or even meeting with a state broker.
International Collaboration Vs. A Small Referral Network
Although many agents are familiar with the recommendation process, only a small percentage of them can declare that referrals are a cornerstone of their business. The majority of brokerages do not play a significant role in facilitating referral exchanges. You may know or be able to contact agents in your market center or neighboring areas, but because we are all agent-owners, our referral network at eXp Realty is made up of thousands of agents eager to expand and grow our brokerage. In our company's Facebook Workplace, we can communicate with eXp agents all across the country swiftly and easily. There is an abundance of referrals flowing back and forth.
Mentorship And Training
Our world-class training and mentorship programs are one of eXp Realty's best-kept secrets. Education and growth are important to eXp Realty. We're working on an eXp University since it's so crucial. The following are some of the topics covered in eXp Realty's training:
- Every week, more than 15 hours of live training classes are held in the cloud office.
- Industry experts and top-producing real estate brokers from across the country provide instruction.
- Topics range from lead generation to sales and listings, as well as business strategy, CRM and IT tools, and more.
- We even have a collection with hundreds of recorded training sessions saved.
What about fresh recruits? eXp Realty has a mentor program that matches novice agents with a senior agent in their area who have completed less than five deals. The brokerage has certified eXp Mentors. Mentors give novice agents with support, direction, and leadership while they complete their first five transactions.
Support In Real-Time
We have access to immediate, on-demand support services as eXp Realty agents. Weekdays from 9 a.m. to 8 p.m. ET, we have full-time support staff working in our cloud office. Within our cloud office, we have a lot of support divisions. The following is a summary of the essentials:
Technical Assistance: In critical situations, our technical support department can be a lifesaver. These members of the team can assist agents with getting up and running or troubleshooting issues with any brokerage-provided technology, including your CRM, website, and, in some situations, even your own computer.
Accounting: Agents can avoid hours of stress, headaches, and aggravation by having real-time access to our accounting department. Agents can speak directly to a team member who can look up information, make modifications, and ensure that our money is where it should be, when it should be there, rather than waiting for a response.
Transaction Team: Our eXp Realty transaction team is one of the hardest-working support teams behind the scenes. Agents can communicate with their state-assigned transaction coordinator directly. This enables them to handle specific requirements, paperwork, or other issues that are required to complete a file. Our transaction team members examine and interact directly with each agent regarding their transactions from the time a CDA is handed in to the title company to the time the agent is paid after closing!
We wouldn't be able to provide the kind of real-time service outlined above if we had several siloed franchise locations or even just one eXp Realty Franchise. At eXp, service and sustainability are fundamental core values.
Ownership Of A Powerful Agent
The company eXp World Holdings is publicly listed. Under the ticker symbol EXPI, we are traded on the NASDAQ stock exchange. Most entrepreneurs start a firm with the hopes of one day owning a piece of a successful company. Check out my post to see how you can earn eXp Realty stock by doing what you currently do: selling real estate and building your business!
eXp Realty has quickly established itself as one of the nation's fastest-growing real estate brokerages. This is due to the fact that every agent has the potential to become an agent-owner!
Finally, the eXp Realty business model is as unique and innovative as it gets right now in the industry.