Frequently Asked Questions (FAQs)
Here at eXp Realty, there are so many incredible opportunities and tools for agents, but can sometimes be a little overwhelming. Whether you are with eXp now or are thinking about joining our agent-owned real estate brokerage, we’ve assembled some of the most frequently asked questions about eXp Realty.
The FAQs below are in five sections:
Fees & Commissions
Sponsors & Mentors
If you have a question that isn’t covered, please email or call anytime at 404-205-8801.
Commission Splits & Fees
What is the split at eXp?
Every agent at eXp Realty has a split of 80/20 until the cap is met.
Is there a commission cap?
Yes, eXp agents cap when they pay $16,000 to the company. So if you earn $80,000+ in gross commission (GCI) you will hit your commission cap each year.
Do you have to pay multiple fees if you are licensed in several states?
No! Just $50 per month to our national brokerage
Are there any fees for Expansion teams?
Do agents pay E&O insurance?
Yes, it’s just $30 per transaction with a max of $500 annually.
How much are the royalty or franchise fees?
Zip. Zero. We are a nationally owned brokerage, so there are no franchises. This should save many agents thousands of dollars each year.
Where is eXp stock traded?
eXp stock is traded on OTC Markets (ticker symbol: EXPI)
How can I buy EXPI Stock?
eXp Realty has a stock purchase plan that allows agents to take 5% of their commission checks and buy the stock at a 20% discount. If you’d like to buy stock on your own, you can set up a brokerage account that allows you to trade on the OTC – TD Ameritrade and E*Trade are popular options for many people.
When can I cash out on my eXp stock awards?
Most of the stock awards agents receive are vested after three (3) years. So if you received a stock award for hitting your commission cap in January of 2016, you could cash it out (or move to your brokerage account in 2019. If you receive the ICON Agent award, you can cash out $4,000 immediately and the other $12,000 is vested after 3 years.
Education & Training
What is the cloud campus or virtual office?
Agents at eXp have multiple options for training, but more than 20 hours of training occurs each week in our virtual office, EXP World. You can log in from your phone or computer and use an avatar to walk around the campus and communicate with agents from around the country.
Do you have in-person meetings?
Absolutely! Each area has regular meetings, lunch and learns, CE classes, etc. If you need to occasionally use a physical office for training or meetings, eXp Realty has an agreement with Regus Business Centers to provide free access to their facilities.
What is Revenue Sharing?
Because eXp doesn’t have a lot of overhead – like the typical brokerage – they are able to share almost half of the 20% split with agents who help our company grow. Learn more about the program.
How much revenue share can agents earn?
For every real estate agent you personally introduce to eXp, you’ll receive up to $2,800 each year. If you have agents who introduce more agents, you’ll also earn a percentage of what they sell. To better understand how this works and how much you can earn, check out the eXp Revenue Share Calculator.
Do I have to recruit agents?
No, it’s completely up to you! Most of the eXp agents don’t ‘recruit’ anyone, they just love the company and have agent friends and co-op agents that want to learn more about our brokerage.
How is revenue share calculated?
You receive a percentage of the gross commission generated by the agents you introduce to the company and any agents that are in your seven levels of your revenue share group. If one of your recruits sells a $500K home, you’ll make 3.5% of the $15,000 commission earned ($525).
When do you receive revenue share?
On the 22nd of every month, you receive the revenue share generated the previous month. Example: The agents in your rev share group generated $50,000 in gross commission in January. You’ll receive a revenue share payment of $1,750 ($50,000 x 3.5%) will arrive in your bank account on February 22.
Where is eXp Realty located?
We are now located in 47 states and two providences in Canada. Call us at 404-205-8801 to see if eXp is located in your area (or if it’s coming soon!)
Who is the broker at eXp Realty?
Each state has a state broker. Some larger states also have regional compliance brokers to assist agents and review contracts.
How many real estate agents are with eXp Realty?
As of February 2018, we have over 8,000 agents at eXp. We are one of the fastest growing real estate brokerages in the country and have doubled in size every year for the last few years.
How do a pick my sponsor at eXp?
Your sponsor is the person that introduced you to eXp Realty. If you spoke with multiple people before deciding to join eXp, you should name the sponsor that was the “procuring cause” or in other words, helped you say YES! to the brokerage. Also, you want to have a sponsor that is going to help you navigate the brokerage tools and technology and can guide you in the growth of your business — even if they are in another state!
Is eXp a good fit for brand new agents?
Honestly, it depends. If you are a self-starter who is motivated, attends classes on a regular basis and doesn’t care about working in a physical office, then yes, eXp should be a good fit for you. Also, all newly licensed agents receive a local mentor that works with them on their first five transactions (and beyond if you’d like) for just a 10% fee. As a new agent at eXp, you have such a great support system with your broker, mentor, and sponsor and you always have someone to answer your questions and help get your business off the ground.
If I need help with something, who do I call?
Here at eXp Realty, we have a unique way of making sure that agents have an abundance of resources when they need help. Your broker, sponsor and/or mentor can answer many of your questions, but you can also pop into the virtual office and visit the accounting department, technology team and more. The virtual office is open about 11 to 12 hours a day.
MORE COMING SOON!