WOW What a great thing to see eXp's revenue increase 235% from just one year ago! I joined eXp when there was only about 3 or 4 others in my previous market. I came from the #1 Market center in the world from my former brokerage. It was NOT an easy decision by any means. Many had never heard of eXp Realty on the east coast and given that there were always questions about the production that eXp has and naysayers that had not seen the actual business model would just assume we were a recruiting company. This is not true as everything that eXp corporate does is centered around building agents production and training. Residential sales is our bread and butter and without that there would be no stock awards and certainly no revenue share to go around.
I did ok my first year from what I was told. I say that now as when you are new to the industry you have nothing to gauge your success on. I remember that first day after getting my license where I walked into my former brokerage and met with their team leader whom I had grown to respect and admire. (she too has since moved over to eXp). I was so excited about this new chapter in my life that I was about to embark on. Little did I know just how expensive it can be to "be" a real estate agent. I did everything I was told to do that first year and luckily I was able to hold open other top agents listings in the hopes of finding an un-represented buyer. I have always been a hard worker and I think that trait must have shined through all of my life and others seemed to appreciate it. There were not many weekends that first year that I was not doing the grind and out there making things happen. I signed up for coaching that was a year long contract for 10% of my commissions. It was primarily a group setting mixed with a little bit of one on one time. I enrolled in other types of paid coaching that unlocked other webinars and allowed me to put a few other letters in my bio that in retrospect were only meaningful to those that were in the brokerage, not so much to the consumer. I also signed up for an accountability class through my former brokerage that was a cost of $750. That first year is hard for any agent especially if you are trying to find the balance between surviving and investing back into your business. After all was said and done I think I may have ended up with about 49% of my commission. Was it wishful thinking? Are my hopes of growing my business too far-fetched? I was 38 after all. It's not like I jumped into the real estate industry in my 20's. I felt that I had a lot of learning and catching up to do. I have always been a very hard worker with a lot of drive.
Many told me that it wouldn't work. Many told me that it wasn't sustainable. I knew they hadn't actually SEEN the presentation. Many went on and on how we were just a penny stock on the OTC market. I don't hear that much anymore since we uplisted to NASDAQ. Since I joined eXp I have been awarded 2,425 shares of EXPI stock just for doing what I would have done at any other brokerage. Do I care what the stock market does? No, Stocks will always go up and down. Most real estate agents are always chasing the next deal, my former self included. We don't save for retirement let alone probably think about the stock market. For myself I am very happy to have accumulated something the last two years at my job that cost me ZERO investment. As long as it is more than what I paid for it and more than I was given at my former brokerage, is that not a good thing?
We do not post our revenue share passive income numbers anymore but what I can tell people is that it is more in the past 14 months passively than what I had netted my first year in real estate at my former brokerage just three years ago selling 12 homes. I can also tell you that it is willable to my heirs and as it is tied to commissions that should I have an untimely death; eXp will give my heirs 6 months to obtain their real estate license and retroactively pay them all of my revenue share they had been holding since my passing. (What legacy are you trying to leave behind?) Let's assume that it was was the National Association of Realtors says is the average yearly income for a real estate agent which is about $40,000. How much money would one have to have in a bank account to collect $40,000 in passive interest on top of their regular residential sales? As a team leader how big of a team would I have to have and the headache would I have to endure to make an extra $40,000 net after all the expenses and liability? Two years ago I joined eXp because I wanted Kunversion which is a powerful lead generation system that at the time cost $500 per month OR I could join eXp where at the time it was included in our $50 monthly fee. Not only that but Kunversion upgraded to KVCORE and we also get Regus business suites membership, Breakthroughbroker.com Templates and content, RingCentral 800# extension, HelloFax, Google Suites for Business, IDX website and mobile apps and Wordpress sites all for that $50 bucks. I was a relatively new agent doing well my first year relatively speaking but struggling to "invest" back into my business and now had the tools to do so.
At eXp we have an 80/20 split and a low cap of $2.66 in sales volume = $80,000 GCI = $16,000 paid into eXp in company dollar before one reaches 100% commission till their anniversary date. I did not cap this past year however I was close. I chose to invest a lot of time into training and helping other agents grow their business. If I received more in revenue share from eXp, way more, way way more, than what I paid into them...am I NOT already at 100% commission despite not having capped this past year in sales volume? It is not costing me anything to help and serve my clients as it was my former brokerage. THIS is what I try to help other agents achieve. There is no secret among my peers that eXp has the most robust compensation program out there that is changing the lives of it's agents daily. I have a strong belief that no matter what an agent does in sales volume it should not cost any one of us to do our jobs. I am already ahead and the 2,425 shares of FREE stock that I did not BUY but was awarded for production (and doing what I would have done at any other brokerage) is just a bonus.
eXp is great for the sole agent, the small team, the mega team, and the boutique brokerage. Even if you are at a brokerage with a higher split I may be able to show you how you would be happier at eXp. Is it great for everyone? Certainly not. What I do know is that in my opinion when just looking at the numbers, looking at the ability for a team leader or boutique brokerage owner to expand their business with little liability and capital investment; it doesn't make economic sense for one to hang their license anywhere else.
You can always apply to stay within the loop of information which does not tie you into eXp as that does not happen until any agent signs an Independent Contractor Agreement.
If you are not happy with your real estate career, remember that NOTHING changes unless you do! I would love to chat with you no matter where you reside in the US or Canada! We are in over half of the MLS's and we are growing each and every day! Please contact me today through private message or email me at lonnie.hand@exprealty.com and I would love to be your resource for information and help you decide if eXp may be a great fit for you and change your life! Local to greater Atlanta GA I am always up for coffee or lunch. If you reside outside of my area let's have a phone conversation or zoom web call and just discuss your goals for your real estate career and the solutions that eXp may have to help you achieve them. I have options for you to catch a live webinar on Tuesdays at 6pm Eastern or Sundays at 8pm Eastern. Reach out today and let me know what time works for you?
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