We just celebrated our four year anniversary with eXp Realty Maryland. When I use the word “celebrate”, it’s for good reason. I’ve been in residential real estate sales for almost 27 years, and I can’t say I’ve ever “celebrated” an anniversary. It’s been four years worth celebrating.
eXp Realty was a game changer for Karen and I. As with any endeavor, there are expectations when you start out. I’m happy to say our expectations have all been met. There are also things that you didn’t think or know to consider. Surprises, you might say. We would like to share some reflections about our time here so far.
Our eXpectations Were Met
When I (Chris) got the call from Dave, who would soon become our sponsor into eXp Realty, I spent about an hour listening and asking questions about the company. I knew immediately that I was in, but wisely said that I needed to share it with my wife and that we would call back.
Then Karen and I spent two days researching eXp Realty. I even did a Google search for “I hate eXp realty”. 😉 I didn’t find much, and what I found was trifling. We studied until we felt we understood the basic business model of eXp. Then we called Dave back and started the move. Here’s what we understood at the time:
Four Income Streams at eXp Realty
Agents have four main avenues of earning at eXp Realty:
- Conducting your real estate business, representing home buyers and home sellers, with one of the lowest CAPs in the industry. (You pay the company $16,000, then you receive 100% of your commission)✅
- Earning passive income from the Revenue Share program, based on the number of agents you sponsor into the company, and their productivity. ✅
- Stock awards based on certain productivity and sponsorship. ✅
- Discount stock purchase for productive agents. ✅
Karen and I have not been disappointed. In all four streams, we have made more money per our efforts than any other brokerage model we’ve been affiliated with. (We’ve been with all types of brokerages in 26 years.)
- We have kept more money each year with the low cap of $16,000. (Yes, there are discount brokerages with no splits, but they do not compare, more on that later.)
- While we are not huge recruiters, we have managed to attract agents to eXp Realty, just by telling our story. To put it in perspective, our passive income from Revenue Share now pays for our mortgage, car payment and insurance. That is life-changing!
- We are tens of thousands of dollars ahead because of our stock awards and discount stock purchases that have accumulated over our four years here.
Our eXpectations were exceeded with eXp Realty
There are always things about a brokerage that you couldn’t have known about, particularly the culture. You can’t really know about the culture until you are there. But culture is an important part of an agent’s experience with a brokerage. Bad culture can mitigate against all the good that a company offers.
Here are the surprises that have come to mean a lot to Karen and I over this four years:
- The collaborative environment that co-ownership presents. We are all owners in the company. When one does better, the company does better. There is a spirit of support that the majority of the agents embrace towards each other. “After all, why would I not share my successful business tips with you, if it helps you? What helps you, helps my company!”
- eXp Realty uses Facebook Workplace as our Intra-Company Community. This change came about in mid-2017. Think of it as your company having their own private Facebook. We have all the features of Facebook: personal profiles, instant messaging, ability to follow people, groups where the collaboration takes place (hundreds of groups!). Our state groups are a place of collaboration, learning and local help. Group files hold documents and videos, where all State compliance meetings and training is recorded. We have a company-wide referral group. It is truly the best Community I’ve ever experienced.
- Our eXp World has also evolved in our four years. We settled upon an avatar world that was built by a company called Verbela. Then, in the Fall of 2018 we bought Verbela. As our company has grown, we’ve added training, classes, and even NAR certification and designation classes to the offerings in our avatar world. Through eXp University, we now have more than 50 hours of live, online training each week.
- In 2019 eXp Realty announced our Preferred Partners program. These are affiliated services, like Title, Lending, home warranty companies, and more. As I write this, we have eight partners, and are continuing to add more. (see an update below)
- Starting January 2020, eXp Realty partners with Clearwater Benefits to provide U.S. eXp Realty agents with innovative and low-cost choices for their health care. The program is named eXp Agent Healthcare.
The Future of eXp Realty
While I don’t have a crystal ball, I can only think that the company will become more profitable as time passes. In 2019 we opened in Great Britain and in Australia. We opened in the final province of Canada this summer.
Each year eXp Realty has moved closer and closer to profitability. According to all the graphs and charts 2020 will be the year of profitability.
When we started with eXp Realty in the Fall of 2015, I was the 6th agent in the state of Maryland, and the 572nd in the company. Today, we have 370 agents in Maryland and over 25,000 in the entire company. (10,000 joined in 2019)
All of the growth curves are like hockey sticks! Check out the agent count over the last five years:
Current eXp Preferred Partners
eXp Realty is adding more ways for agents to make money through our preferred partners. Many brokerages create joint ventures with title companies and lenders to create extra income for the owners of the brokerage…the OWNERS. eXp Realty is an entirely new brokerage model, where agents are owners and have the benefits of ownership. Here are the first of many to come:
- Express Offers is eXp Realty’s home-buying and selling platform for U.S. eXp Realty agents and their clients.
- IntroLend First Cloud is eXp Realty’s national mortgage platform. It will provide U.S. agents and home buyers with all their lending needs as well as seamlessly integrate with eXp Realty’s existing technology to improve the consumer experience and better manage transactions.
- Silverline Title will offer title, escrow and settlement services to eXp Realty residential clients in the United States.
- America’s Preferred Home Warranty is eXp Realty’s preferred home warranty partner. It will allow eXp Realty’s U.S. home buyers and sellers to choose their own licensed contractors when repairing or replacing home systems and appliances.
- MovingHub allows eXp Realty buyers and sellers to manage, move, switch and compare utility and home service providers at no cost.
- Currencies Direct is a simple solution for foreign homebuyers to exchange currency hassle-free and at a great exchange rate in order to complete their purchase of property in the United States.
- eXp 360 Tours offers 360-degree home tours with video chat integration, enabling eXp Realty agents to create tours and floor plans in minutes and provide their clients with high-tech touring options.
- Build A Sign provides U.S. eXp Realty agents with high-quality signage options at a discounted rate with no order minimums.
- TBA: More partners to be announced
The eXp Realty Value Proposition
…compared to other brokerages…
Yes, it is true that there are many brokerages with minimal fees and a zero CAP. There are companies that will make special deals with top producers, to bring the company greater market share. There are ways to operate a real estate business for less. But the comparison is like apples to oranges.
No other brokerage offers agents the benefits that are usually reserved for owners. While we may pay $16,000 in to the company each year, we receive much more than that in return, because of revenue sharing, stock awards and discount purchases, and preferred partners, Karen and I believe our business is thriving because of the training and collaboration we receive from all that is available at eXp Realty. We are building a better business than we ever dreamed of in the past.
Four Years with eXp Realty Maryland
On our four year anniversary with eXp Realty Maryland, the future looks quite bright. Our expectations have been met and exceeded at eXp!
For more information => Let’s Talk: 301-401-5119
or Find out more at https://chrishighland.exprealty.careers/
Chris Highland, Associate Broker and Branch Manager, eXp Realty Maryland.