People often ask us what what is the cost of eXp Realty for real estate agents? eXp Realty is very transparent about their business model and about the fees. But it’s better to hear about the eXp Realty costs from an actual eXp agent, so let’s dive in!
Cost of eXp Realty in One Graphic:
That’s the gist. But let’s break it down and understand the value and benefits provided to agents for the extremely low cost of eXp Realty.
Sign Up Fee / First Month: $149
At the time of this post, the application cost of eXp Realty is $149. This includes everything for onboarding at eXp and your 1st month:
- Getting you accounts set up (Enterprise, Skyslope, Workplace, eXp World…)
- Your new agent website and CRM linked to your MLS up and running
- 1000 business cards
- Your new email address
- Getting your application processed
- License transferring
- New agent training (if applicable)
- I’m sure there’s more I’m forgetting!
Plus, this fee covers your first month of fees at eXp (normally $85 – you’ll read about why that’s a steal and what that includes in the next section).
Monthly Fee: $85 – a real steal!
What does the $85 monthly fee include? Oh man let me break it down:
- kvCORE CRM – which is normally $300 a month for individual agents – is INCLUDED: this is your website, integrated with your MLS, automated text/phone/email marketing, lead generation, squeeze and landing pages, search alerts, market reports, home value estimates, text codes, client management, and so much more!
- 50+ hours PER WEEK of live real estate agent training classes
- Most of that same training, recorded and available on demand
- New agent and preferred partners training programs
- eXp’s Workplace: Facebook for eXp where all 29,000 agents collaborate together, share referral business across the country, and grow as one big eXp family
- Access to over 600 support staff live in eXp World and by email/phone – IT, legal, broker and broker support, preferred partners, you name it!
- Skyslope transaction management system – to digitally streamline all your transactions and keep you on track with transaction checklists.
- Enterprise dashboard for your top level view of all your eXp tools, resources, productivity, revenue share, stock awards, closings, and more!
- Marketing materials of all types, customized for you
- And so much more!
Per Transaction: $25-65
What? PER transaction fees? Here’s why: did you notice there is no up up front E&O fee (liability insurance)? Some brokers will charge agents $500 a year up front for E&O alone – even when you have no idea how many transactions you’ll close that year.
To be a revolutionary brokerage model, even your fees need to be revolutionary. That’s why some eXp Realty costs are per transaction!
For every transaction you’ll pay a $25 broker review fee. This is for the broker to go through ALL of your contracts and paperwork to make sure everything is cleared hot to close. This keeps everyone in the right and ensures we are delivering the best possible quality work.
For each transaction you’ll also pay a $40 E&O fee, until you hit your $500 annual E&O fee cap. eXp Realty realizes not everyone will be a top producing agent every year – so why would they ask you to pay for more insurance than you need?
Commission Split: 80-100% to Agent
At eXp Realty, all agents start at an 80/20 split. Yep, you read that right: you keep at least 80% of commission on your transactions, REGARDLESS of your productivity level. Agents at lower split brokerages can literally double their commission.
Many brokers have a tiered system where unless you are producing a certain amount, you can’t work your way up to a higher split. Not at eXp. So rather than a cost of eXp Realty, you can think of this as a benefit!
Once you hit your low $16,000 cap, you’ll be at 100% commission.
New Agent Commission Split: 60/40 for 1st 3 transactions
New agents participate in the eXpand Mentorship program – we HIGHLY recommend it and you can learn more about it here. During your first three transactions as a new real estate agent your local, experienced mentor helps you though your transactions, teaches you lead generation, helps with contract knowledge, and is your best resource as a new agent!
But yes, there is a cost of eXp Realty’s eXpand program – and for good reason. eXp takes an additional 20% during these first 3 transactions: half of that is for the new agent training program and half goes to your mentor! Your mentor is compensated for helping you! Call it what you will but they are certainly motivated to help!
Royalty/Franchise/Desk Fees: $0, always.
At eXp Realty, you don’t pay for what you don’t need. It’s 2020. The agent doesn’t need to be paying for the broker’s office or franchise. eXp is built to benefit the AGENTS FIRST!
Broker Cap: Low $16,000, always.
Caps tend to vary greatly by broker and productivity level, and are often times in the $30,000+ range. And, if you are a multi-state agent, you generally have a cap in EACH state. At eXp, you cap and go to 100% commission once you’ve paid $16,000 each year. At a 3% commission split on a transaction, that’s about $2,666,667 in property sales (by sold price).
That means you cap when you hit that $16,000 – regardless of how MANY transactions or how many STATES your are licensed in! Again, this is less of a cost of eXp Realty and much more of a benefit.
MORE Value – Partner with Us!
When you specifically Partner with Us at eXp Realty by choosing Kobe or Charlie as your sponsor, you’ll get a TON of added value. Learn more about these perks before you join to maximize your success and generational wealth creation as an eXp agent!
Now that you understand the eXp Realty costs, why wait to learn more?! Many agents come for the financial benefits, but they stay for all the extraordinary value eXp provides! Learn more in a 1-on-1 call with Charlie or Kobe:
Some Less Frequent Cost Questions
Personal & Investment Transactions: 100% Commission
Another important note on eXp Realty costs. On your first three personal transactions per year, you can keep 100% of your commission. This may be your own home, a vacation property, or even investment properties that you are an owner on! We love real estate investing: there are so many advantages, especially for real estate agents.
What Happens Once You Reach 100% Commission?
Two or three things happen:
- You get 100% commission on transactions woohoo!
- As with most brokerages, there is a per transaction fee of $250, until you cap at $5000. After that it’s just $75 per transaction.
- If you are a top producer (for example, you hit your $5000 cap after reaching 100% commission) you are likely in the ICON status range of agents. ICON agents receive their ENTIRE $16,000 cap for the year BACK as EXPI stock. Yep. You get your cap back!
Other Costs Associated with Being a Real Estate Agent?
Beyond the eXp Realty costs, there are always other costs associated with being a real estate agent no matter which brokerage you decide to call home. Those vary GREATLY by state and local MLS, which MLS (or multiple) you choose to join, whether you also get the REALTOR® designation, etc. You can learn more about some of those costs here.