Think about this for a second: What if there was a real estate metaverse for real estate agents?
Imagine a world where you could connect with colleagues all over the globe, in real-time. A world where you could save time by completing transactions without ever having to leave your house. This is the promise of the metaverse. For real estate agents, this new virtual world could mean higher efficiency and more connections than ever before. In today’s blog post, we will explore the eXp metaverse, what it can do for real estate agents, and why it is the future of real estate!
The Metaverse
On October 28, 2021, the world as we know it changed when Facebook made the announcement that they were changing their name to Meta, and with that, the creation of a virtual reality environment that will forever be known as The Metaverse.
The Metaverse is a virtual world that will exist inside of Facebook’s VR app, Meta. It is a place where you can create an avatar, socialize with friends, and do business. You can almost say that a metaverse is a place where you can have a “second life”.
In a fast-paced ever-changing technology-driven world, the development of a virtual universe holds many promises for us. Convenience, connection, speed, and efficiency are all words that come to mind when we think about what our future holds in a world with the concept of the metaverse.
Looking Ahead: A Real Estate Metaverse for Real Estate Agents
Over the past 2 decades, we have seen some drastic changes in just about every single industry in our world. Companies based on technology started to pop up and take over each of their respective industries at warp speed.
In the case of retail, it was Amazon. Communication? Apple. Entertainment? Netflix. These and countless other tech-driven companies have seemingly taken over the world by simply creating a system that allows people to live their daily lives with more convenience and efficiency.
The reason why so many industry leaders today are driven by technology is because of time. Technology allows us to save time.
Think about the example of Amazon vs Toys R Us. In the past, to buy a toy you would need to get in your car and drive to the store to purchase that toy, which would be a time expense for you. Now, you can buy the same toy in less than 1/10 of the time in the past because of the technology that Amazon created.
Technology gives people more time, and time is what is the single most important currency in a person’s life.
These new developments in technology have just about disrupted every single industry in the world, except one: real estate. Over the past 20 years, the only industry that has not seen any real technological disruptions is real estate. Except now.
The creation of the metaverse has changed the game for real estate. More specifically, real estate agents.
The Metaverse has been touted as a game-changer for many different industries. For real estate agents, the metaverse could be the answer to staying connected with colleagues all over the globe, in real-time. Transactions can be completed without ever having to leave your house, and you can even show properties to clients in VR!
The eXp Metaverse
To understand how the concept of the metaverse can better serve real estate agents, we first need to know how the concept of the metaverse came about.
In 2009, during the height of the real estate crash, a real estate company called eXp Realty popped onto the real estate scene with the first-ever 100% cloud-based brokerage system in real estate. This one simple innovation to the real estate brokerage system has changed the way real estate agents work forever.
eXp Realty has since become the fastest growing real estate company in North America, amassing over 74,000 agents in 20 different nations growing at over 1000 agents every week.
How did a small real estate company based out of Bellingham Washington grow to become the next big real estate powerhouse? By leading the charge of the real estate metaverse.
The eXp metaverse is the cloud-based brokerage system that was designed by Virbela, eXp Realty’s sister company, that agents at eXp Realty use to get the support that they normally would get at a brick and mortar office-based brokerage. It is a place where real estate agents can socialize with colleagues, get live support from real employees, speak to their managing brokers, and attend some of the best real estate training all over the globe, in real-time, without ever having to leave their house!
In the eXp metaverse, you will have an avatar that represents you. You will be able to customize this avatar however you want, and you will be able to move around a virtual office with over 1000 live employees that you can talk to and work with anytime you want.
You will be able to walk into different rooms and departments inside of the eXp metaverse, and each room will serve a specific purpose. For example, inside the eXp metaverse is a fully operational, open 24/7, tech support department with live employees ready to help you solve your tech issues in minutes. If you are in the middle of a transaction, but your computer is not functioning correctly during the middle of the night, all you need to do is jump into the eXp metaverse, walk up to the tech support department, and a live tech support specialist will be sitting at their desk, ready to assist you.
In the past, you would have had to either wait until your brokerage office opens the next day or find an online tech support company that you would have to pay for. In the eXp Metaverse, you are able to get immediate support from anywhere. And also, because eXp Realty is operational in over 20 different countries, the eXp Metaverse is open to support agents 24/7!
If you are interested in learning more, we encourage you to explore the metaverse yourself by clicking the link below and booking a free discovery call on how you can get a FREE 2 week guest pass to the first ever real estate metaverse!
The eXp Metaverse for Real Estate Agents
So far we have looked at how the eXp metaverse can help connect agents globally and save time on transactions, but what about efficiency?
The eXp metaverse can help agents be more efficient in a number of ways.
First, the eXp metaverse allows you to take training from some of the best real estate trainers all over the world without having to leave your house! This is huge because it means that you can get high-quality training on your own time and at your own pace. No more wasting time traveling to different cities for workshops or conferences!
Second, the eXp metaverse gives agents access to multiple online libraries where they can find everything they need, from contracts to templates to onboarding guidelines, without ever having to leave their house.
Third, the eXp metaverse provides a space for agents to get support from and collaborate on transactions with their managing brokers in real-time. Aside from the 1000+ paid support employees inside the eXp Metaverse, each state and region also has a team of salaried managing brokers whose job is to help their agents with any questions over state or regional laws, regulations, policies, and questions over contracts. This could save agents hours of time that would normally be wasted emailing back and forth with their brokers.
The eXp Metaverse for Brokers and Team Leaders
Now that we’ve looked extensively at how the eXp metaverse can help real estate agents close more transactions, stay more efficient, and stay more connected. It’s time to look at a few different ways that the eXp Metaverse can serve team leaders and even broker-owners!
Money
One of the biggest reasons why so many real estate teams and even brokerages are moving their entire business to eXp Realty is because of the convenience of support that they can get for their agents inside the eXp Metaverse. In the past, the only way for team leaders and broker-owners to get their agents support was to either do everything themselves or hire employees out of their own budget.
Now, with the eXp metaverse, team leaders and brokers are now able to give their agents access to over 1000 live support employees to help them with everything from tech support to accounting to payment processing without having to spend a single dime of their own revenue, saving them money.
Time
Another reason why the eXp metaverse is so attractive for brokers and team leaders aside from the money that they will save is that it is a time-saving tool for them.
If you are a broker or team leader, you probably spend most of your day either training your agents or helping them answer any questions over a contract, marketing, lead generation, or even compliance issues. This can be a huge time expense for brokers and team leaders who are extremely busy, which leads to them having no time to grow their businesses.
As we mentioned earlier, technology is a time-saving mechanism more than anything and with access to the eXp metaverse, broker-owners and team leaders can get a lot of their time back.
For instance, in the past team leaders and brokers needed to train the agents on their team by themselves. Now with the eXp metaverse, your agents can get instant access to over 80 hours of live training from some of the top-producing real estate agents in the world specializing in different areas of the business. Not only can that save you, the team leader or broker, a ton of time, but it can also expose your agents to more varieties of better quality training.
Also, since your agents will now have access to state and regional brokers, you are no longer responsible or liable for your agent’s transactions and contracts questions. Instead of coming to you for contract or legal advice, your agents will now go straight to their state broker and ask them, putting more time back into your day.
A Global Opportunity
Aside from saving team leaders and brokers time and money the eXp metaverse provides team leaders and brokers with a global business opportunity rather than a local one.
Because agents from no over 20 different nations are able to collaborate with each other in live time through the eXp metaverse, you are able to attract and recruit agents to your real estate team through the eXp revenue share plus program from anywhere in the world! This can drastically increase your income because you have now instantaneously opened up a global market share for your business.
Also, the eXp metaverse provides a space for team leaders to collaborate with their agents on deals in real-time anywhere in the world through private Team Suites. This means that you can meet with the agents on your team no matter where you guys are. Leaders can also use this space to discuss strategies and best practices, or hold weekly team meetings and masterminds with their agents.
If you are interested in learning more, we encourage you to explore the metaverse yourself by clicking the link below and booking a free discovery call on how you can get a FREE 2 week guest pass to the first ever real estate metaverse!
How the eXp Metaverse is Changing the Way Agents are Compensated Globally
The last point that we want to touch on about the eXp metaverse is how it has been changing the way that real estate agents around the world are being compensated.
for real estate agents. With the advancement of technology also comes many more earning opportunities for real estate agents.
We already talked about how the eXp metaverse can help make a real estate agent’s business more efficient and help team leaders and brokers run a leaner and cleaner business, but what we haven’t talked about is how a 100% Metaverse based real estate business is able to redistribute their income back to the real estate agents.
In business, there are only 2 ways to make more money. To increase revenue or decrease expenses. Being birthed out of the 2009 real estate recession, the eXp metaverse is a great example of a business significantly decreasing its expenses in a market where it is almost impossible to generate more revenue. As other brick and mortar based real estate brokerages were going out of business due to their costly monthly expenses, eXp Realty grew into 11 states their first year in business through the use of the eXp Metaverse.
Now in 2022, the eXp metaverse has been the single catalyst for the most revolutionary and lucrative real estate agent compensation plan in the history of the industry. Because eXp Realty operates 100% through the eXp Metaverse, they have significantly lower monthly expenses at the company. This means that the company has enough revenue each month to share back to the agents who are taking a part in growing the company, on top of the commissions that they are earning through the eXp revenue share plus model.
eXp Revenue Share Plus
eXp Revenue share plus is a compensation model for agents based off of the 7 tier profit share model at Keller Williams, except instead of sharing profit back to the agents each month after expenses, they are sharing the revenue the brokerage generates before expense PLUS profits from any affiliated companies that eXp World Holdings owns such as Success Magazine, Success Lending, and Virbela.
In the eXp Revenue Share plus plan, eXp Realty shares 50% of the company revenue every month back to the agents who take an active role in growing the brokerage by attracting other talented producing agents to the company. To give you an idea of what that number is, in the second to last quarter of 2021 alone, eXp Realty generated a total of $1 Billion in revenue! That’s $500 Million shared back to the agents!
And if that isn’t enough for you, in 2022, eXp announced that on top of 50% the revenue generated by the brokerage, 50% of all profits generated by other companies held under the eXp World Holdings company will also be shared back to the agents who have taken an active role in growing the brokerage! This has never been seen before at any other brokerage in the industry and is a complete game changer to how real estate agents are compensated by their brokerage.
Explore the eXp Metaverse Yourself!
From time efficiency for agents, to global expansion opportunities for team leaders, to a new way of appreciating and compensating real estate agents, we hope that this article has given you a good overview of the eXp metaverse and how it is changing the real estate industry.
Although we are sure that every agent will have their own opinions on the metaverse and how it will affect our lives and businesses, the eXp metaverse is changing the real estate industry for the better, opening up a whole new unexplored frontier for real estate agents around the world.
If you are interested in learning more, we encourage you to explore the metaverse yourself by clicking the link below and booking a free discovery call on how you can get a FREE 2 week guest pass to the first ever real estate metaverse!