eXp For Brokerages
In the last few years, eXp Realty has become a major talking point in the real estate industry, shattering multiple records and traditional preconceptions of the industry. Agents, teams, brokerages, and even non-licensed influencers have flocked over to align with the first-ever cloud-based independent brokerage.
You’ve probably heard many individuals from eXp Realty talking about the value add proposition of the company from an individual real estate agent perspective and how by joining the company, agents can build wealth and accelerate their business. But very few talk intelligently about the entrepreneurial opportunity for broker-owners and team leaders to partner your entire teams with eXp Realty.
So today I want to help paint a picture of why brokerages and team leaders are thrilled about the exceptional and revolutionary business opportunity to partner with eXp Realty, and how it is the easiest way for you to save time and money while growing and retaining a more productive team so that you can reduce liability and increase scalability.
Now there are a plethora of reasons of how each tool, resource, system, and asset that eXp has to offer can be of value to a broker-owner or a team leader. In this post, I’ve organized these into 6 major benefits and 3 bonus benefits of eXp for brokerages and teams. They are:
6 Core Benefits of eXp for Brokerages and Teams
- Cloud Employees Free Up Your Time
- Outsourcing Systems Lower Your Expenses
- Attraction Tools to Attract Top Producing Agents in Any Market
- Retention Tools to Retain Your Current and Future Agents
- Agent Tools to Increase Your Agents’ Current Production
- Financial System to Combat and Prepare for Potential Recessions and Economic Downturns
3 Bonus Benefits of eXp for Brokerages and Teams
- Maintain Current Brand and Identity
- Eliminate All Liability For Your Business
- Give Your Agents and Their Families a Better Life
1) Cloud Employees Free Up Your Time
The first benefit of eXp for brokerages that we will be diving into is how it can free up more time throughout your day. This way, you have the luxury to do what matters most: spend quality time with loved ones or work on creative projects without feeling guilty about neglecting financial obligations!
In today’s world, many people strive hard towards their goals but still feel unhappy because they don’t have the time to do what they enjoy – eXp Realty gives brokers an opportunity not only make money doing something meaningful but also the time to enjoy the abundant life you’ve created.
At eXp Realty, agents with teams of over 1,000 agents are currently spending less time managing their teams than the typical independent broker managing 15 agents or less. The main reason why that’s possible is because of the cloud-based outsourcing system eXp World.
Now you probably know that eXp Realty is the first-ever cloud-based brokerage. But what this really means, especially for broker-owners and team leaders, is that eXp is an outsourcing system for your business taking menial maintenance tasks off your plate and freeing up your time throughout the day.
In eXp World, there are over 600 paid employees in over a dozen departments working 24/7 a day that you and your agents have full access to anytime, anywhere.
Think about this for a second.
As a broker-owner, your job is comparable to running an adult daycare. It is your responsibility to answer your agents’ questions and assist them with their tasks, providing them the support they need so they don’t leave your company for another brokerage. You probably see your daily schedule disrupted all the time by time eating 5-10 minute tasks that you have to perform in order to support your agents.
By partnering with eXp, you no longer have to take time out of your busy day to perform these tasks for your agents. With the backing of eXp World, you now have a 30 million dollar employee force supporting your agents with their maintenance tasks and daily questions in various departments including payment processing, accounting, tech support, marketing, state broker rooms, etc.
Think about how much of time an outsourcing system like eXp World can help you free up. If you have a brokerage of 40 agents and you had to perform a 5 minute task for each agent, thats over 3 hours of your day!
2) Outsourcing Systems Lower Your Expenses
With the most powerful time-saving outsourcing system in the world, also comes the opportunity for brokerages to lower if not completely eliminate their entire overhead business expenses.
A major benefit of eXp for brokerages is the ability for broker-owners to lower their fixed business expenses and eliminate the need to make payroll.
With over 600 paid employees in the cloud helping you and your agents with maintenance and management tasks, thats equivalent to a near $30 million employee force that you and your business have access to. Also becoming an associate broker with eXp allows you to eliminate the need for a physical office so you no longer have a lease hanging over your head that you have to pay every month.
The cloud brokerage system is a benefit of eXp for brokerages to maintain and run your business at a significantly reduced cost. But the 7 tier revenue sharing system is a benefit of eXp for brokerages to grow and scale your business while also lowering your expenses.
With the revenue sharing system at eXp, you as the broker-owner have access to 7 partners that act as corporate recruiters to help you grow your business because they are incentivized by eXp to grow your business and help you expand your team. Not only is this a major growth tool that you can leverage at your will to grow your team, but it also eliminates the cost for you to hire office managers or corporate recruiters to help you attract more agents to your team.
Conservatively speaking, a corporate recruiter’s salary is around $50,000 a year. At eXp that amounts to $350,000 worth of revenue share partners that you have access to a year that you don’t have to pay out of pocket.
The revenue share model is extremely powerful at eXp, because every agent has the same opportunity, once you come on board and partner with the company, the agents that you bring over from your brokerage are also given the same incentives by eXp to attract agents to your team and help you grow your business.
Think about this for a second, how much are you paying your agents to attract other agents to your brokerage now? How fast would your brokerage grow if every agent at your brokerage is incentivized to attract other agents to your brokerage?
3) Attraction Tools to Attract Top Talent in Any Market
Now we mentioned the revenue share system and how it is one of the top benefits at eXp for brokerages in terms of saving time and money. But let’s take a look at how it can help you grow your business more efficiently as well.
The traditional brick and mortar brokerage model is very restricted in a social media driven world, because of licensing and business restrictions, you are only able to operate within your local market, at most you are only able to operate within your state lines. That comes with the issue of a very limited market share that broker-owners have access to, traditional brokerages can only really attract agents to their business within their local MLS area.
With the revenue share system at eXp, brokers and team leaders are no longer geographically restricted on where they can attract agents to their team. At eXp, you are able to attract any agent anywhere in the US, or in the world, as long as eXp has a presence there.
This is huge for the growth minded team leaders because now they can attract agents and partners from anywhere in the world with no restrictions on where they can operate their business in. As you will see later on, this is a major advantage and safeguard towards a potential recession.
Also, as a broker-owner, the value proposition that you have for the marketplace to agents is the brokerage and it’s resources. Statistically speaking, eXp is the most popular brokerage model in the history of North America amongst agents.
We can look at this fact from two different perspectives. One, as a broker-owner who is partnered with eXp, you now have the most popular product amongst agents that you can now offer to the marketplace of real estate agents, on top of the unique tools, training, and experience that you provide. On the other hand, because eXp is statistically the single fastest-growing brokerage in the history of North America, it is inevitable that agents from your brokerage will eventually be intrigued enough to at least consider a move to eXp.
Because the model at eXp is so powerful and allows top producing agents to build wealth and time and money freedom with the easiest path to retirement that we’ve seen in the industry, by simply partnering your current brokerage with the eXp model, you now have access to the most powerful attraction tool in the entire industry and access to markets in every corner of the world.
4) Retention Tools to Keep Your Agents
In the last section we talked mostly about attraction and how to bring agents to your team or brokerage and the attraction benefits of eXp for brokerages and team leaders. But what happens when you’ve attracted these agents to your team or brokerage? How do you keep these agents on your team for the rest of their careers?
By now you should know that the attrition rate in real estate is absolutely vicious. A recent study showed that the annual turnover for real estate agents is close to 70%. To put that into perspective, the average employee turnover rate across all industries in the US is 12-15%.
So what are the retention tools and benefits of eXp for brokerages that can help you the broker-owner not only attract agents to your team but also retain them?
For starters, the attraction benefits of eXp for brokerages act also as a retention tool as well. Because agents are able to build wealth and become real business owners, creating both time and money freedom through the 3 streams of income at eXp, they are more likely to stay then to shop around for more alternative options.
eXp’s sustainable equity plan, where agents can earn shares of EXPI stock through reaching performance milestones each year allows real estate agents to own a part of the brokerage that they are working at. Because of this, agents are more likely to stay at eXp for an extended amount of time in order to acquire and build growing equity and also wait for those shares to be vested.
The sustainable equity plan is a major retention tool especially for top producing agents and leaders in your brokerage because top producers known as ICON agents at eXp are able to earn their entire cap of $16,000 back in stock awards each year. The ICON program is a loss leader program at eXp, in order to attract and retain top producing agents and leaders of the industry to the company at a break-even point in order to attract more talent to the company at volume.
On top of that, the revenue share model allows the ordinary agent to become team leaders and business owners and grow outside of themselves and their market in order to build an iron-clad residual income to put towards their retirement.
Outside of just the benefits of the eXp model, agents are also more likely to stay at eXp because of the suite of business tools they have access to. Not only is that a massive retention benefit of eXp for brokerages, it also allows your agents to become more productive and produce better results.
5) Business Tools That Increase Agent Production
We touched on the benefits of eXp for brokerages and broker-owners from an agent attraction and retention standpoint in the last two sections. But what about production?
When looking at and analyzing the attraction and retention tools of eXp for brokerages, we have to also consider these tools from an agent production standpoint from both the agent and broker-owner perspective.
For example, eXp World is not only a great outsourcing system for you the broker-owner, freeing up your time and lowering your expenses, it is also able to help your agents increase their productivity and sell more real estate so that your income goes up as well. Because agents are longer forced to physically drive down to offices and spend time coordinating with third-party services, they are able to expedite their own sales businesses, save time by taking their issues and tasks directly to the employees in the cloud, and reinvest that time back into their production.
On top of the time-saving capability, eXp World provides, your agents will also have access to the best training system in the industry as well. In eXp World, all trainings are conducted in virtual training auditoriums and classrooms, lead by instructors who are top producing ICON agents from around the world. Because top producing agents are incentivized by eXp to be training instructors through the ICON program, eXp is able to pull the best agents from around the world to conduct their trainings instead of being limited to a market center or using third party real estate training companies.
This means that your agents will have access to the best training system in the world lead by top-producing ICON agents, making them more productive by learning the same strategies that the ICON instructors use to become top producing agents around the world.
Also, consider the lead generation and business suite that eXp has to offer for agents as a benefit of eXp for brokerages as well. At eXp, your agents will have full FREE access to KVCore, a state-of-the-art lead generation/CRM follow-up system that gives your agents a competitive advantage in their marketplace. Agents also have access to eXp’s Workplace, an internal mastermind system of over 50,000 agents that act as a database of all the information that is available through the company.
These are all tools that your agents will have access to at eXp that you can offer as a part of your value proposition for agents, that you no longer have to pay for out of your own expenses as a broker owner.
6) Prepare For Potential Rececession
The last major and most important benefit of eXp for brokerages is the fact that as a broker-owner that is partnered with eXp, you are able to prepare for and potentially combat economic downturns and recessions.
To fully understand this point, lets first take a look at how eXp was created and more importantly, when eXp was founded.
eXp Realty was founded by Glenn Sanford, former top 50 real estate agent at Keller Williams, in 2009.
Think about what this means. 2009 was the height of the real estate crash and in the US and the last major recession that we had. eXp Realty was founded during that exact time.
Now there’s no such thing as a recession-proof business model, but a company born out of the last major recession in the US is about as close to it as it gets.
The reason why eXp was able to be born out of a recession and is set up to prepare for potential recessions in the future is that the eXp business model is completely cloud-based. This means two things. One, there are no major brick and mortar business expenses and liabilities that can cut into your earnings during a slow market. And two, you are able to grow and operate your business in any market around the world so you are not forced to operate within your own market confines and bound by its restrictions and conditions.
As a broker-owner, the best way to prepare for and combat a slow market of a recession is to lower your expenses. In business, the only two ways to increase income is to lower expenses or increase revenue. When business is slow because of uncontrollable erroneous market conditions dropping revenue, the only way to sustain your business and not turn a negative profit is to lower expenses, which eXp allows you to do with a suite of outsourcing systems that you and your agents have access to.
Also, think about the global and international business opportunity and what that can do for your business during a recession. On a smaller scale, let’s assume that the current local market that you are in is experiencing some unusual fluctuations and the home prices are dropping. As a traditional brick and mortar brokerage, you are locked in to that market and forced to stay within your local market and operate your business in those conditions.
At eXp, you as the broker-owner can now attract agents to your team in any state in the US, so if you are in a lower price point market, you are longer restricted to run your business only in that market and can now expand your team into a higher-priced market.
On a global scale, the ability for you to run your business and attract agents anywhere in the world is a major benefit of eXp for brokerages. Now not only are you able to combat local market crashes, you now have a way to be able to adjust your strategy and prepare for nationwide recessions. Since you are able to grow your team into any market in the world, your business can now run in multiple countries, therefore diversifying your business that traditional brick and mortar brokerages are unable to do.
The 3 Bonus Benefits of eXp for Brokerages
Now that we’ve discussed the 6 core benefits of eXp for brokerages and the main reasons why so many brokerages have partnered with eXp recently, let’s take a look at the 3 bonus benefits of eXp for brokerages.
1) Maintain Your Brand
A lot of brokerages that consider partnering their businesses with eXp don’t know this, but you are actually able to keep and maintain your current brand after you’ve partnered with eXp.
That means you are able to keep your brokerage’s name, logo, colors, signs, billboards, etc. Everything that you’ve invested time and money in the past into creating for your business, you are allowed to keep after you partner with eXp. Once you’ve moved your brokerage over, the only change you would make is that now instead of just advertising your brokerage as “Your Brokerage Name” it would be “Your Brokerage Name Brokered by eXp”
This is especially beneficial for brokerages in a smaller market who has spent a substantial amount of time, money, energy, and resources into creating a brand and client loyalty within in their market. By being able to keep your brand, you now have access to all the value that eXp has for you and your agents while also being able to keep your current identity and customer base.
2) Eliminate Liability
The second bonus benefit of eXp for brokerages is probably the most important.
When you partner with eXp, you as the broker-owner become an associate broker of the company. What this means is that you are no longer reliable legally for the actions of your agents. Because eXp has a team of state brokers in every state and region who are salaried employees of the company, eXp carries the full responsibility of a managing broker for all of your agents in every state in the US and every country that eXp is operational in the world.
As a broker-owner either you or an employee of yours must hold a managing or sponsoring broker license in order to attract other agents to your brokerage. Although the laws for this procedure is slightly different in every state, they are mostly consistent in that the managing broker is held responsible for their agents actions and can be sued.
At eXp, you are able to completely remove that liability. Once you partner with eXp, all of the legal liability that used to fall on your shoulders is now outsourced to the brokerage operations and legal departments of eXp Realty. As a broker-owner at eXp, you can no longer be sued, no longer have to see a single piece of paperwork, and no longer have to review a single contract.
3) Giving Your Agents a Better Lifestyle
The final bonus benefit of eXp for brokerages is the fact that you are now able to give your agents and their families a better lifestyle.
As a broker-owner, I am going to assume that you care about your agents and their successes. After all, that is why brokers always do their best to go above and beyond their pay grade to help their agents so they can help give them and their families a better life.
But the reality is, because running a traditional brokerage business model is so difficult, brokers rarely ever have the proper financial resources and time to invest into their agents to help give them a better a life.
When you partner your brokerage with eXp, your agents instantly get the opportunity to make a better lifestyle for themselves and their families. Because eXp offers agents 3 streams of income, wealth building components, and residual income, your agents can become business owners at eXp instead of just being self-employed.
Your agents now have the opportunity to earn stock awards and build an equity portfolio by owning a piece of their company. They also have the opportunity to build a monthly residual income through revenue share that can give them both time and money so they can spend more time building a more efficient sales business or spend that time with their families.
Why so Many Brokerages are Partnering with eXp?
So now you know the core and bonus benefits of eXp for brokerages and broker-owners. Time-saving tools, lowered expenses, 600 paid employees, 7 partners acting as corporate recruiters, training, no liability, etc. All of these are reasons why so many independent and franchise broker-owners are moving their entire 10, 20, 40, 50, or even 100 agent brokerages to eXp.
As a business owner, the entrepreneurial opportunity at eXp is absolutely endless. Just over the past year, the company has already more than doubled the number of agents at the company and given over 100 broker-owners and team leaders a new and improved lifestyle. The crazy thing is, eXp is only still at the bottom floor of the growth phase and is nowhere near maturing as a company.
Do you want to build wealth, get your time back, lower your expenses, attract and retain more talented agents, and grow your business into a global real estate phenomenon? I’d love to have a private conversation with you about how we can help you do exactly that, the additional opportunities of eXp for brokerages and the additional value add tools that our team, The Agent Wealth Collective, specifically designed to benefit broker-owners. Just click on the button below and book a private strategy session to change your life today!