Are you a real estate agent or expansion team leader that has or is considering getting a real estate license in multiple states?
According to most state’s real estate law, you need to have a real estate license in that specific US state to represent buyers and sellers conducting real estate transactions in that state. This means, a licensed real estate agent in one state may not practice real estate in another state they are not licensed in unless there are mutual recognition agreements or real estate license reciprocity agreements between the two states.
Why Agents Get Licensed in More One State
There are plenty of reasons why an agent would want to be licensed in more than one state from the potential to do business in different markets to growing expansion teams to diversify your business and expand your market share, working in more than one state can be an extremely creative, lucrative, and flexible idea for real estate agents, real estate brokers, and team leaders.
Many real estate agents who work in smaller states or live in areas where states are close together (like rhode island and new york or virgnia and west virginia) tend to get their real estate license in more than one state.
There are also states out there with full reciprocity or partial reciprocity when it comes to getting licensed, giving agents “real estate license portability” across certain state lines.
This means that if you are a real estate agent who has completed all the education requirements and have your real estate salesperson license in one state, another cooperative state or “reciprocal state” will allow you to get licensed in their state as well without having to take an additional pre-licensing course or only requiring you to pass a “40-question test” (the state’s licensing exam) to also be licensed in that new state as well and do deals across state lines.
Best Brokerage for Agents Licensed in Multiple States
But running a real estate business in multiple states also has with it a handful of headaches and problems. For one, getting a real estate license in multiple states and keeping them in good standing can be a long enduring process (such as getting a background check for both states or taking two another real estate exam) for a busy realtor or broker that can cost a ton of time and even money.
On top of that, paying double brokerage fees, having multiple caps in different markets, and using different systems for each state that you are licensed in can also be an extremely difficult task to manage as well as a costly expense for your business.
That is why in today’s article, I have decided to share with you the top 10 reasons why eXp Realty is the perfect solution for agents and brokers who hold or want to hold an active real estate license in multiple states and show you how eXp Realty can not only help you save money, but actually give you the tools,systems, resources, and assets to run a multi-state or multi national business. From centralized systems to simple logistic solutions, the first-ever cloud-based real estate brokerage is the one-stop for ambitious real estate entrepreneurs who want to grow their business globally rather than remain local.
The 10 Reasons Why eXp Realty is Perfect for Realtors with a Real Estate License in Multiple States.
- One fee
- One cap
- Referral Network
- Central Support System
- One Lead Generation and CRM System
- ICON Program
- Cross Border Brokerage
- Location Independent
- Health Care
- Revenue Share
1) One Fee
If you are an agent with a real estate license in multiple states you know that the first thing you have to do in order to be able to do business in all of the states that you are licensed in is to hang your license with a sponsoring brokerage that has a presence in each state. As a single state and single market agent, the biggest expense is their monthly brokerage desk fees which can range anywhere from 100-300 dollars a month. Now imagine having to pay that desk fee every month at 2 or 3 or even 4 different brokerages because you want to expand your business into multiple markets.
At traditional brick and mortar independent and franchise brokerages, the brokerage only has a presence in the MLS areas that are local to their office. If you want to do business in multiple states, then you have to find another franchise office in that market or a completely different brokerageto hang your license with so that you can access the MLS in that region.
At eXp Realty, you only have to pay one fee to be able to access any MLS system in the entire United States as long as you are holding an active real estate license in that state since eXp Realty is a cloud-based brokerage. Being a cloud-based independent brokerage that owns no offices or market centers that are regionally restricted, eXp Realty and it’s agents are able to do business in any market in the world. It does not matter how many states that you are an active agent in, you only pay one $85 monthly fee to the company at eXp Realty.
2) One Cap
Most real estate agents or expansion teams that manage real estate licensees in multiple states that hold a real estate license in more than one state are typically higher producers and would normally hit their annual brokerage caps if they were in one area and was associated with one brokerage, which means that they would be able to keep more of their commissions. But most of the time multi state agents and teams can never hit their true caps because they are held to a different cap in each of the states that they are operational in.
If you are a realtor who hangs their license with two different independent brokerages owned by two different people in two different states, then it is easy to see why it would make sense for each broker to charge you a different split and cap. The same rule also applies for different franchise market centers in different states too, because every franchise office is independently owned and operated. Because of this, it is extremely difficult for multi state agents to hit all of their caps who have to pay multiple caps to their brokerages
This rule does not apply for multi-state agents at eXp Realty. Just like how there is only one fee charged to an active agent at eXp no matter how many different markets they do business in, there is also only one split and one cap. So instead of paying two different splits at two different brokerages with two different sales models, you pay an 80/20 split on all of your commissions when you close a deal in any state in the US, capping at $16,000 per year every year.
With eXp being licensed in multiple states gives you a huge advantage because you are able to procure business and close deals in different markets while being held to the same $16,000 cap as an agent who would only be able to close deals in one market. That’s the good news at eXp Realty!
3) Referral Network
The third reason why eXp Realty is the perfect destination for agents and brokers with a real estate license in multiple states is because of the ability to both give and receive referrals virtually anywhere in the world in a private referral base of over 67,000 agents and growing.
As an agent who does a lot of business and has a wide network of clients in many different areas, it is safe to assume that you have a much higher chance of knowing a potential client who is either moving out of your current state or buying a home in one of the states that you are operational in but need to sell a home in their original state first. If you are not also licensed in that state then the only way to capitalize on that situation is to refer this client to a listing agent who is licensed in that state and receive a referral fee.
By being an agent at eXp Realty you have access to over 67,000 agents worldwide that you can refer potential out-of-state clients to. Also, by being a multi-state agent, you have a higher chance of receiving referrals from other agents at the company as well.
4) Central Support System
As a multi-state agent who has to hang their license with different brokerages, it can be hard or even frustrating to keep track of all of the software and systems that each different brokerage provides you for support, transaction management, training, and technology. Having to learn, relearn, and keep up with 2,3,4, or even 5 or more different support systems and processes can not only be tedious but extremely time-consuming, which interrupts the productivity of your day.
That is why agents and brokers who hold their licenses in multiple states have a better, more efficient experience at eXp Realty. They do not have to learn and relearn multiple different functions and processes of how to complete real estate transactions, get support from their broker and staff, and access all of the tools they need to maximize their success. All agents at eXp Realty get the same level of support through the same processes.
As an eXp agent, you are given a central back office to track and manage your entire business in a system called eXp Enterprise, where you can access all of your documents, track your progress and earnings, access all proprietary and third-party apps, and so much more. As for live support, eXp agents have access to over 700 paid employees inside eXp World, the cloud-based brokerage system where agents can get live time support in a multitude of departments including tech, accounting, payment processing, training, local broker support and more.
The best part about all of this is that all of the systems, support functions, and business processes are the same for any agent at eXp licensed in any state, and because eXp has agents all around the world, you can get access to live time support from a staff member in eXp World anytime anywhere!
5) One Lead Generation and CRM System
On top of having to learn different systems for how to get support and complete transactions, multi-state agents usually have to manage and learn different CRM systems for each of the brokerages that they are associated with. Many franchise brokerages require agents to use their in-house CRM and lead generation website to generate leads and track their database. For multi-state agents, this can get messy because they usually will have much larger databases of clients and leads in different locations.
For some multi-state agents, having two completely different websites can be an issue because they want to keep their branding centralized so that their name and brand are easily recognizable. Also, having multiple CRMs to manage for the database in each different state is extremely time-consuming and mistakes are bound to happen.
Since eXp Realty uses a third-party CRM system, KVCore, you are not required to use any CRM or website. If you currently have your own site and your own follow-up database management system you can continue to use that. But because KVCore is free to all eXp agents to use, many multi-state agents can now plug their entire book of business into one system that they can have full access and control over. Instead of storing your database in 2 or more different systems, you can now access your entire multi-state database from one central system.
6) ICON Agent Program
As an agent who is licensed in more than one state, you are probably doing more production and closing more transactions than a single-state agent because of your larger market share and wider network. We already covered how having one cap across all of your production across all of your states can be massively favorable for multi-state agents at eXp Realty, but there is actually an even bigger incentive for multi-state agents who do a higher volume of production at eXP Realty.
eXp’s cultural and production recognition award, the ICON Agent Program, is the most prestigious and lucrative award given to top producing agents annually at the company. To become an ICON agent, you must have hit your cap at eXp, then closed an additional 20 transactions for the remainder of the year. ICON agents at eXp Realty get their full $16,000 cap back in the form of EXPI Stock.
If you are an agent who has a real estate license in multiple states and does business in multiple markets, then you now have a higher probability of being able to not only hit your cap quicker but also become an ICON agent at eXp Realty and earn your full cap back. The 20 transactions after capping needed for you to become an ICON agent is also an accumulated number of all the transactions that you have done in all of the markets that you are active in.
For example, if you are licensed in two states and close 10 transactions in one and 10 more in the other after hitting your $16,000 cap (Calculated to around $2.66 Million in total volume at an 80/20 split), you will have earned the ICON agent award at eXp and more importantly be awarded $16,000 in EXPI stock.
7) Cross Border Brokerage
Not only are agents at Exp Realty able to do business in multiple states at once, but they are also now able to operate their business anywhere in the world. On top of having a massive presence in all 50 states in the US, eXp Global is now in 16 foreign countries, meaning that you can now earn and give referrals to and from those countries.
Usually, agents and teams who are operational in multiple states have larger visions and an expansive mindset, they understand that the size of market share determines the size of their business. Now with the potential to run your business in over 16 countries at eXp Realty, growth-minded agents and expansion teams are now able to procure business in other countries in the form of referrals and team growth through revenue share.
8) Location Independence
When you look at the overall sum of all the parts of eXp Realty, specifically for agents who are licensed in multiple states, you can see that all of these systems, central processes, and cloud-based work environment leads to agents now being able to be location independent.
This means that it does not matter if you have a real estate license in multiple states or one state, you are able to work anywhere in the world without having to be physically present to run your business. With technology like Zoom, virtual tours, eXp World, and other virtual and cloud-based showing and meeting platforms for you to communicate with clients and brokers, the only thing that are tying agents down to a physical location are brick and mortar offices that require you to do certain things in person.
For multi-state agents that can be a huge disadvantage because an agent can not be present at two locations at once and can usually either only do transactions in one state at a time or travel back and forth, wasting a lot of time on their commute time. Now multi-state agents can work anywhere they want to, being able to run their business without having to go to a physical office location at eXp Realty.
9) Health Care
One of the most important reasons any agent should be considering taking a look at eXp Realty is because of the healthcare options that are offered to agents at the company. As a realtor, you are an independent contractor and would either have to purchase your own health insurance on the open market or pay for health-related expenses out of pocket.
Recently eXp Realty has purchased Clearwater Benefits under the holding company EXP World Holdings LLC. Now agents can get in-house health insurance options from eXp directly at much lower rates than they would usually have to pay on the open market. With this option, realtors can look at their health care not as an expense but actually as an income source.
Think about it this way, if you are saving $100-$200 a month on your health insurance by switching your license to eXp Realty, you are actually positively cash flowing from joining the company.
10) Revenue Share
The last and in my opinion most important reason why real estate agents who are licensed in multiple states need to consider joining eXp Realty is the opportunity to build a revenue share organization through agent attraction. And if you are an agent who is licensed in one state who is considering getting your license in another state, this may actually change your mind.
Revenue share is eXp Realty’s third income stream on top of stock awards and sales and is the built-in team-building structure where agents, brokers, team leaders, and industry influencers can take advantage of to build a globally operational real estate organization while also saving massive amounts of time, reduce stress, and improve overall lifestyle as an agent team leader. Every time an agent you sponsor closes a transaction, you earn 3.5% of their gross commission income, paid to you by eXp Realty.
Revenue share is also easily duplicatable so If the agents you sponsor also decide that they want to sponsor agents to eXp as well, the agents that they sponsor will fall on your tier 2 compensation. This means that if the agent on your tier 2 closes a transaction you are now eligible to earn 4% of their gross commission. This goes on for up to 7 levels of compensation.
Through the revenue share system, agents at eXp Realty can sponsor other agents to the brokerage from anywhere in the world and earn a percentage of their commission, paid from the brokerage to the sponsor so that the agents are not losing any part of their commission, every time that agent closes a transaction up until they cap each year. This means that you are fully leveraging the brokerage’s tools, systems, and resources while you build your team and grow your business in multiple different states or even countries at once without having to have a real estate license in more than one state.
On top of that, by picking the right sponsor to join eXp Realty with you are also going to be able to outsource most of your agent attraction and growth because your partners above you in your sponsorship lineage are all massively incentivized to help you. Agents at eXp Realty who are taking full advantage of the revenue share opportunity are not only partnering with the top agents in any state or country they want to but they are aligning their own income and interests with them without having to take any additional splits, charge any fees, or get more than one real estate license.
Now that you have gone through the 10 top reasons why eXp Realty is the perfect brokerage for multi-state agents, it is easy to see why so many growth and expansion-minded agents who are looking to grow their business market share are moving their licenses to eXp Realty.
Lowered costs coupled with central systems and massive market share expansion opportunities, eXp Realty is giving multi and single-state agents the opportunity to not only massively scale their businesses but also create a lifestyle that they never need a vacation from ever again.
It is common in the real estate industry for real estate salespeople to get licensed in multiple states or receive a reciprocal license in another state. Make sure you are joining an employing broker that has the best terms for you!
To learn more about how you can partner with the leading group at eXp Realty and get additional training, tools, resources, systems, and coaching that is only available to the agents in our group, click here or the link below!
Learn More About eXp Realty & Our Free Partnership Team!
If you are interested in joining the best brokerage for agent growth, compensation, and opportunity in the world, be sure to partner with the best sponsorship team in the world as well! We provide additional training, tools, coaching, partners, collaboration, masterminds, and resources for your success!
We believe in massive growth and financial freedom for all real estate agents! Live your dream real estate lifestyle with us.
For more eXp Realty details, check out our comprehensive About eXp Realty – Everything You Need to Know article.