Are you looking for an exp realty review? Do you want to know the truth about eXp Realty?
You’ve come to the right place.
If you are a practicing or even a new real estate agent, you probably have heard of eXp Realty by now. As of April 2022, it’s the single fastest-growing real estate company in the history of North America based on agent count.
But what is eXp Realty really? And more importantly, should you join them?
In this exp realty review, I will give you an overview of the company, its business model, compensation plan, what makes them unique in the real estate industry, some of the top questions agents are asking about eXp Realty and my own personal experience as an exp agent.
Plus, I will give you my honest opinion on whether or not eXp Realty is a good fit for you.
By the end of this exp realty review, you will know everything there is to know about eXp Realty, and you can make an informed decision on whether or not it is the right company for you.
So, whether you’re just curious about eXp Realty or are thinking of becoming a part of the company, this ultimate guide to the truth about eXp Realty is for you!
Why are so many agents joining eXp? The truth about exp realty
In recent years, eXp Realty has emerged as one of the fastest-growing real estate brokerages in the world. The company has attracted a large number of agents, many of whom have left established brokerages and brands of many years to join eXp.
Although eXp Realty is not the “perfect brokerage” that many eager recruiting-focused eXp agents claim it to be, it is an undeniable fact that agents are joining the company at a rate we have not seen in the past.
This raises the interesting question: Why are so many agents joining eXp? The truth about exp realty
I joined eXp Realty in January of 2020 and at the time, the company only had 20,000 agents in total and was operational only in the United States and certain provinces in Canada. Now in April of 2022, only 2 years after joining the company, I have personally seen the company grow to over 78,000 agents worldwide, start an entirely new eXp commercial division, and open brokerage operations in 20 different countries with a presence in literally every single continent on the planet aside from Antarctica.
These are astounding numbers for the growth of a real estate brokerage.
But how can a real estate company grow as fast as eXp Realty has? How did eXp expand into 20 countries in less than 2 years’ time?
From my personal experience as an active agent attractor who has spoken to many agents who have either joined or were interested in joining eXp Realty, I can narrow down the answer to that question to 3 simple reasons.
In my conversations with all of the agents at eXp who have either switched over from established brands as an experienced agent or chose eXp over other brokerages to join as a new agent, they have said that the reason that they decided to join eXp was that it either:
- Increased their income
- Decreased the amount of time they spend in their business
- Decreased the amount of stress they experience in running their business
- A combination of 2 of the 3 reasons listed above
- All of the above
I feel obligated now to also share that not every single agent I have come across who has either taken a serious look (not just watching a 9-minute video) at the eXp model has said that the company can help them accomplish the things I described above.
But nonetheless, the agents who have joined and stayed at eXp cite one of the 5 reasons above as to their reason for joining, staying at, and being enthusiastic about eXp Realty.
I also feel compelled to share that in my personal experience, I can attest that at least 2 of the 5 reasons above have been true for me.
Namely. My income has increased after joining eXp and my stress levels have gone down.
If you want to know more about my personal background before joining eXp Realty here is a video of me giving my one year eXp Review in 2021:
Now that you know the top reasons that actual agents at eXp Realty have stated for joining and staying at the company, you may be asking yourself, how is eXp able to help agents accomplish those things and what makes eXp Realty different.
Why is eXp Realty Different?
eXp Realty is different from other brokerages because it is the only brokerage in the world that allows real estate agents to build wealth.
Agents at eXp Build Wealth, not Income
After speaking to countless agents over my 2 years at eXp Realty I have concluded that the agents who join and prosper with eXp Realty are real estate agents who want to build wealth and not just an income.
What’s the difference?
Wealth is built over time while income is simply the cash flow you are getting in your bank account no matter the means. Stated simply, income is the money you make and wealth is how you make that money.
Wealth is built through 4 components:
- MSI (Multiple Streams of Income)
- Residual Income
While you can earn an income by simply trading your time for money, you can see from the list above that in order to build wealth, you must find a way to trade value for income instead of time.
This allows you to grow your income beyond the value you can personally provide in the 24 hours you have in a day. This is how wealthy people are able to do more in a shorter period of time, they build income streams that do not require their time to grow.
I can personally attest that this was the case for me when I first decided to join eXp Realty as a brand new agent.
As someone who started out in real estate and his real estate license to connect with investors to learn the investing side of the real estate business, I saw eXp Realty as an opportunity for me to build a business that has an equity and a residual income component without having to risk investing my own money, which I did not have much of at the time.
How do you make money with eXp Realty?
eXp Realty is a 3 income stream brokerage model. This means that agents at eXp Realty can earn money in 3 different ways:
- Stock Awards
- Revenue Share
This is a major difference from most other real estate brokerages, both independent and franchise models, where agents can only earn one stream of income through the commission they earn from sales.
What makes eXp Different than other Multiple Income Stream Brokerages?
Although there are other brokerages in the marketplace for agents to join that offer more than just sales income such as Keller Williams and EXIT Realty, eXp Realty is the only brokerage in the world today that allows you to have all 4 components that you need to build wealth.
Remember that wealth is not built simply through having more than one income stream. You must have a residual income component and be able to duplicate that stream of income so that it will grow with or without your active involvement, and also an equity component, which at this point in time, eXp is the only brokerage known to agents that can offer that.
eXp Realty is Changing the Way Agents are Being Compensated Through Technology
Many agents who have heard of the eXp model and the 3 streams of income that they are able to earn from it wonder how the company is able to pay its agents this type of money while also remaining profitable.
eXp Realty is able to actually pay their agents the type of money that they do because the company has very little overhead, especially compared to franchise brokerages.
You see, although eXp is a global real estate company, they are not a franchise, they are an independent real estate brokerage that operates completely through a cloud-based system called the eXp Metaverse.
This helps the company drastically reduce operational costs, eliminating the need for brick and mortar offices and therefore expenses, which means that they are able to now redistribute that revenue back to the agents, instead of spending that money on expenses to run the company.
Through the use of technology (which we will cover more in detail later in this eXp Realty Review), eXp is able to change the way that a real estate brokerage actually compensates their agents.