Why independent brokers join eXp Realty in 2022
In 2022, the first ever cloud based independent brokerage eXp Realty has broken records in the real estate industry around the world. Growing from just under 50,000 agents world wide to nearlly 60,000 agents 6 month into the year, eXp Realty has shattered growth records in the real estate brokerage world and made history by becoming the fastest growing brokerage ever in North America.
Real estate agents of all levels from every corner of the world are flocking over to eXp realty, taking advantage of the cutting edge technology, massive global business opportunity, lead generation tools, world class training, 3 streams of income, and wealth building opportunity. In a world where technology and innovation are at it’s highest demands, the real estate industry’s own tech giant is attracting top notch talent around the world and giving the best and brightest agents in over 15 countries a wealth building and business opportunity that has never been seen before in the industry.
But what about for the other independent brokerages out there? Is the explosive growth of eXp Realty a threat to independent brokers around the world? Many broker-owners who own and manage their own independent brokerage see the expansion and growth of eXp as just an additional threat to their business. But what if independent brokers owners started looking at eXp and it’s success from a different perspective than that of one of competition and started thinking about how brokerages benefit from joining eXp Realty instead of trying to compete against it.
In this article, we are going to go over the why independent brokerages are joining eXp realty in 2022, and the 11 ways exactly how brokers benefit from joining eXp realty so that independent broker owners can increase their business and better serve their agents by aligning their brokerages and their unique brand and value with cutting edge business tools and forward thinking innovation of eXp. We are also going to cover why the leading group at eXp for agents, The Agent Wealth Collective, is also the best organization to partner with for independent brokers.
The 11 Reasons Why Independent Brokers Join eXp Realty in 2022.
- No Overhead Expenses
- No Legal Risk or Liability
- Cloud Business Outsourcing System
- Keep Your Current Brand
- Business Tools for You and Your Agents (Same as Franchise)
- World Class Training for Your Agents
- Agent Retention System (Stock and Revenue Share)
- International Opportunity
- Healthcare Options
- Top Notch Lead Generation Tools/CRM for Your Agents
- Grow Your Team and Attract More Agents
1) No Overhead Expenses
The number one reason why independent brokerages are joining eXp realty is because at eXp, you no longer have to pay overhead expenses from month to month because there is no requirement for you to have a brick and mortar office. eXp is a cloud based brokerage so it’s agents and brokers run their businesses completely online and only have physical offices if they choose to.
As an independent broker, your number one business expense is your brick and mortar costs. As with any other brick and mortar business, every month you as the business owner have to pay rent, insurance, and utilities to keep your business running and your office afloat. At eXp, you no longer have to pay these expenses from month to month because you are no longer forced to run your business from a physical brick and mortar office, so that way you are able to run a leaner business and can have less liabilities on your balance sheet making your business more profitable and less likely to be a victim of a financial crash.
Also, by joining your independent brokerage with eXp, you no longer have to buy equipment such as office supplies, computers, printers, wifi, desks, and chairs for you and your agents to maintain and run your brokerage. Now you can save that money so you can reinvest it into growing your business or keep that money as additional profit where you would’ve otherwise had to use as reserves to buy new or fix old office equipment.
2) No Legal Risk or Liability
As the designated managing broker at your own independent brokerage, you are legally subject to be responsible for all of your own business actions and the actions or misconduct of all of your agents. Although real estate brokerage laws do vary from state to state in the United States, it is a common rule in all 50 states that a designated managing broker, either yourself or a salaried staff member in your business, is held responsible for the actions of all the agents at that brokerage.
As an independent brokerage owner, you are most likely your own designated broker and have to carry that burden of risk and liability on your own shoulders. Although you want to grow your brokerage’s agent count and help more agents succeed, independent broker owners who have this liability hanging over their heads can become hesitant to onboard and recruit more agents because every agent added to your brokerage is an additional person you would be liable for, which brings to you an increased risk of being sued.
At eXp, every state, region, and country has a team of salaried managing brokers who are responsible for overseeing the actions of all the agents under their supervision in their state, region, or country. So now you no longer have to carry that liability with you, and can no longer be sued for the actions of your agents, no matter where they are.
Having a team of managing brokers that are paid by the company to help you and your agents is also a time saving tool for independent brokers. Unlike larger franchise broker owners who have the capital resources to hire teams of assistants and specialists to help out with their agent questions, independent brokers are usually the ones sitting through mediations and arbitrations as well as taking various phone calls, emails, and meetings to help resolve any issues that come across your agents’ tables.
When you partner your brokerage with eXp Realty, your agents are now able to go to one of their state’s designated managing broker and ask them to help resolve the issue either through eXp Workplace or by going to their office inside eXp World whenever they have questions about contracts, forms, or compliance instead of coming to you so you can save more time throughout your day and reinvest that time back to building your own business or spending that time with your friends and family like you have always wanted to do.
3) Cloud Based Business Outsourcing System
In the last section, we touched on how having teams of managing brokers at eXp Realty can be a huge benefit for independent brokers since time management is one of the key reasons why brokers join eXp realty. But the time and money saving benefits for independent brokers do not stop there.
All business operations at eXp Realty are conducted through a cloud based office system created by eXp’s sister company Virbela, known as eXp World. Inside eXp World, there are over 600 paid employees working in over a dozen different departments ready to help you and your agents resolve any issues in your businesses. Functions that these employees can assist you and your agents with include: tech support, accounting, brokerage operations, payment processing, information desk, agent compliance, agent transitions, attraction services, agent compliance, and more.
eXp Realty provides a massive benefit for independent brokerages because they allow these broker owners to completely outsource their entire backend support portion of their business at no additional cost, so independent brokers can save time and money while giving their agents access to a multi-million dollar employee force for live time support that you don’t have to pay for out of pocket.
In the past, whenever an agent at your brokerage had an issue or question that the had to solve in order to continue running their business, like a frozen computer or issues with their login to any software, they would either have to go to one of your office employees that you have to make payroll for every month or use a third party company that they have to pay out of pocket for. Now whenever you or agent has an issue regarding, accounting, tech, payment processing, etc. they can go straight to the designated department within eXp World and speak with a real-life employee or concierge working in the cloud and resolve their issues immediately.
4) Keep Your Current Brand
The 4th reason why independent brokerages are joining eXp Realty is because at eXp, you get to keep your old brand and identity including your brokerage’s name, colors, marketing materials, and website.
Independent brokerages, especially in smaller markets, usually have a very distinct and unique brand identity and a loyal customer base that follows them. When you’ve spent 5 or 10 or even 20 years building up a name for your business and have spent countless amount of time, money, energy, and resources building up that brand in your market, it is a big loss for you to have to change your brokerage’s name and identity and suddenly lose your entire brand overnight, having to spend more time, money, energy, and resources to rebrand and hopefully keep a portion of your customer and clientele base.
This is why at eXp Realty, independent brokerages can take their name and brand identity with them when they partner their entire brokerage with eXp Realty. Instead of forcing you to change your name and rebrand your business, eXp Realty allows brokerages to keep their old brokerage identity so that you can keep your current influence and clientele in your market while you and your agents enjoy the benefits and value of eXp Realty.
When you join eXp Realty as an independent brokerage and want to keep your brand, all you have to do is co brand your current business with eXp in order to stay compliant with local laws. So if your old brokerage was called ABC Realty, when you join eXp, your brokerage would now just be called ABC Realty Brokered by eXp.
5) Franchise Like Business Tools for You and Your Agents
A key reason why independent brokerages are joining eXp Realty is because they have access to the same caliber business tools that they would get had they purchased a franchise, without having to invest in and pay the ongoing expenses of owning a franchise.
At eXp Realty you and your agents have access to a multitude of business tools that help you and the company run your businesses smoothly and efficiently. We already mentioned the live time support that eXp World offers your agents, allowing you to save time, money, and avoid emotional distress. But there are plenty of other backend business tools that help your agents all the way from business tracking to transaction coordination.
At eXp, all of your backend business tools can be accessed through a platform called eXp enterprise. Inside you can track your business from month to month and access the internal company database of agents, listings, and more so you and your agents have a central software to store all business transactions and information in without any additional costs. Agents also get access to a global communication internal mastermind and database storage platform called Workplace by Facebook. On Workplace all 55,000 eXp agents can communicate, mastermind, share resources, and access files in social media like platform that is specifically designed for work use only so that there are no external distractions.
Inside Workplace, agents can access company files, ask questions, share referrals, watch archived trainings and chat with other members of the company all in a centralized system so that agents from around the world can be able to get to their resources 24/7 without having to disrupt an off duty staff member.
Agents at eXp also have to submit all of their transactions and the contracts and documents that come with them through a portal called Skyslope. This way, both the agent and their designated managing broker can keep track of and review all forms of an ongoing transaction so that the broker can give the agent the green light to close on a transaction and eliminate any confusion. Through skyslope agents are also able to access any internal company addendums and all pre-filed forms for easy access while also getting access to a free digital e-signature software to save time on completing and signing contracts.
6)World Class Training for Your Agents
The next reason why independent brokerages are joining eXp Realty is for the world class training that is offered to all of the agents at the company inside eXp World’s virtual training auditoriums.
All trainings at eXp Realty are conducted virtually through classrooms and training auditoriums inside eXp World by the top 1% of agents at the company known as ICON agents. This not only saves your agents the time to attend their trainings on demand, but also provides them with the best instructors that the industry has to offer. Because eXp is able to pull their training instructors from over 55,000 agents around the world, trainings at eXp are only conducted by the top sales active sales agent so that agents are getting to learn from agents that are actively selling real estate at an elite level, learning the same strategies that has made them so successful.
As an independent broker, you want to provide your agents with the best training and coaching possible, but usually do not have the seemingly limitless resources to invest in your agents and these training systems. With eXp University, independent broker owners are now able to provide their agents with the best training in the world, without having to invest in and set up these trainings themselves. With the additional and improved training that your agents get, they are not only more likely to stay with you on your team, but they are also able to sell more real estate and become better agents.
7) Agent Retention System (Stock and Rev Share)
On top of the top notch training that your agents will access to inside eXp University, the cloud based office eXp World, tools like Workplace, Skyslope, and Enterprise, there are 2 more retention tools at eXp Realty that help independent brokers retain more agents on their team.
Agents at eXp Realty have the ability to earn 3 streams of income instead of just one. Traditionally agents can only earn one stream of income at independent brokerages through the commissions earned from their personal production of sales. At eXp Realty, agents can not only earn commission income at an 80/20 split and 16k cap, but can earn 2 additional streams of income on top of that in the form of stock awards and revenue share so that agents can become business owners and build wealth.
Since eXp Realty is held under the publicly traded company EXP World Holdings LLC, agents are able to receive company stock awards through production and growth milestones. When agents close a certain amount of sales each year or hit production milestones, they are awarded certain shares of EXPI stock so that they can earn equity in their business and own a piece of eXp Realty and be incentivized to stay at the company long term. Also, since eXp does not have any corporate recruiters, agents are rewarded for attracting and sponsoring other agents to eXp Realty in the form of revenue share.
Because revenue share is paid continuously to agents based on their sponsored agent’s production from month to month, revenue share can be an extremely lucrative residual income stream for agents of any experience level, allowing them to have time and money and also incentivizing them to help you grow your team as well.
As an independent broker, you have to spend your own money and resources to come up with creative ways to incentivize your agents to stay at your company. This usually involves reducing splits or paying transactional fees for agents that recruits another agent to that independent brokerage. When you partner with eXp, you are now backed by a publicly traded company on the NASDAQ that is able to award stock shares to your agents and share company revenue to them every month for helping to grow the company and your own team so that you as the broker owner can also offer these incentives to your agents in order to retain them on your team.
8) International Opportunity
We touched on the revenue share model in the previous section and talked about how it can be a powerful retention tool for independent brokerages to offer their agents a form of residual income. But in this next section, we are going to cover the actual growth opportunity for broker owners that the revenue share model provides.
With the eXp Realty revenue share model, agents can attract and sponsor an agent to the company anywhere in the US or the world so now you can build your real estate organization in any market without having to get an additional license or establishing a business entity in that region. As a broker owner, this means that you can now expand your brokerage and its market share to any and every market in the world without limits or red tape that would’ve been necessary in the past. Now independent broker owners can attract the best agents from anywhere in the world to their team so that they can exponentially increase their team’s market share and production.
Independent broker owners are now no longer limited to the bounds of their own market and real estate license, and can grow their team into any desirable market not just in the country, but in the world. Not only is this going to help independent brokers increase their market share and business volume, but also help them combat and prepare for any local market fluctuations or real estate market crashes. Brokerages that could only operate within their state or MLS area are now able to attract agents and grow their businesses into high priced and growing markets with more consumer demands in any of the 50 American states, and all 7 continents.
9) Healthcare Options
The 9th and probably most crucial reason why independent brokerages are joining eXp realty in 2022 is because eXp Realty offers it’s agents and brokers healthcare options.
After a year like 2020, we all can feel the importance of having health insurance for us and our families. But unfortunately for many real estate agents and broker owners, there are no health insurance options that are affordable, which forces agents and brokers to pay for their health care out of their own pocket. As independent contractors and business owners, real estate agents and broker owners don’t have an employer or even an union to turn to for health insurance options that many W-2 employees have.
For the most part, real estate agents and even independent broker owners are either left with no health insurance at all or have to pay steep premiums on the open market. At eXp Realty, agents and independent brokers alike have access to affordable healthcare options through eXp’s preferred partner Clearwater Benefits.
Most independent brokers have a hard time figuring out how to pay for their own insurance for themselves and their families, much less be able to offer their agents any options for affordable health insurance. Although all broker owners care for their agents and their families, they simply do not have the resources available to provide these benefits that eXp is able to provide at this scale.
So when an independent broker partners with eXp Realty, they are not only able to offer their agents and their families a better, safer life, but also able to explore the same healthcare options for themselves and their own families and finally get the peace of mind that they didn’t have in the past as independent business owners.
10) Lead Generation and CRM Tools for Your Agents
Independent broker owners do their very best to contribute to their agents’ success and do what they can to provide the best tool and softwares available to their agents to help them sell more houses. But like we mentioned several times in this post already, an independent brokerage’s budget is limited.
When it comes to providing lead generation tools, Independent broker owners are either left spending a good portion of their monthly income on a paid lead generation software for their agents or have nothing for their agents at all. That is just another important reason why independent brokerages are joining eXp Realty, because at eXp, brokers can provide their agents with the state of the art lead generation and automated CRM software, KVCore so that their agents can sell more homes and produce more income.
eXp Realty provides all of their agents with full access to the KVCore CRM and lead generation system for free upon joining the brokerage. So instead of having to go out and pay the retail price of over $500 a month for KVCore access, independent brokers can now provide their agents with the best CRM and Website building system for free simply by joining their brokerage with exp so they can improve their own businesses and in turn help you earn more income as well.
11) Attract More Agents To Your Team
Now that we have gone over all of the reasons and benefits to a broker owner that eXp Realty has, it’s time to combine all of these value adds, resources, tools, systems, softwares, and trainings into the single most powerful attraction tool that an independent broker can now have.
That tool, is eXp Realty itself.
When you put together all of the tools, resources, and business systems that eXp has to offer to agents and brokers, you get the single most powerful agent attraction tool in history. Because the value that eXp Realty can bring agents is so substantial, by simply partnering your current independent brokerage with eXp Realty, you are now a part of the most attractive brokerage for real estate agents in history.
The variety of tools at eXp enables agents to grow their businesses and automate their daily activities, allowing them to save time and run their sales business more efficiently. Top notch training conducted by ICON agents inside eXp World teaches agents the skillsets they need to become better sales agents and entrepreneurs helping them develop more self esteem and become more productive.
Stock awards at the company gives agents an opportunity to earn equity and build a portfolio that grows by itself while also being able to own a piece of the company that they work at. And revenue sharing allows agents to build wealth through monthly residual income, incentivizing them to help you grow your team while also giving you the broker, 7 partners above you to act as corporate recruiters.
When you look at the total value stack of eXp for agents, you can easily see why the brokerage model itself is enough to be the ultimate attraction tool for you and your team.
eXp Realty has already proven statistically that it is the most popular model amongst agents in North American history. It is only a matter of time before agents hear of and get introduced to the eXp model properly. When agents see other agents flock to eXp Realty in droves from month to month, each month at a faster rate, it is only a matter of time before they get curious themselves and begin exploring different options. So do not rule out the possibility that the agents at your brokerage could be already considering a move to eXp Realty.
Now the only question that remains is. Do you want to compete with a brokerage like eXp Realty or do you want to partner with one?
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