eXp Realty Reviews 2023: Costs to Join, Agent Revenue Share, FAQs
In our eXp Realty reviews, you’ll learn about the brokerage, costs to join, the eXp revenue share model, and we will answer several FAQs. If you’re looking for an opportunity to join a forward-thinking brokerage with a collaborative culture, eXp Realty may be the right fit for you!
You can select an eXp Realty reviews topic in our table of contents below or read start to finish.
eXp Realty Brokerage Overview
eXp Realty is the world’s largest virtual brokerage, founded in 2008. eXp now has more than 40,000 agents in over 80 countries. The company’s mission is to empower people to experience life-changing careers by providing the most rewarding work experience and the opportunity to earn unlimited income.
Unlike some other real estate brokerages, eXp does not offer brokerage franchises. It’s one company with a huge network of real estate agents.
eXp provides a unique commission structure that allows agents to keep 100% of their commissions after you reach a certain cap. We will cover the eXp commission structure more below.
eXp Realty also offers a variety of training and support programs to help its agents succeed.
You can read more about eXp
What are the eXp Realty Core Values?
The eXp Realty brokerage lists nine core values on their website which are as follows:
- Agile
- Collaboration
- Community
- Fun
- Innovation
- Integrity
- Service
- Sustainability
- Transparency
How To Join eXp Realty
eXp Realty is one of the hottest real estate firms out there, and for good reason. With their cutting-edge technology and forward-thinking approach to business, they’re changing the industry for the better.
If you’re thinking about joining eXp Realty, here’s what you need to know.
The first step is to get in touch with an eXp real estate agent in your area. They will be able to guide you through the process and answer any questions you have.
You can follow this link to find a list of eXp real estate agents in your area. You don’t have to sign-up with the first eXp agent you find! Join eXp under an agent that fits your personality and will provide extra agent support if needed!
Next, you’ll need to take a few courses on how to use eXp’s proprietary technology. These courses are designed to help you get the most out of their system, and they’re essential for success as an eXp agent.
Once you’ve completed the courses, you’ll be ready to take the next step and join eXp Realty. They have a simple application process that you can complete online, and then you’ll be officially part of the team!
How Much Does It Cost to Join eXp Realty?
As of April 2022, the costs to join eXp Realty are as follows:
U.S. eXp real estate agent fees:
- $149 start-up fee
- $85/month cloud brokerage fee
U.S. real estate agent transaction fees:
- $25/transaction broker review fee
- $40/transaction risk management fee ($500 annual cap)
Canada real estate agent fees:
- $199 start-up fee
- $139/month cloud brokerage fee
Canada real estate agent transaction fees:
- $29/transaction broker review fee
- $17/transaction risk management fee ($200 annual cap)
Why Does eXp Realty Charge a $149 Start-Up Fee?
Everyone hates paying excessive brokerage fees especially if you don’t know where the money is going or what the fee is for. In the case of eXp, they tell you exactly why they charge this start-up fee. It’s actually very reasonable when you see what you get:
- You get 1,000 free business cards
- Setup of your new eXp lead generation website
- You get access to a Contact Management System
- It includes a Regus Business Center Membership
- The eXp start-up fee gets you a HelloFax # and Toll-free number
- You’ll get access to Google Apps for work, storage, email
- The eXp start-up fee includes a Breakthrough Broker Membership
- You’ll get to use eXP’s Transaction Management System
- You will get your own Agent Attraction Website
- Gain access to eXp World, their virtual agent campus
We will discuss some of these eXp fees and costs in a little more detail below.
Why Does eXp Charge an $85 per month Cloud Access fee?
Just like the eXp setup fee, I like to know what I’m paying for and if it’s really worth it. Unlike the eXp startup fee, the $85 cloud brokerage fee is a per month cost. But, you do get a lot back in return including:
lead generation tools and the university tuition that includes 60+ hours of live training classes each week, guest speakers, workshops, and mastermind sessions. You’ll also have access to a large library of on-demand training videos that cover everything from generating leads on Facebook to building a team.
What is the eXp Realty Commission Split & Caps?
eXp Realty’s brokerage commission plan is pretty simple. You’ll get an 80/20 commission split up to a maximum of $16,000 paid to eXp per year. After reaching this $16,000 commission cap you will keep 100% of your commission for that specific year.
There are some additional fees and costs you will want to understand before joining eXp Realty.
- eXp charges a $250 capped transaction fee per closing up to $5,000. Once you reach the $5,000 transaction fee cap, the fee is reduced to $75 per closing.
Doing some simple math, $5,000 divided by $250 = 20. So, if I’m understanding this correctly, after 20 closings, the per closing transaction fee drops to $75. - You will also pay a $25 transaction review fee and a $40 risk management fee (per transaction). The risk management fee caps at a maximum of $500.
- eXp Realty charges an $85 per month cloud brokerage fee. This required fee gets you access into their cloud platform with all the eXp tools and resources.
How Does eXp Revenue Share Work?
For each real estate agent that you bring into eXp, you will earn 3.5% of the gross commission they make up to a total of $2,800 per agent per year. It’s also important to note that this revenue share is paid from the percentage that eXp receives and doesn’t reduce agent commission.
In addition, when any agent you refer to eXp closes their first transaction, you will receive $400 worth of EXPI stock.
This supplemental income can really add up quickly if you try to actively recruit new agents into your eXp team. Where it gets really interesting is the cascading eXp revenue share.
When real estate agents you recruit actively recruit their own agents, you can make additional income from them as well. Take a look at the chart below to learn more:
Where Does eXp Realty Rank Against Other Real Estate Brokerages?
The fact is that eXp keeps growing and growing at an exponential pace. Here are some of their brokerage stats for residential real estate transactions in the USA for 2021:
- eXP was ranked number one independent brokerage in the U.S. by transaction sides with 355,627 units. Second place was Compass Realty.
- eXp was ranked number one top mover for a 49% increase in closed transaction sides from 2020 to 2021.
- eXp ranked number three in closed transaction sides — eXp closed on 355,627 sides. Number one was HomeServices of America with 388,098 transaction sides followed by Realogy Brokerage Group with 376,892 transaction sides.
- eXp ranked number four for closed sales volume on $132,373,314,489 in sales volume. This was an increase of 83% over their 2020 sales volume.
- eXp made the Billionaires’ Club list by having at least $1 billion of closed sales volume in 2021.
eXp Realty Reviews
The vast majority of agents that join eXp Realty, seem to stay with eXp for a lot of the reasons mentioned in this review. If you are an eXp agent, we would love to hear how it’s going for you? Please leave your own (positive or negative) eXp review in the comments section below.
You can read more eXp Realty reviews from agents on the eXp website.
EXP Realty FAQs
What Does The “eXp” in eXp Realty Stand For?
The answer to this is pretty interesting because “eXp” doesn’t technically stand for one specific word or series of words. Pick your favorite including eXperts, eXpectations, eXposure, and eXponential as examples. When Glenn Sandford (the founder of eXp Realty), was trying to come up with a brokerage name, he liked that it was a prefix for many of the words that represented the culture & values at eXp Realty.
What is eXp Realty?
eXp Realty is a real estate brokerage company started in 2008 that is different than other brokerages in a few key ways that benefit agents. These include working remotely, no desk fees or franchise fees, and lower commission splits.
What are the Requirements for Joining eXp Realty?
You must be a licensed real estate agent in order to join eXp Realty. If you do not yet have an active real estate license, you can find the real estate licensing requirements for your state on our website. We also have some reviews of the best online real estate schools.
How Do I Get Started With eXp Realty?
You can start by creating an account on the eXp website. Once you have created an account, you will be able to access their real estate agent resources and training materials.
Having said that, we would probably research for an eXp agent you want to sign-up under before creating an eXp account.
How Much Does it Cost to Join eXp Realty?
There is no upfront cost to join eXp Realty. They charge a small percentage of your commissions until you reach your commission cap.
Q: What are the benefits of joining eXp Realty?
eXp Realty agents enjoy a number of benefits, including the ability to work remotely, access to their agent resources and training materials, and low commission splits.
I have more questions about eXp Realty. Who can I contact?
You can always reach out to their support team at support@exprealty.com for any questions you may have.
How Are eXp Realty Agents Able to Work Remotely?
The answer is that EXP Realty uses cutting-edge technology to enable its agents to work from anywhere. This includes a robust CRM system, paperless transaction management, and e-signatures. EXP Realty agents also have access to a dedicated support team that can answer any questions they may have.
What Kind of Training and Support Does eXp Realty Offer?
eXp Real Estate offers a number of resources for agents, including a comprehensive training program and a dedicated support team. They also have a great real estate CRM that helps agents stay organized and efficient.
eXp Realty Reviews – Final Thoughts
Overall, joining eXp Realty is a great way for real estate agents to take their business to the next level. With our innovative technology and supportive culture, eXp Realty agents are well-positioned for success!
eXp Realty is the perfect brokerage for real estate agents who are looking for an innovative and supportive environment. eXp offers a number of benefits that agents love, including the ability to work remotely, access to their agent resources and training materials, and a low commission split. They also offer a supportive culture that values teamwork and collaboration.
About The Author: This article was researched and published by Tim Schroeder. As a husband and wife real estate team residing in Florida, Tim Schroeder brings deep expertise with over 8 years of experience as a licensed real estate agent.
Deb and Tim Schroeder have earned numerous real estate industry awards and recognitions. They have been recognized by Orlando Magazine as a “Top 100 Real Estate Professional” as well as earned Top Producer Designations with the Orlando Realtor Association for 6 years straight.