Latest / The Real Estate Agent Playbook / Why Top Agents, Team Leads and Brokers are Switching to EXP Amidst Industry Turmoil

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Why Top Agents, Team Leads and Brokers are Switching to EXP Amidst Industry Turmoil · The Real Estate Agent Playbook

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  Last year alone, EXP instituted three programs that is absolutely
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  giving more back to the agents.
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  Oh, but last year was a crazy year in the real estate industry.
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  There was commission lawsuits, the market was down, the interest rates were high.
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  But yet, why is eXp giving more back to the agents when most
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  brokerages are pulling back, raising their splits, raising their fees?
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  We break that all down and more next.
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  What's up guys, Jeremy Kane with eXp Realty and the Real Estate Agent Playbook,
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  breaking down all things real estate.
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  Today we're talking about my brokerage, eXp, the vehicle
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  that helps me build wealth.
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  And hopefully has an exit strategy involved.
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  I do have all kinds of content, both on the podcast and YouTube of all things
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  real estate, a lot of strategies, tips and tricks and insights that I
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  provide help agents across the country absolutely level up their game.
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  If you would be interested in booking a call with me, there's
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  a free realtor game plan call.
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  We don't have to talk one thing about eXp if you don't want to to go over
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  certain parts or aspects of your business.
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  So I can't wait.
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  to meet you there.
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  If not, please like, comment, subscribe.
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  I'd be happy to get you to know you through all the social media channels.
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  Both Instagram and YouTube are very active with the RE Agent playbook.
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  All right.
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  So let's kind of dive into this and you know, let's preface this by
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  understanding that the real estate industry is kind of in turmoil, right?
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  We have the buyer agent commissions, something that may or will
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  change the industry forever.
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  We're just worried about waiting on those rules.
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  What are those rules that are going to come to us?
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  When those rules come down, we will absolutely play by the
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  rules and absolutely crush it.
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  And I'm not too concerned about, you know, all the exodus, the mass exodus
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  and real estate agents not being able to make any money because I'm all
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  about providing value to my clients.
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  However, the real estate brokerage model, has definitely come under fire
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  as we continue to see, you know, our, our commissions decrease and all of those
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  things, or maybe increase, I don't know.
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  But people are really talking about these brokerage models and, and what
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  it's going to look like moving forward.
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  And the one thing that eXp amidst other brokerages that have, gone
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  down that same cloud based route, they eliminated a ton of overhead.
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  Therefore, they're able to be more flexible with their commission
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  structures as we move forward.
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  Now, even those cloud based brokerages that have come along after eXp, most
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  of them changed their brokerage model in some way, shape, or form, taking
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  more money away from the agent in order to sustain their model, right?
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  eXp, I've been here two and a half years and they have not done that, right?
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  We are at a critical mass of 90, 000 agents.
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  Where that hasn't come into play.
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  And so understanding that and understanding the growing
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  pains that happened from 10, 000 agents to 90, 000 agents.
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  And, you know, when you're making a brokerage decision based on, you know,
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  leaving a traditional brokerage and one of these cloud based brokerages.
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  You have to really step back and think, is the early adopter
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  thing really that big of a deal?
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  Well, if you say yes, I'm here to tell you that eXp has visions to go to 500,
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  000 agents in the next 5 10 years.
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  90, 000 is still somewhat of an early adopter, right?
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  However, these smaller brokerages that are up and coming, have great
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  models, have great incentives.
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  I'm not here to bash any brokerages.
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  They have a lot of growing pains to do.
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  And while the industry, you know, changed just a little bit in the
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  shift from 22 to 23, um, they've pulled back a little bit, right.
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  And not all of them did, but most of them did where EXP in 2023 added three programs
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  that I absolutely want to explain to you.
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  The first was the accelerate program.
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  This was for individual agents that came into the brokerage.
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  They were allowed for 12 months to unlock their first three tiers of
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  their revenue share, meaning that if one agent came in and their small
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  boutique brokerage came in under them.
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  And they brought, you know, six agents and then those six agents got another
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  three agents that initiating broker that real estate agent that came in
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  would have all three tiers open in their revenue share while they were
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  building FLQAs, qualifying agents on that first tier in order to open those.
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  Additional tears, right?
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  And we can talk a little bit about that.
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  First, a lot of other agencies talk about, oh, you have to
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  have agents that are qualifying.
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  Well, a qualifying agent is an agent that does 5, every six months.
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  Well, let's step back and be real here.
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  If you have agents that you're sponsoring that aren't doing one deal
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  every six months and 90 percent of the markets, then there's no revenue
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  share coming from them anyways.
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  So understand that the FLQA standard is very low, but a lot of the
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  other agencies I've heard it a ton.
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  Hey, well, you have to actually, you know, have agents under you that are producing.
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  Well, the truth is that there's no revenue share model at any brokerage.
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  If there's not agents under you producing, and it's not that high
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  of a task at eXp to get there.
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  However, they allowed for 12 months to get a runway for these
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  agents that are coming over that.
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  Are you know to incentivize them to help grow the brokerage?
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  They're unlocking those first three tiers Again, giving more money back to
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  that agent because exp does retain the money if you don't have level two open
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  You know, they retain a large portion of that revenue share If you don't have five
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  qualifying agents that all goes away for the first year Tiers one two and three are
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  open so an absolutely amazing opportunity EXP giving money, yet again back to the
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  agents, and kind of the market turmoil.
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  So if you are an agent that's considering making a move, a solo agent, definitely
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  reach out to me and we can talk about if this Accelerate program would benefit you.
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  Because if you're looking to kind of build an exit strategy and bring some
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  agents on, maybe you're a collaborative agent like I was, We can absolutely
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  launch your career in the first 12 months you're at EXP and give you that runway
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  to gain qualifying agents to unlock those tiers permanently, as long as you, you,
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  you know, hit the minimum requirements.
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  Now let's talk about the Boost Program.
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  The Boost Program is for independent brokerages, non franchise brokerages
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  that are looking to come over.
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  They have to have a certain number of agents with a
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  certain number of volume done.
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  But the boost program absolutely will tailor a model to you to provide some
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  incentives for you as the broker to come over and bring those agents.
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  You have to be culturally aligned with the XP and so on, but they
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  are offering usually equity incentives, for agents to come over.
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  Who have that, you know brokerage model built out and this is something
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  that's it's not really streamlined It's definitely something that we would get you
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  in contact with the growth team because moving a brokerage over is an absolutely
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  massive Undertaking not to mention, you know closing up shop and doing all the
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  things But eXp is dedicated to partner with these independent brokerages.
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  Now one thing about this that I've, you know, thought about a little
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  bit is what happens if one of those, you know, small to medium
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  brokerages, independent brokerages, gets named in one of the lawsuits?
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  They don't even have the firepower to defend that piece.
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  Let alone, you know, go to trial and, and hopefully, you know, win that trial.
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  So, you know, with all these lawsuits flying around and, and sellers doing
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  all the things and kind of copy a cat and that, you could find yourself as,
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  you know, an independent broker in some hot water, where, you know, at EXP, you
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  bring in your brokerage over, you're allowed to, you know, maintain your
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  identity, you're allowed to remove some of those hats and some of the liabilities.
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  Because that goes over to the EXP Realty, you know, brokerage team and you can
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  still thrive in your business and oh, yeah, as a managing broker, you could
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  also build quite a lucrative exit strategy in, especially in accordance with this
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  boost program that EXP is incentivizing.
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  Certain levels of brokerages to move over.
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  So if you're a managing broker and, you know, you're P& L, you're looking at your
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  P& L because you're doing your taxes or, you know, you just know where it's at,
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  and it's not quite where you want it to be, there is other opportunities, right?
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  Everyone's like, oh, I'm going to sell my brokerage.
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  Selling your brokerage and exiting is a very uncommon thing to do.
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  So this boost program could be just the thing that'll push the incentive
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  for you to bring your brokerage over.
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  And essentially give you an exit strategy a lot quicker than you might
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  envision, where you're currently at.
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  So if you're interested and you're a, you're an independent broker and you're
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  a managing broker, and you're looking at this and you're scratching your head
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  and you're kind of just tired of the headaches, not from the scratching,
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  but from, you know, real life and happening, You can absolutely reach out.
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  Please book a call in the link below or go to the re agent wolfpack.com re
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  agent wolfpack.com and book a call and we can chat all about that and talk
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  about exactly what you're looking at.
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  Alright, well, you thought EXP was done.
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  They had the big brokerages, they had the, you know, the agents
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  that were inspired to, to grow the program and they just weren't.
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  They brought out Thrive, which is a program that incentivizes team
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  leads to come over to the company.
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  Amidst all of this turmoil that's going on in the industry.
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  And so what the Thrive program is, and you know, we can definitely go into
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  this in detail, you know, based on your situation, you know, on a private call.
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  But the Thrive program is, if you were a team lead, essentially all the
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  company dollar that you would have, you know, put into eXp had you been
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  there the previous 12 months, based on that 12 month production, eXp is
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  offering you an equity ownership.
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  That will vest after three years of being at the company.
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  So an absolutely massive opportunity to, you know, if you were a little bit late
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  to the party and you're thinking about it and you just didn't pull the trigger.
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  And now you're in this situation.
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  You're like, man, I really wish I would have, I'm here.
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  Well, eXp is going to basically act like you were here and all the company
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  dollar that was, you know, would have been put into eXp is going to be offered
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  to you as an incentive, for your team.
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  As an equity ownership opportunity for you as the team lead.
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  So all of these things, there's a ton of information here and a ton of data, but
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  I just wanted to bring to the forefront, these three programs, again, that's the
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  accelerate, the thrive and the boost.
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  And it's absolutely intended to help EXP continue to flourish in, you
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  know, this industry turmoil and.
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  There's all kinds of options when it comes to a brokerage model, right?
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  And this is just the eXp piece that I've talked about.
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  This is industry, company wide, that eXp is offering.
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  Not to mention all of the value adds, and all of the assistance, and marketing,
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  and branding, and investment training, systems processes, time management
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  that we offer here at the Wolfpack.
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  So, I would be happy to have a conversation, a private conversation.
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  Listen, eXp's not for everybody.
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  But I legitimately wake up every single morning wondering why more and
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  more people aren't considering it.
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  and a lot of times it's because who they were, you know, initially
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  introduced the model by just rubbed them the wrong way and so on.
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  And this was a very informational, you know, video.
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  But we just want to fill, and I especially want to fill my downline with industry
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  partners that I align with, that we're all looking to do the same thing.
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  Ultimate experience for our clients, but also have a nurturing culture within our
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  group that only levels up each other as we go, whether we're in the same market
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  across the country, it's absolutely my goal to have that type of culture.
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  Where, you know, we're like family, everyone's helping everyone, sharing
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  ideas and helping our businesses grow.
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  And absolutely, these three programs that eXp released are absolutely
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  incredible considering, you know, the volume decreases that we saw, you know,
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  nationwide in the real estate industry.
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  So, if you have any questions like that, or you just want to talk real estate,
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  I'd be more than happy to chat with you.
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  Please like comment, subscribe, share this episode with anybody who's, you
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  know, asked you about eXp years talking, you know, about making a switch to eXp.
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  And I'd be forever grateful.
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  We'll talk to you soon.
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  Bye bye.