The new agent training program offered by Exp Realty is one that can help new real estate professionals succeed in the field. This program includes mentorship and an extensive curriculum designed to build a successful career. There are several questions to consider when joining this program, including fees, commission splits, and mentorship.
The eXp Realty model offers an excellent revenue share component for agents. Unlike traditional brick-and-mortar real estate brokerages, eXp does not charge a broker’s office or franchise fee, and agents do not have to pay an annual royalty fee. Instead, eXp pays back agents in terms of commissions and equity awards.
When an eXp agent makes their first transaction, he or she receives $200 in stock awards. If the agent closes another transaction, he or she can earn up to a 100% plus commission split. In addition, eXp agents are able to participate in a Revenue Share Program that pays back 50% of their revenues.
To get started, an agent pays an $85 monthly subscription, which includes training. Afterward, an agent can take live classes and receive lead generation tools. eXp also offers a cloud-based platform called kvCORE, which helps agents generate leads.
An eXp Realty agent can also join a team, which allows the agent to earn commissions. Agents who are part of a team will be able to receive a quarter cap, which is equivalent to $4,000. Alternatively, an agent can join a team with an ICON status, which entitles the agent to receive a half-cap or full-cap.
Commission split model
EXP Realty is a large residential real estate brokerage. It has offices in the U.S., Canada, Mexico, and Hong Kong, and its remote offices are in France, India, and Australia. The company has been around for quite a while and has a great stock ownership record.
eXp Realty provides a variety of tools to its agents. One of these is the eXpworld platform, which offers virtual events and training. Agents can access a classroom and meetings, as well as a virtual office.
eXp also has an eXpand Mentorship program. This program is a great way for new agents to gain valuable knowledge and experience. It is highly recommended.
eXp Realty agents start with an 80/20 commission split. However, they are eligible for a 100% commission when they have reached their $16,000 annual cap. They are also entitled to a $500 E&O fee cap.
eXp Realty also offers a revenue share. It is different from a profit share. For every deal you close, eXp will pay you a percentage of the commission.
Mentoring programs are a great way to help new agents. However, it’s important to know exactly what type of mentoring you need. You might need some advice on how to generate leads, close deals, or find opportunities.
Many real estate companies have mentorship programs available. eXp Realty, in particular, has a program to support newly licensed agents. Unlike other mentoring programs, eXp’s does not require you to be an experienced agent to enroll. Instead, you’re paired with a local mentor.
The mentor will guide you through your first three transactions. This includes helping you make connections, review your first contracts, and help you learn the ins and outs of eXp. While you’re in the mentorship program, you’ll also receive access to eXp’s learning management system and Workplace communications tool.
eXp mentors are compensated for their time and effort. They’re paid 10% of the commission you earn for the first three transactions you close.
To get started with eXp’s mentorship program, you’ll be assigned to a mentor by a member of the Mentor Program team. That person will then match you with an experienced mentor in your area.