Discover the Hidden Benefits of eXp Realty Fees
A Breakdown of the Top Brokerage in the Industry
Are you tired of constantly paying exorbitant fees to your current brokerage, only to receive minimal support in return? Are you looking for a company that values your success and invests in your growth as an agent? Look no further, because eXp Realty has the answer.
As a seasoned 7-year, eXp Realty agent, I've had the pleasure of speaking with over 1400 agents about the decision to join our brokerage. And the most frequently asked question I receive is about our fees. So, let's dive into the details and see what sets eXp Realty apart from the rest.
Top Five eXp Realty Fees
Startup Fee: A One-Time Investment with Immediate Rewards For a mere $149, you'll have access to the vast resources and support of eXp Realty. This fee includes processing your application and your first month of the cloud brokerage monthly fee, which we'll cover next. Every agent must pay this fee when joining, no exceptions.
Cloud Brokerage Fee: A Monthly Fee that Pays for Itself For just $85 a month, you'll have access to 60+ hours of live training, the ability to use any Regus office location worldwide, a top-notch CRM (kvCORE), and much more. This fee breaks down to $50 for technology services and $35 for educational services, including CE courses and the training library.
Commission Split: A Fair and Transparent Process At eXp, the commission split is 80/20, meaning you keep 80% and pay 20% to the brokerage. This split caps at $16,000, and once you reach $2.66 million in sales volume, you'll take home 100% of your commission for the remainder of your calendar year, without paying any split. Unlike other brokerages that charge numerous fees, eXp's split is simple and straightforward.
Broker Review Fee: A Necessary Protection for Agents At every transaction, you'll pay a $25 broker review fee. This fee covers the cost of having members in the brokerage review your transaction to ensure accuracy and prevent legal issues. Every transaction will be reviewed.
E&O/Risk Management Fee: A Safety Net for Agents With every transaction, you'll pay a $40 risk management fee to cover any potential lawsuits or legal expenses that may arise. This fee caps once you've paid $500 for the year, which equates to about 13 transactions.
Additional eXp Fees to Consider
New Agent Split: A Jumpstart for Success As a brand new agent with fewer than three transactions in the last 12 months, you'll work with a mentor and have a 60/40 split. The additional 20% goes to your mentor and eXp University, both provided to help you learn the ins and outs of the real estate industry. And don't worry, you'll only work with your mentor for your first three transactions before transitioning to the standard 80/20 split.
Transaction Fees: A Small Price for Big Rewards Once you reach the cap, you'll still need to pay a transaction fee, but it will be much smaller. This fee starts at $250 per transaction until you cap at $5,000, and then drops to $75 per transaction. Once you pay an additional $5,000 post cap, you qualify for the ICON Award, which the company gives you back $16,000 in the form of company stock.
Agent Equity Program: You can choose to invest 5% of your commission on every transaction, and have the ability to buy the stock (EXPI) at a 10% discount.
ICON Award: A Unique Opportunity to Grow Your Wealth! ICON isn't a fee, but rather a massive bonus exclusive to eXp Realty. Once you cap and complete 20 more transactions, you'll be eligible for ICON status.
In conclusion
I hope this information has been informative and has given you a better understanding of the topic at hand. If you would like to learn more or have any further questions, please don't hesitate to reach out to me. I would be more than happy to provide additional information and answer any questions you may have. Thank you for taking the time to read this, and I look forward to hearing from you soon!
