What do you do when you’re looking for the best restaurant in a new city? Probably grab your phone or computer and search for restaurants, look at menus, and read reviews. You might even start filtering results by price or type of cuisine. If that’s how you look for a restaurant, imagine how prospective homebuyers approach their home search. The average client starts their search online – long before they reach out to an agent. Traditional brokerages, with their reliance on long-established sales and marketing processes, aren’t adapting fast enough to appeal to a new type of client. If you’re an aspiring real estate agent or an established professional that isn’t satisfied with the status quo, you need a brokerage that values innovation and technology as much as your clients do. You need eXp Realty.
Innovation over Tradition
EXP Realty is a cloud-based brokerage with a presence in forty-nine states and two Canadian provinces. On its first day trading on NASDAQ, the company passed the $1 billion market cap. As a brokerage, eXp Realty focuses on embracing innovation and using the newest technologies to enable agents to work in a flexible, cloud-based environment while also taking advantage of an industry-best compensation plan, including 80%-100% commissions. How is eXp Realty able to offer those kinds of commissions? The answer lies in what it means to be a “cloud-based” brokerage.
Virtual Office vs. Brick and Mortar
Physical buildings – primarily rent – are a traditional brokerage’s largest source of overhead expenses. Rents, along with utilities, insurance, full-time staff, and common area management (CAM) expenses, add up quickly and eat into profit margins. Unlike traditional brokerages, eXp Realty operates in a Virtual Office (dubbed eXp World)- a cloud-based space for agents to access training, tools, and real-time support from IT, HR, or other agents and brokers. Even better, eXp World completely eliminates the overhead costs associated with a brick and mortar office. While individual agents are welcome to utilize their own office space at their expense, the vast majority of agents elect to fully embrace the virtual office environment – and see their revenues soar as a result.
How Does a Virtual Office Benefit Agents?
Besides the increased flexibility from working where you want and when you want, eXp Realty passes the savings that come from eliminating overhead expenses down to agents via unmatched revenue share and stock rewards. All new agents receive stock when they launch their careers with eXp Realty and receive more shares when they reach certain milestones.
And with the money that doesn’t go right into agents’ pockets, eXo Realty invests in the best technology, newest apps, and agent support, and offers these perks at no cost to the agent.
A virtual office also allows agents unprecedented mobility and flexibility. Agents aren’t tied down to a certain market due to their office location. Instead, they can quickly respond to changing market conditions and position themselves in new markets. They’re supported in these efforts by their free access to customer-friendly apps and tools designed to reframe the real estate buying process in an online-friendly way valued by modern homebuyers. EXP Agents work in a virtual office and can run their business the way they want to without a brokerage micromanaging daily tasks, but they aren’t operating on an island. Agents work together in the cloud office environment to learn and develop together, regardless of where they are located.
No matter what traditional brokerages claim, cloud-based brokerages are the future of real estate, and eXp Realty is paving the way. It just might be time to learn more about why agents are flocking to join eXp Realty, and consider joining the team yourself. If you’ve got questions, I’m here to help you navigate what joining the eXp Realty team means for you. All you have to do is reach out!