Archive | Brokers

New Goals or New Losses?

As we move into a new year it’s common for most successful real estate professionals to take a few moments to project themselves forward and set new goals for a new and promising year.  However, it’s rare that some would take the time to look back and see if the decisions they made in the beginning of the year were in line with the results they actually wanted to achieve.  Not just for the year, albeit important, but for their future.

Of course, it’s important to set some strong sales goals, listings and closings etc, more importantly is; are you creating something, anything that will generate an income for you above and beyond the traditional income of working with buyers and sellers.  While I am not out to discount the importance of setting these goals, I merely desire to make you aware that there are options available that need to be a part of your goal strategy.

While looking at your goals from the previous year, also take a look at what income was generated without a transaction.  What growth did you accomplish without working with a buyer or seller?

Part of setting that goal is to understand that you need to have yourself in a place that offers other residual income.  Yes, I am going to take a little of your precious time to talk about my company, however, what is important here is that you read with an open mind.  I am not going to tell you that what eXp Realty has to offer is the best place to be to achieve additional income opportunities, I do wish to share with you other options available in the industry that you may not be aware of.  Things that can generate income for you without interfering with your other goals for growing your income through the typical real estate model.

I’m going to throw a disclaimer in here because I don’t in any way wish to mislead you to think my results are any indication that your results will be that slim.  Yes, I said slim because I don’t consider myself a quick, out of the box person.  However, my results exceed my own expectations of anything I ever thought I would have available to me to achieve.  So with that said, let me be clear that my results may not match yours in any way, nor can I ever predict or wish to try to predict what will happen in the stock market.

So, let’s talk about two other parts of your goal program that you should consider.  The first is to decide how much of your income (commission) you will set aside and then decide where you will put it.  In real estate, we have absolutely no retirement plan.  So we need to set aside part of our income.  I know, the typical plan is to get a few rental properties, pay them off, etc, etc.  That was my plan.  Just a reminder, when it’s time not to work anymore, being a landlord is still work.  If the plan was to keep the rentals until they are paid off and then sell them so you can retire, unfortunately, you can’t forecast the market and although you may get a surge of cash, it still won’t sustain you through retirement.

Oh, did I say retirement?  Maybe that’s too far off from your plan.  How about instead of thinking about retirement, your thoughts may be towards when you wish to pull back some from the business.  Chances are that may not be part of your plan either – but it should be.  Think beyond your goal for this year, and think about 10 – 15 years down the road.  This is the time you make that plan!

So what about setting some cash aside from your commission so you have a nice kitty stashed?  With eXp Realty all our agents have the option to have 5% of their commission set aside for stock purchases.  That 5% is used to purchase EXPI stock at a discount.  The company will sell you the stock at a 20% discount from the last trading day of the month.  Pretty sweet.  No big deal right?

Take a minute to study the numbers.  In January 2016 the stock was $.83/ share, January 2017 it was $3.84.  Closing out 2017 it was at $7.60.  Don’t know about you, I consider that some very impressive numbers.  Should it be in your goal pan?  I’ll let you decide if 97% increase in your investment is a good deal or not?  One thing for sure is; if you don’t have any plan like this in your goal program, then you made ZERO.  I’ll let you decide which is the better plan.  Again, I can’t or won’t try to forecast what the stock will do, however, there are plenty of resources for you to take the time to do your own studying, and I suggest you do.  eXp Realty is the fastest growing real estate company in the country and is the 11th largest.

The other part of your goal setting should include a residual income.  I thought this was a good defination:

Residual income (also called passive, or recurring income) is income that continues to be generated after the initial effort has been expended. Compare this to what most people focus on earning: linear income, which is “one-shot” compensation or payment in the form of a fee, wage, commission or salary.

Also known as “Do Nothing Money”.

I’m not talking about rental income here.  I’m talking about income that is generated simply by sharing a concept.  The business model at eXp Realty gives all our agents the opportunity to generate residual income simply by sharing our business model with other agents.  Not a very complex program,  you tell others about what eXp Realty has to offer, if they decide to be a part of our company, you receive an income based on the commissions they generate.  On top of that, when those agents do the same thing you receive income from that new level of agents.  That’s about the entire program.

Yeah, I know, you don’t want to get into that whole recruiting thing.  However, it does offer that other source of income that should be part of your goal plan.  I don’t want to lay the plan out in this blog, but I’ll give you the facts.  Again, I’m not considered the big hitter.  I don’t have a program to recruit a hundred agents this year, but I do know that simply talking to other agents about additional income opportunities opens doors to them.  When they see the light they join the company and I make an income.

Don’t mind sharing some numbers.  Since June 2017 to the end of this year my revenue share income was just over $32,000.  Let me make this clear – this did not include any income generated from any other commission I earned.  So, is an additional $60,000 per year in additional income part of your plan?  Should it be?  Is it possible – yeah, very possible.  Here is something that is also very exciting – I am starting 2018 with almost twice as many agents that I started 2017 with.

So I guess my question would be – does an additional $120,000 per year interest you?  Is that part of your plan?  Don’t you think it should be?  Could that much income happen for you next year?  I’ll let you decide that.  If it takes 5 years would this type of income interest you?  Chances are this number exceeds what most of the agents plan on making doing just general real estate, you know, just in commission.

So I’ll ask – do your goals include a plan that extends past December of this year? Do they include a residual income that is generated without a commission you earned?  Is the money you set aside growing? (I hope you are setting some aside)  Don’t you think this should be part of your goal plan?

Let’s just chat about this.  Give me a call – I’d be glad to go into more details about our business model and what it can do for you – Jim Girard 864.414.4675

Posted in Agents, Brokers, eXp, General

eXp Realty Reaches Another Milestone – 6,000 Agents

It was only 6 weeks ago when eXp Realty announced reaching 5,000 agents.  The growth continues as this weeks it was announced that a new milestone of 6,000 agents nationwide is reached.  This reflects a growth rate of 172% – unbelievable.  Since the beginning of the year, the number of agents who joined the eXp Realty family more than doubled.  With a focus on innovation, eXp Realty is changing the way that agents, brokers and consumers work together.

CONTINUE READING

Posted in Agents, Brokers, eXp, General, News

Stock News Now (SNN) – Candid Interview with Glenn Sanford, Founder and CEO eXp Realty

Founder and CEO of eXp Realty, Glenn Sanford, discusses the amazing growth and future of eXp Realty.  How did he build a huge real estate company without bricks and mortar?  How does that compare to the typical office?

 

Posted in Brokers, eXp, News0 Comments

eXp Realty Hosts National Conference, Now Exceeds 5,000 Real Estate Agents Across North America

Oct 10, 2017 (Marketwired via COMTEX) — More Than 2,000 Agents Joined the eXp Family During the Past Seven Months

FORT LAUDERDALE, FL–(Marketwired – October 10, 2017) – eXp Realty, LLC, the Agent-Owned Cloud Brokerage and a subsidiary of eXp World Holdings, Inc. (otcqb:EXPI), today announced at its fourth annual national conference, EXPCON 2017, that the company surpassed 5,000 real estate agents across North America.

This important company milestone represents 175 percent growth from the same time last year. In the last seven months, more than 2,000 agents joined the eXp Realty family. Also during the past year, the company launched in four additional U.S. states……CONTINUE READING

Posted in Agents, Brokers, Culture, eXp0 Comments

In The Mist Of Tragedy George Huntoon Goes Above and Beyond For Others

As Hurricane Harvey swept across lower Texas one eXp Realty agent goes above and beyond the call of duty to save countless lives.  George Huntoon, an agent at eXp Realty, now a local hero, delays the emotion of his own personal losses and goes to work saving other lives.

Insert from Forbes article:

George discovered his client and friend (a single mom with two kids and two dogs) feared for their lives. They called 911 but only got recordings to “stay on the line.” George was anxious about how to help. Is it safe? He (and many others with boats) couldn’t stand idle and watch Houstonians wash away on TV. Like police, firemen, and the deployed Texas National Guard, he set out to save people, knowing it’s a dangerous mission.

CONTINUE TO ARTICLE

Posted in Agents, Brokers, eXp, News

THE DREAM IS REAL

Revenue Share caught my interest and it’s the main reason I joined eXp Realty.  It’ brings confirmation to the fact that eXp Realty offers an exit strategy unforeseen in our industry.

Gene Frederick came to eXp just over two years ago.  He operated 6 market centers for Keller Williams.  He closed his market centers because he saw the full potential of what eXp Realty’s Revenue Share Program had to offer.  Gene introduced Rob Flick to eXp just 1 year ago.

Rob Flick has been in retirement for 15 years.  He is the #14th highest paid profit share income earner with Keller Williams.  His annual profit share earned him just over $600,000 per year.   I’ll let his post below speak for itself.  Keep in mind that this income is one for Revenue Share only and does not include any stock received.  eXp Realty offers its agents a stock award for each agent you attract to the company.

Do you think he made a good move?  Rob has been with eXp Realty for 1 year.

Give me a call  or text – we need to talk  864.414.4675 – Confidential

I know there are those who think that there are a few of the “big hitters” who make the money in these types of programs.  Below is a picture of my revenue share earnings for the months of July and August 2017.  Right, nowhere near what Gene and Rob are making, however, I’m making $6,000 per month without selling one home.

What about you – what does your passive income look like?  What is your exit strategy?

Posted in Agents, Brokers, eXp

Inman News – Kee Wah Chung, VP Agent Experience at eXp Realty Speaks to 1,000 Brokers on Virtual Offices

By invitation Kee Wah Chung, Vice President of Agent Experience at eXp Realty was asked to speak to 1,000 brokers about running a virtual office.  Kee Wah offers some good insight into what is necessary to have a successful business model in a virtual world.

I am often amazed at how in one breath outside agencies think our business model is too far fetched, and then, as is apparent just by the fact that Kee Wah was asked to speak on this subject, they are trying to find ways to implement the same format into their own system.  Since I started with eXp Realty it has always been on the cutting edge of technology.  It was started in a virtual environment and is now light years ahead of the competition.  We strive forward as others try to catch up.

“It was very evident that brokers were interested in delivering a virtual experience — they just didn’t know where to start or what to think about”. – Kee Way Chung

I walked away from the experience with a renewed sense of how special eXp is and that we are really doing something different than any other brokerage in North America. We are leading the way in driving next-gen engagement for agents, brokers, and staff by delivering a robust, cloud-based experience through eXp World. It’s an exciting time to be with eXp Realty!

CLICK HERE FOR THE FULL ARTICLE

 

 

Posted in Brokers, Culture, eXp

It’s Not The Right Time For Everyone!

When asked why agents just can’t see the big picture, Glenn Sanford, Founder and CEO of eXp Realty gave this great analogy for his answer.

Glenn Sanford:

Gene Frederick uses a new housing development as a paradigm. Some people buy before the roads even go in. Some need all the services in place. Some need the first models to be built. Some need most of the development to be in place and some will buy the last units built and there are some who buy once a development has matured and properties are turning over and the schools are well established etc…

Everyone has a different level of discomfort they are willing to deal with relative to brokerage models. I didn’t use Netflix much when they were still only mailing DVD’s in the mail and had a minimal streaming business. Now Blockbuster is out of business. I didn’t order much on Amazon other than the occasional hard to find a book on Amazon in the early days. Now there are very few weeks that go by that I don’t use Amazon.

We are still in the relatively early days of a Cloud-based model that doesn’t have a physical footprint for agents, so most agents still think going to an office is a good idea. Eventually, I think there will be some holdouts however most agents over time IMO will affiliate with a brokerage that doesn’t maintain a physical footprint and the consumer will totally understand as part of the connected economy.

Posted in Agents, Brokers, eXp

A Broker’s Perspective

I spent my real estate career running an independent company. Looking to make my mark on the industry and in my local area I worked hard to build a good reputation and to carve my piece of the market.

I know most brokers try to achieve the same result. For the most part I have succeeded in my attempt to make my mark in the community. My company has held strong, I have trained a handful of agents who have since gone to take their own place in the industry.

The problem I found is that as I continue to stay with the same format of building and maintaining this business I am finding the I am getting into a position of falling behind.

Let Me Elaborate

The industry is changing. The old model of the typical real estate agent has also changed. The time of an agent joining a company and being loyal to that company is no longer the same. Now, agents take the term independent agent literally, as they should, and the feeling across the industry is every man (or women) for themselves. Granted, that is what it should be, but where does that leave the broker who has worked hard to build a team with the hopes of gaining revenue from their agent’s sales and also from the agent’s share into the brokerage via desk fees, franchise fees, technology fees etc?

Agents have jumped from brokerage to brokerage searching for higher commissions and lesser fees. Why? Because they have taken to the understanding that they are in business for themselves and as every business person should do, they are looking for ways to increase profit by cutting expenses and increasing volume with higher commissions. If the industry is moving slowly then they are forced to become more efficient in their approach to the business.

Where Does That Leave Us As Brokers?

It leaves us in a position of doing the same thing independent agents are doing, finding ways to increase profit and cut expenses. The problem is that we depend on the independent agent to help cover the overhead by bringing to the table the income revenue stream mentioned above. If we don’t have agents bringing in the sales or paying fees than we are left to our own resources and thus find ourselves in a position of either being our own top agent or expect a few big hitters to generate enough sales to keep the company afloat.

So that is where we are at today. We are looking for the magic carrot to hold in front of the lingering agent with the hopes that they will contribute to our income stream. Unfortunately, we have little to offer them that is any different from any other brokerage firm.

Sure there are agencies that claim to offer more or better training. But let’s face the facts. Today on the internet an aggressive agent can get all the training they need and if they apply what they learn they can become just as successful as an agent that sits in a classroom atmosphere. Even some of our CE can be done over the internet, which confirms the fact that even the NAR and local boards conclude the training on the internet can be just as effective.

Some of the larger franchise names can offer leads from their referral programs, but let’s face the facts. Any aggressive agent with enough ambition can put together a web site that can generate leads daily.

The Traditional Brokerage Is Quickly Changing

Many agents now prefer to work from home and find that, when disciplined, they can generate their own qualified leads and thus eliminate the fees associated with working from an office. Not to mention they don’t have to deal with all the competition and frustration of working in an over staffed firm. It doesn’t take much for the agent to realize that the fees charged to be associated with the firm are only in place to pay the broker’s bills.

There was once a time when it meant something to be associated with the big firms. When magazine and newspaper advertising made the phone ring so it was really worth it to have floor duty because it actually generated leads. Not anymore. Now an agent, even a new agent, through the internet can establish themselves as an authority in their niche and thus generate enough leads to make a good living without the branding of the national companies.

So now the brokers are forced to find new ways to attract agents, offer them higher commissions, lower fees and good training without losing their firm to such a fate as closure due to lack of profits. The fact of the matter is that as the broker offers higher commissions and lower fees, the only recourse they have to generate more income is to bring on more agents with the hopes that the additional volume will offset the loss of profits.

A Long Awaited Concept Has Finally Materialized

Not necessarily a new concept, but one that has been perfected to the point of making it attractive to both agents and brokers. We have seen companies in the past experiment with recruiting and profit sharing programs much to no avail. Agents are not attracted to them because the recruiting income does not generate enough residual to keep their interest.

What if an agent had the opportunity to make money on every agent they recruited, not just on their immediate recruit, but on every new agent recruited by their recruit? Take it a little further and give them the opportunity to make residual income on 7 levels of recruits. Now, as a broker, put yourself at the top of the list. You start the cycle. Instead of charging office fees to generate income, give your agents the opportunity to generate another stream of income for themselves and thus generate for yourself, or your firm, the additional profit needed to keep your brokerage operating.

Take a look at this Revenue Share Calculator

Watch What Happens To The Numbers

Now take a new look at running the business. Your overhead will virtually be eliminated. You won’t need staff people, no closers, no admin, no receptionist, no trainers, no web site etc, etc. No E & O insurance. You can even eliminate your building because you won’t need that either. You don’t have to store any files because eXp is paperless

The end result is that the bottom line of this Revenue Share Calculator is your bottom line! Go ahead – play with the numbers. What would happen if each agent brought in 2 recruits? The numbers are astounding.

I guess you can argue that you would be losing the income derived from the income splits. Not really because for that revenue to be generated it requires you to carry all the overhead. Add up those numbers and see what your bottom line looks like. I read once that a broker makes on the average $135.00 on each sale after all overhead is cleared. Watching my own numbers I found that to be close to true.

I am sure you can see that I am excited about eXp Realty. Through the virtual environment I have met some of the biggest producers in the country. It’s just unbelievable how the business is run today. I have spoken directly with the President and the CEO almost every week since I have been with the company.  For those of you who work for the big firms – try to get hold of the CEO or President today to discuss business and see if it’s possible.  Chances are you won’t get through.

If you have been in the business 15 years or more, you will remember the days of the big MLS books we used before the MLS went live on the internet. You will remember that there were agents that struggled with learning how to use the MLS online. Some even refused to do it. Of course, they’re gone.

Live Training Every Business Day

Now, again, there is a new shift in how we do business. We have a choice. We can jump on board with the new technology or succumb to the same fate as those agents who didn’t think the MLS would survive on that internet thing.

Take the time to go through this presentation. Review the Revenue Share Calculator a while. Give me a call if you wish – I would be glad to talk to you. I will even share the President’s direct line with you so you can get all the details.

What you don’t want to do is wait and see what happens. You can already see that technology is moving fast in this business. Don’t you want to be with a company that is on the cutting edge?

Hit the link below for the presentation.  You’ll be glad you did.

eXp eXplained

Revenue Share Calculator

There is way too much information to share in this text. The easy way to explain to you what eXp has to offer is for us to meet in the virtual world and let me show you around.

Give me a call on my direct line and let me invite you into my office.  You are going to love what you see.

Call me direct if you have any questions or hit this link to contact me privately

Jim Girard (864) 414-4675

If you don’t have time to call fill out the form below and I will be sure to get back with you.

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Posted in Brokers, eXp

Training Is Important – But You Have To Want It.

One of the things that I really enjoy about being part of eXp is that the support and
training are excellent.  The session with Glenn Sanford on The Magic of
Thinking Big was nothing short of exceptional.

In case you missed it here is the link:
HERE IS THE LINK TO HEAR IT AGAIN

Sometimes I have to laugh at real estate agents. They will jump from one
agency to another searching, and yet have no idea what they are searching
for ! I have seen agents jump for different splits, promises of leads, cheaper
fees etc. What I rarely see is an agent that will jump because they want
better training or support.

Yes, I have heard agents say that they are jumping to an agency that offers
more training, but in reality they rarely participate in the training programs.
I don’t understand that.

The approach to our industry, how we are approached by future clients and
the technology we need to use are changing so quickly that struggling to figure
it out on our own is just too time consuming and frustrating that most of us
just don’t even try to keep up.  Really bad mistake !

I know we all have things to do during the day and can easily make excuses
why attending training is less important than what ever else we have to do.
However, you have to decide if what you are presently doing is more important
than your own personal development.

You are responsible for your own personal development. What eXp offers are
ongoing training programs that you can use to develop yourself in just about
any area of this business as well as personal development to improve our
lives and life styles.

Personal business coach, Pam Ostrowski, high impact training, Scott Enbinder and the unlimited
resources of Glenn Sanford and Brian Culhane – eXp offers you an opportunity to grow.
Why wouldn’t you take advantage of that?

Just my two cents – well maybe a full nickle !

Fill out the form below or  just give me a call  864. 414.4675

To your success – call me if I can help.

Jim Girard
Jim@JimGirard.com

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Posted in Agents, Brokers, eXp, Training0 Comments