Tag Archive | "information on exp realty"

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

 

 

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Former KW Agent – eXp Has Changed My Life


Jeff Whitespeare
 :

I was with Keller Williams and didn’t like that I didn’t have any ownership in the company nor did I have a stable retirement plan. I now have two daughters and the opportunity exp has given me will provide stability for my family for years to come.

My team and I sell close to 200 homes a year and without my daily work routine that wouldn’t happen. At my previous brokerage without me working 50 plus hours a week and spending 30,000 a year on lead generation sites (boomtown, top producer, etc) my business would fail and my families stability would be at risk. Moving to eXp and utilizing Kunversion has saved me $30,000 a year in lead generation fees. I’ve only been with eXp for 12 months and have earned close to 25,000 shares of the company and have created a monthly residual income that I can retire on and that WILL create generational wealth and peace knowing my two girls will be taken care of. EXP has changed my life and it will change yours.

I’ve only been with eXp for 12 months and have earned close to 25,000 shares of the company and have created a monthly residual income that I can retire on and that WILL create generational wealth and peace knowing my two girls will be taken care of. EXP has changed my life and it will change yours.

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Through the years – Impressive

The numbers don’t lie.  We are building at an unbelievable pace impressing and surpassing the history of any other brokerage.  Even the big companies took more than 12 years to surpass the 1,000 mark.

While some may stay on the side lines watching to see what happens, there are many of agents that see the full potential of what eXp Realy offers their agents.  Full ownership from the first sale, low caps ($16,000) High commission splits (80/20), stock awards, equity programs plus over 25 hours of live training every week.  

It’s worth your time to learn more.  REACH OUT TO ME– let’s talk.  

  • 2017 – Surpassed 4000 agents in July

  • 2017 – eXp Realty named Finalist – Most Innovative Brokerage – Inman News

  • 2016 – Surpassed 1000 agents in February

  • 2016 – Surpassed 1000 agents in February

  • 2016 – eXp Realty is in 35 states and Alberta Canada

  • 2015 – Net Revenues up 71% Year over Year

  • 2015 – For the full year ended net revenues increased by 71% to $22.87 million from $13.37 million.

  • 2015 – eXp Realty Cashflow Positive on $16,400,000+ Trailing 12 Month Revenues

  • 2013 – eXp Realty International became a publicly traded company (EXPI)

  • 2012 – Glenn Sanford named Inman Top 100 Most Influential in Real Estate

  • 2011 – eXp Realty featured in Swanepoel Trends Report

  • 2011 – eXp Realty Finalist Inman Most Innovative Brokerage of the Year

  • 2009 – Glenn Sanford Founded eXp Realty, LLC

  • 2006 – Glenn Sanford Top 50 REALTOR at Keller Williams International

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Initiating Coverage With an Outperform Rating

The following is an excerpt from the William Blair Report on eXp World Holdings.

The Agent Compensation Model

We believe that eXp’s agent compensation model will help grow the number of agents committed to the platform, decrease attrition (but still leave room for management to get rid of the wrong agents if necessary), better align shareholders and agents (which should be good for the stock), and create a more durable model across cycles.

EXp has set up a capped commission structure with options for commissions and revenue share to be partly paid in equity. Furthermore, agents who refer other agents to the platform can earn more equity and “passive” income derived from revenue-share agreements from referred agents’ completed transactions.

Agents receive an 80/20 commission split on the ϐirst $80,000 in gross commission income (GCI) and 100% of the commission beyond $80,000 in GCI. We believe the average home sale price for an eXp agent is about $275,000, which implies the typical agent would do 12 to 15 transactions at an 80/20 split and deals beyond that level would be paid out at 100%.

Agents receive 75 shares in the company for their ϐirst closing and 250 shares upon “capping” (reaching the $80,000 GCI hurdle). They also receive 250 shares for each recruit who signs on with eXp and completes his or her ϐirst transaction. These share awards were higher in the earlier days of the company and are gradually decreasing as eXp’s agent count grows.

On the expense side of the equation, agents pay a $99 one-time fee for basic setup (business cards, online presence), a $50 monthly technology fee, and a $420 yearly tuition fee for eXp University (more on eXp University later in this report). Agents also pay a $25 broker review fee and a $30 E&O insurance fee for each transaction until they reach the $80,000 GCI threshold.

In the case of agents who have capped out (gone over $80,000 in GCI), they pay a $250 transaction fee (capped at $5,000 per year), a $25 broker review fee, and a $30 E&O insurance fee (which is capped at $500 per year, or roughly 17 deals per year).

Agents are responsible to a large extent for their own marketing and advertising spending; eXp can and does facilitate lead generation with a proprietary listing service called EXPLS, which has more than 900 online outlets, including some major hubs like Trulia, Yahoo Real Estate, Zillow, and Homes.com. This solution and a Google AdWord offering called “Making it Rain” are some of the services provided by eXp for a monthly fee, but a large majority of agents are generating leads and stirring up business on their own.

eXp University As part of eXp’s commitment to virtual collaboration and alignment, eXp University is an online, avatar-driven environment where agents take part in sales and service training, receive technology education, and collaborate with other eXp agents. Each agent has his or her own avatar and likely uses the low-cost support services to a large degree in their early years.

One of the most frequent complaints from new agents at any brokerage is the lack of training provided to become a productive member of the team. Either there is not direct or frequent access to brokers because of the size and time constraints of larger offices or the boutique nature of a smaller office can cause infringement concerns among other agents. EXp University offers a virtual 3-D world in which new and senior agents can receive more than 25 hours of training every week and collaborate with other agents worldwide to share best practices and new approaches without the concern of losing a deal.

 

GO HERE FOR THE FULL REPORT

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Another Milestone – 166% Growth Rate

Presently one of the fastest growing real estate companies in country.  Offering outstanding tools, ownership opportunities and a revenue share program that can set you for life, eXp Realty has been growing at this pace for a few years.   Time to get in on the fun.

Look around this site – do your homework and then give me a call – we need to talk.

Jim Girard 864.414.4675   Jim@JimGirard.com  or just fill out THIS FORM

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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, eXpComments Off on It’s Not The Right Time For Everyone!

eXp World Holdings, Inc. Reports Record First Quarter 2017

eXp World Holdings, Inc. Reports Record First Quarter 2017 Financial Results

“The rapid agent growth we experienced in 2016 has continued to accelerate in the first quarter of 2017, which drove record revenues of $22 million,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. “This growth is a testament to the superior agent experience provided by our agent-centric model, which consists of a fully immersive cloud-based office environment, industry best revenue sharing incentives and unique agent-ownership opportunities.”

“We expect our agent growth trajectory to continue apace and revenue growth to continue accelerating as we attract ambitious, top producing agents away from legacy brick and mortar offices and to the eXp platform. We also recently attracted four highly qualified industry veterans to our management team—from firms such as Zillow, DocuSign, Onboard Informatics and Keller Williams—which we believe attests to the increasing prominence of our brokerage and the value proposition we provide.”

“As we move forward in 2017, we will continue investing in our core infrastructure to support our growth. The foundation we are building today will allow us to efficiently scale our innovative business model into a much larger, more mature organization, which ultimately, will create notable value for our shareholders.”

READ THE FULL REPORT HERE

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eXp Recognized – Top Workplaces in South Carolina

S.C. Top Workplaces 2017

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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, eXpComments Off on A Broker’s Perspective

Inman News Innovator Awards – eXp Realty – Most Innovator Brokerage Finalist

“We are honored to celebrate so much creativity and invention,” said Inman publisher Brad Inman. “Never in the history of the Innovator Awards has there been so much innovation and, therefore, never has our list of finalists been so large — these are exciting times.”

READ FULL ARTICLE HERE

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