Thank you for visiting our information site on eXp Realty! We prepared this information page as a way to introduce other agents to eXp with the intention of educating people we know about this incredible brokerage while we build a team of high-production agents using eXp’s tools to excel in the real estate industry!
What is eXp Realty? Although best explained in person, eXp is a high-tech cloud-based real estate company that’s innovative business model is creating exponential growth and a lot of “buzz” in the real estate industry. The company is agent-owned and publicly traded. There are over 15,000 agents in North America and growing at the rate of about 1,000 agents per month. The details are the exciting part – and we can share those details with you in a personal or web meeting. In December 2018, we decided to switch from a brokerage we loved to eXp… here’s our story!
Why did we change?
First of all, we started in January 2010 with RE/MAX Real Estate (Central) here in Calgary, Canada – the #1 RE/MAX office WORLDWIDE for over 23 years! We knew that this is where the top agents in the city were and we wanted to be apart of it. Our first full year we closed 38 transactions and grew quickly… with mentorship from the Mike Ferry Organization (our coach and mentor) we closed over 125 transactions in 2014 before our market depressed in 2015.
In 2017 – partly in an effort to reduce expenses – we decided to leave RE/MAX (which we loved by the way!) and switch to an independent brokerage. It was helpful and comforting to us that a couple of “powerhouse” agents we respect (Donna Rooney and Gary Cronin) had also made this same change a year or two prior. Fearful that leaving RE/MAX would have a negative impact on our business, we made the bold move, re-branded our company and switched brokerages. Our first year with our new brokerage, we saw a 11% INCREASE in our sales despite the market decreasing over the same period!
We understand now (that we have weaned ourselves from the older franchise brokerage brand) that the clients feel a direct connection to the relationship with us as their Realtor rather than a relationship with the brokerage. We truly understand now that your personal relationship with clients and past-clients plus your ability to present to new prospects is far more important to your success than the company you have your license with.
In November 2018 we were introduced to eXp Realty by a superstar Realtor in Vancouver – John Tsai. He was so excited about this brokerage it was hard not to listen to what he had to say. Having just changed brokerages one year prior, it wasn’t a priority of ours and to say we had our hesitations was an understatement. However, as we learned more about eXp our reservations were quickly converted to excitement at the opportunities ahead.
Being more analytical than Simone, Pablo was even more hesitant in switching brokerages again so soon. It didn’t take long, though, after hearing about all the success stories of eXp agents in the US, BC, and Ontario plus interviewing several people actively involved with eXp that we both jumped on board and joined eXp. The eXp Realty company is publicly traded and is growing extremely quick in the US and we are already witnessing strong growth in Canadian markets. We felt it was imperative to join early to help establish the brand awareness and public image of eXp locally while helping local agents understand the business model and benefits of an agent-owned cloud brokerage. Much of our skepticism was eliminated after hearing about top US and Canadian agents who had been with RE/MAX or Keller Williams for 15, 20, or even close to 30 years moving their huge production teams over to eXp – that says a lot!
The Business Model
The business model for eXp focuses on 3 revenue streams. Prior to eXp, we had one revenue stream – commissions from real estate sales. With eXp, we still focus on selling real estate as our core business and still retain our sales commissions with very little change from what we were doing in the past (except we have more freedom in personal branding than we did with the larger franchises). In addition, we receive shares in the global eXp company which nearly offset 100% of our fees we pay to be a part of the company. It’s like a forced savings plan… the shares can’t be vested for 3 years and in reality, they will probably just sit there until I retire (at 90 LOL). Third, we have the revenue sharing program which really excites us because we have an opportunity to create passive income that can allow us some freedom from the hectic schedule of selling real estate in the future.
Alberta has a HUGE opportunity with eXp Realty. As of December, 2018 there are over 15,000 agents with eXp and one year ago there were about 3,000! The growth is astronomical and Alberta has just over 100 agents at the time of writing this. With over 5,000 agents in Calgary alone we see eXp expanding into the thousands of agents in Alberta. With this kind of growth there are huge opportunities in the Alberta brand, the equity from shares, and the revenue sharing as well.
Everything you need, and nothing you don’t!
Since our second year in real estate, we have worked mostly independent of the brokerage- even having our own office at home then in a physical separate office. Our assistants would do all of our paperwork and send everything to the brokerage conveyancing office. Then the conveyancing department would send documents to the lawyer. We always had access to a physical office but the locations were never that convenient for us and in some cases they weren’t that inviting so we elected to not meet clients there. We always relied on other agents/mentors for advice, help with challenging clients, or business guidance.
eXp gives us everything we need and eliminates the things we don’t need – no physical(expensive) brokerage office, no brokerage “owner” who keeps the profits, direct access to the conveyancing software so we can just upload documents directly, a physical meeting room (if I need it – via Regus offices anywhere), plus a whole bunch of technology we never had access to before(unless we paid huge monthly fees for it).
Nothing to Lose
We researched it, we discussed it, we looked at the fees and the business model and what the cost of switching would be and in the end we made the decision that this would be a great move for us. It certainly isn’t for everyone (but I struggle to see who it wouldn’t be for!). In the end one of the final pieces of advice someone gave me was this, “Try it… and if for whatever reason it isn’t working out after a year or two – you can just switch back.” This is so true, as any franchise brokerage would be happy to have our business- but we aren’t looking backwards… only forwards as we join eXp and shoot for the moon!
Ultimate Deciding Factors
I think the ultimate deciding factors for joining eXp can be summed up as follows:
- Income opportunities – by diversifying our revenue streams we have the opportunity to build long-term wealth not just chasing commissions from every real estate transaction.
- Community – in our short time with eXp we have already started to understand the fact that other agent’s performance in your “downline” is important to your own future. We have experienced this with our “upline” where there is a beautiful open dialogue flourishing among agents who used to be focused on their own production and less open to sharing knowledge and motivation.
- Adopting the future – with a cloud-based brokerage model we feel we have more direct access to administrative functions, increased support and training, and we feel more connected to the direction that real estate is going in 2019 and beyond!
Want to Talk?
Meet with us for a coffee or in our office to discuss what we have learned and how to join us in making eXp the fastest growing group in Alberta! Call or text 403-452-7400.
Ready to JOIN? Visit https://simonerousseau.exprealty.careers/ for more information or to complete the application form!