What is eXp Realty FAQ The Truth About eXp Realty
EXP REAL ESTATE NEW ZEALAND FAQ
Who is eXp New Zealand?
eXp New Zealand is a real estate company within eXp Holdings, Inc (publicly listed on NASDAQ: EXPI).
The counterpart for eXp New Zealand in the US and Canada is eXp Realty, with all international counterparts coming under the banner of eXp Global.
What does eXp Realty stand for?
When eXp Founder Glenn Sanford set out to transform the real estate experience, he thought about what it would take for him, having been a real estate agent previously, to want to be at a company over the long term.
He wanted it to be the place where he would be working if it existed, which played a large part in how compensation and equity opportunities were decided upon.
Glenn also knew that he had to create a great environment where agents could work. A place that would empower agents to manage their own businesses whilst providing them with top-notch technology, real-time and on-demand training and quick support.
He wanted a place where entrepreneurial agents could voice their opinions and actually have their views heard.
Finally, he wanted to build a place where agents could plan for their family’s future.
When the company founders were first looking for a name for the business, they decided on eXp for two reasons.
(1) eXp is short and catchy, and at the time it was available; and
(2) eXp is the prefix for many inspirational and motivational words and words relating to real estate.
Do I need to be a licenced real estate agent to join eXp New Zealand?
Yes, you need an active real estate licence. This is a requirement to join eXp New Zealand as an agent.
If you need assistance in obtaining your real estate licence, please contact us.
Can I use my own logo and brand if I join eXp?
eXp supports the agent’s decision to present a personalised brand and further recognises that successful real estate agents have built a career on their integrity, knowledge and personal networks.
If you're an Independent Contractor or Sole Trader, you can leverage the Powered by eXp logo alongside your own logo using associated company marketing templates. Or you can choose to retain or design your own branded templates Powered by the company.
You can leverage the company brand, logo and associated marketing templates if you're a Commission-Only agent.
Together, we can leverage the latest technology to grow an agent-owned international and publicly traded company.
How much does it cost to join eXp New Zealand?
New Zealand agent cost to join (AUD):
NZ$400 + GST Start-Up Fee (once-off payment)
What are the eXp Realty fees?
New Zealand agent fees:
NZ$200 + GST Monthly Fee
New Zealand agent transaction fees:
NZ$500 + GST Transaction Fee (only payable for settled transactions)
Is eXp Realty good for brand new agents?
eXp provides a fantastic learning platform to newly licensed agents where they will gain the fundamental knowledge essential to start and build a successful real estate career.
Whether it's a good fit will depend on a few other factors. If you're self-motivated, attend training regularly and don't care about working in a physical office. Yes, eXp should definitely be worth your consideration as it should be a good fit for you.
As a new agent at eXp, there's also a great support system from head office and your sponsor and mentor.
There is always someone there who’ll be able to answer your questions and help you get your business up and running and thriving.
Can my team or agency join eXp New Zealand?
Yes. There are individual agents, real estate teams and agencies of all sizes who join eXp New Zealand. We can show you how to best transition into eXp and benefit no matter your situation.
How many agents does eXp Realty have?
As of May 2022, we have over 80,000 agents at eXp.
As the fastest growing real estate company globally, eXp has more than doubled in size every year for the last few years.
Do I need an eXp Sponsor? Who are the best eXp Sponsors?
Every agent at eXp has a sponsor. If you spoke with multiple people before deciding to join eXp, you should choose the person who helped you come to the decision to say YES to joining eXp Australia.
Also, you want to make sure that you choose a sponsor that will help you navigate all the tools and technology that the company provides and can further guide you in the establishment and growth of your business – even if they aren’t located in your State or Country.
Your sponsor doesn’t need to be local to you to give you the best guidance for your business within eXp.
What CRM does eXp Realty use in New Zealand?
As part of joining eXp, you are provided with a subscription to Real Estate Platform (REP) CRM. It's a state-of-the-art custom-built CRM for eXp New Zealand agents and integrates with many exciting real estate tools and programs.
There are no setup fees and no monthly fees.
Is eXp Realty a good company to work for?
eXp Realty is the first agent-owned real estate company that shares the wealth and growth with its agents who join. As such, it has impacted agents' lives for the better worldwide.
At eXp, we’re proud that innovation is an integral part of our culture. It nurtures growth for all agents and not just for owners or top performers. We've redesigned the traditional agency into a company where agents can become shareholders and further celebrate the company's financial success. eXp's culture nurtures growth for all agents and not just for owners or top performers.
So, when you're exploring which real estate company is the best to be partnered with in 2022 for smart agents wanting to earn more in less time, then eXp is for you.
The company offers its agents 100% Commission Splits and provides the latest in cutting edge technology. Agent collaboration is in abundance and agents are happy to help each other out because every eXp agent owns a piece of the Company!
Agents genuinely have a voice and even more unique to eXp is that leadership is listening. For these reasons and more, it has been labelled the future of real estate.
Is eXp Realty profitable?
In short, yes, the company is profitable and has a current valuation of over $2 billion as of May 2022.
You can check out the SEC Filings if you want further insight into eXp's profitability.
How many countries is eXp Realty in?
eXp Realty was established in the United States and now spans 21 countries, including New Zealand, Canada, Australia, the United Kingdom, Germany, France, South Africa, India, Hong Kong, Portugal, Mexico, Puerto Rico, Brazil, Italy, Colombia, Spain, Panama, Israel, Greece and the Dominican Republic.
Is it true that eXp has no physical offices?
Apart from the Bellingham corporate headquarters in Washington (and a few offices in the US States requiring physical offices), agents operate their businesses from home offices or remote office spaces.
Having no bricks and mortar offices obviously saves a lot of money as a company. As a result, eXp shares these savings with its agents through reduced costs and its revenue share program.
What if I require a physical office for something or a room for meetings?
eXp has you covered. Whether you need a meeting room or physical office for any occasion.
By being a part of eXp, you'll receive a free Regus membership to its Business Lounges. This means you can reserve rooms for a meeting or conference or even go in and work in-between appointments.
With over 3,000 offices available worldwide, Regus is bound to have an office that suits your needs and requirements.
If I need to get help with something, who do I contact?
Not tech-savvy? eXp provides real-time support with their live specialised support teams that can assist agents in getting their systems and tools up and running around the clock.
eXp New Zealand has a unique way of ensuring that its agents have plenty of resources to assist them.
Other sources you can get help from are your sponsor or mentor and Workplace groups, where you can have many of your questions answered instantly by colleagues and the corporate team. You can also visit the virtual office's accounting, IT, and technology departments (conveniently open for 10-12 hours a day).
No matter what your question, there’ll be an expert who will be able to answer it in a timely fashion.
Who is the broker for eXp Realty?
Each State has at least one State broker. Some of the larger States will also have regional compliance brokers to assist agents and review contracts in the US.
Similarly, there is a Broker of Record in Australia in New Zealand.
EXP COMMISSION & CAPPING FAQ
How does eXp New Zealand's commission split work?
eXp New Zealand offers the most competitive commission structures to empower agents and teams looking to grow.
If your agency is taking a good chunk, they should be providing good resources. eXp provides more and takes less.
eXp enables you to earn more commissions, from 75%-100% commissions on every transaction. Once you reach the “capping” level each year, you will join the 100% Club.
Does eXp charge desk, franchise or royalty fees?
No. With eXp there are no desk fees, no franchise fees and zero royalty fees. They provide you with everything you need to help you succeed with no desk, royalty or franchise fees.
What is "capping"? And why does it matter?
Once an agent reaches the set amount of GCI (cap), they are no longer required to pay the Office a split. Meaning the agent is at 100% commission until their anniversary year starts again.
The eXp New Zealand cap is NZ$140,000 GCI. So, once an agent reaches their NZ$140,000 cap, they will be on 100% commission for the remainder of their anniversary year.
EXP REVENUE SHARE AND EXP RECRUITING FAQ
What is Revenue Share?
Unlike a typical real estate agency, eXp Realty doesn't have many overheads. As such, it can share company revenue with eXp agents assisting in its growth.
All agents at eXp have the opportunity to receive company revenue share from the productive sales activity of transacting agents who they introduce into the company.
The best part is that the revenue share doesn’t reduce agent commission. It’s paid by the company.
What kind of revenue share can eXp New Zealand agents earn?
For every real estate agent you personally introduce to eXp, you’ll receive up to NZ$4,900 each year in company revenue share.
Furthermore, if you have agents in your sales team who introduce agents of their own to eXp, then you’ll also earn a percentage of what they settle in each year.
Check out our eXp New Zealand Revenue Share Explained video to understand better how revenue share works and the earnings potential.
How is eXp revenue share calculated?
eXp revenue share can be calculated as a percentage of the company's split of GCI generated by the agents you have introduced to eXp and any other agents in your sales team that make up your revenue share group.
If, for example, one of your recruits sells a NZ$600,000 home at a 3% commission, you’ll make 3.5% of the NZ$18,000 commission earned (NZ$630).
How much revenue share can you earn?
There’s no limit on the revenue share amount can can earn at eXp!
For each real estate agent you introduce personally to eXp New Zealand, you can earn up to NZ$4,900 in revenue share annually.
For other agents within your revenue share team, you’ll be able to earn between 1% and 5% of the company’s split of GCI for what those agents earn in commissions.
How can you track your revenue share earnings?
There is a system called Enterprise, which eXp Realty created, allowing you to view all of your earnings in a real-time platform.
Similarly, eXp New Zealand uses an app called My eXp and utilises an Okta account where you can view all of your upcoming revenue share, sales data and stock awards within your Shareworks account.
Enterprise and My eXp provides eXp agents with a quick and easy way to see how their revenue share is growing and what they can expect to receive on the 22nd of the upcoming month.
When do you receive your revenue share?
You’ll receive your eXp revenue share on the 22nd of every month for commissions generated in the previous month.
For example, if the agents in your revenue share group you personally introduced to eXp generated NZ$60,000 in GCI in March, you'll receive revenue share in the amount of NZ$2,100 (3.5% x NZ$60,000).
This revenue share will get deposited into your nominated bank account on 22nd March.
When it comes to eXp recruiting, do I have to recruit agents?
No, that’s entirely up to you! A majority of eXp agents just list and sell property and are not wanting to build a team.
Those agents that do introduce other agents to the company don't "recruit" anyone. They just love what eXp offers and its collaborative and supportive culture. And their agent friends see this and want to learn more about the eXp agency model
EXP EQUITY & STOCKS FAQ
Where is the eXp stock traded?
All eXp stock is publicly traded on the NASDAQ. The ticker symbol which eXp stock is traded under is EXPI.
Am I able to buy EXPI stock?
Yes. EXPI stock is publicly listed. eXp Realty offer an agent equity program that gives its agents the benefit of purchasing shares in the Company at a discounted price.
What is the eXp Agent Equity Program?
In New Zealand, under the Agent Equity Program, eXp allows its agents to apply 5% of their sales commissions to buying EXPI stock with a 10% discount.
If you want to buy company shares yourself, you can establish a brokerage account. Many stockbrokers are available, so for recommendations, check with your friends, family or financial advisor to find the most suitable broker.
What are the eXp Realty stock awards that agents at eXp New Zealand can receive?
Because eXp Realty is an agent-owned company, they want every agent to have a vested interest in the company's overall success.
You get awarded with stock in the company when you join eXp New Zealand and after your first Settlement from a property sale.
You’ll also receive stock awards when you reach your NZ$140,000 commission cap and when an agent that you’ve introduced to eXp settles their first transaction.
The best stock award is the ICON Agent stock award. Top-producing agents who satisfy the ICON award criteria will receive up to NZ$23,500 worth of stock every year that they achieve the ICON award.
When can I get access to my eXp stock awards?
You have ownership of the stock when they're awarded to you, and most of the stocks that agents receive from eXp are vested after three years.
For example, if you receive awarded stock for achieving your commission cap in January 2023, you can cash it out (or move it to your own brokerage account) in 2026.
EXP VS TRADITIONAL OFFICE FAQ
What makes eXp Realty different from most traditional real estate offices?
Traditional Real Estate Office:
👎 Franchise & desk fees
👎 You fund the office building
👎 You fund rent and office supplies
👎 You drive to and from the physical
office to work
👎 Clients rarely come into the office
👎 Limited training opportunities
👎 Agency owns the rent roll
👎 Agency owns your database
👎 You pay for the tech and systems
👎 You handle the marketing and leads
👎 Few tools and support resources
👎 You pay for your own coaching and help
👎 No share in company revenue
👎 You grow their brand and their reach
👎 You sell homes, and they take a sizeable cut
👎 From 40-90% commission split
👎 LIVE TO WORK
eXp Real Estate Model:
👍 No franchise or desk fees
👍 Work when you want - more family time
👍 Work where you want - create your own
👍 Work the way you want
👍 On-demand & live training
👍 Earn company shares
👍 Build & own your own rent roll
👍 Own your own data and contacts
👍 The CRM and technology are provided
👍 Offers free marketing and lead solutions
👍 Real-time support teams
👍 Coaching, training and support are provided
👍 Earn company revenue share
👍 You get paid to grow eXp Realty
👍 You get more in your commission cheques
👍 Keep up to 100% commissions
👍 WORK TO LIVE
JOINING EXP FAQ
Why join eXp New Zealand?
You probably already know about the low-cost entry into owning your own real estate business through eXp New Zealand.
You’re probably also aware of its low monthly fees.
We could go on about the rewards and rebates offered to qualifying real estate agents with eXp’s offerings of shares and bonuses.
We could also tell you about all the support, training and fantastic collaboration between the network of eXp agents worldwide.
But, some of the best reasons we can give to become part of the eXp team are straight from the mouths of others that have joined eXp Realty. So here’s what some of our agents in Australia and across the world who have recently joined or become part of eXp Realty have to say - Testimonials.
Be a part of a rapidly growing and exciting organisation with other forward-thinkers.
In association with eXp New Zealand, we can help you discover innovative strategies to implement in your business. Including lead generation, assisting vendors to market their properties cost-effectively through social media, and maximising your property listings' exposure through our continually expanding network of agents.
When you join eXp New Zealand, you become part of a worldwide family of agents and partners, all dedicated to the positive transformation of the real estate experience.
Learn more about how eXp New Zealand empowers its agents with world-class education and training, stock awards and strategic partnerships.
Also, read what Elite Agent Magazine had to say before eXp officially launched here in Australia.
I want to own my own real estate business. If I join eXp can they help me to do this?
Suppose you're considering opening your own real estate business. In that case, eXp not only has a unique real estate system that will help you, but we also have world-class training to support your development and propel you forward in the real estate industry.
Many agents have already joined eXp New Zealand due to the low-cost entry, which allows you to effectively run your own business whilst providing a sustainable retirement plan or exit strategy for their business.
When you join our eXp team, you can be guaranteed that your goals will be supported as they become our goals when we work together.
Why should I join eXp New Zealand?
There are so many real estate agencies and franchises out there, so you may be thinking, "why should I join eXp? What makes exp Realty different?
To help decide whether eXp is something you may want to explore further, let's look at some of the things you need to consider.
It can be pretty daunting and scary when you're thinking about changing agencies, going out on your own to operate a business, or, generally speaking, considering anything new in business.
So, it's vital to conduct thorough due diligence into what you're considering undertaking.
What is it that you want out of the change? What is the ultimate end goal that you’re trying to achieve? Will the new systems suit the lifestyle you want? Do the systems complement and support your personality?
You need to ensure that you’re making educated decisions based on the information you’ve gathered from your due diligence.
One of the most important factors to consider before you look at joining the eXp team is what other agents are saying about eXp – these are agents that have actually joined the business and are currently part of the eXp team.
Are they happy? What do they think of the business model? The culture? The support?
Don’t take advice from people who haven’t experienced eXp first-hand as a company, what it has to offer and the benefits that eXp can give you.
It’s important to take advice from those agents that are part of it, experiencing it daily, not those that are negative and uninformed.
Don’t take our word for it. Look at what other eXp agents have to say about being part of the eXp team - Testimonials.
Why did we choose to join eXp Realty?
We love to help other agents succeed in Real Estate and have the freedom to own and run their own successful real estate businesses.
By using eXp as the vehicle and driving force, agents can save a lot more money and make a lot more money for doing what they have always done.
The fact that agents have the opportunity to have multiple income streams helps secure their and their family's future and is completely life-changing. Agents finally have a simplistic exit strategy for the business they're building, and if it can be summed up in one word, it's BRILLIANT!
With all these fantastic benefits, the most gratifying part of being in the eXp family is that we get to be a part of your journey – we love to see you succeed.
If you’d like to join our eXp New Zealand team and be a part of One Great Force™, then please contact us. We’d love to be able to help you realise your dreams.
To find out more about eXp New Zealand, please email us at firstname.lastname@example.org or call us at +61 466 753 397.