EXp is a new cloud-based brokerage with its sights site on changing the way Realtors structure and operate their brokerages. This is an attractive option for high-performing Realtors who are sick of the minutiae of more traditional companies. Some surprising news from Southern California highlights just how big of a draw this new model is.
Three successful brokers at traditional or boutique brokerages have moved all of their staff over to eXp. This move is surprising since the brokers in question have a long-standing record of success in one of the most competitive markets in the country. Obviously, the draw of getting in on the ground floor of eXp, earning company shares, and benefitting from a new way of doing business is too big to ignore.
- EXp Realty gives agents opportunities to earn company stock based on their production and the number of agents they recruit.
- EXp Realty COO Mary Frances Coleman states that the business is onboarding roughly 80-100 new agents per day.
- Currently, Southern California is one of the most competitive markets with 22,000 agents and only 4,745 listings.
In addition to Compass’s announcement Wednesday of its San Diego expansion, virtual brokerage eXp Realty, which has launched in 47 states, strengthened its presence in the highly competitive Southern California housing market with the recruiting of three San Diego big hitters.
Broker-owner Kyle Whissel, whose independent firm Whissel Realty is the most productive brokerage in San Diego County according to Real Trends; and Dan Beer, leader of Keller Williams’ no. 1 team in Southern California by gross commission income, have both joined eXp, which just announced this week that its agent count has doubled over the course of eight months to 8,000 agents across the country.
Speaking to Inman Friday, Johnson said he had been holding out until eXp got to a certain size to join, and when big industry player, Jay Kinder of Oklahoma, moved over he decided the time was right, “The revenue share side of it is insane and to be a part owner, to have people in your team have a retirement plan and ownership in the company, you could never pull that off (elsewhere),” Johnson told Inman.
EXp Realty COO Mary Frances Coleman told Inman that eXp is onboarding new agents at a rate of 80 to 100 a day. “We are just a different model,” Coleman said. “I believe the traditional real estate model is antiquated and does not work. We’ve recognized that the industry has changed and given agents the opportunity to run the business in a scaled model, with support and services. We also give them the opportunity to plan for their future, to own shares in the company in a way that no other company offers.”
View the original article at WFG