Boston Realtor Mike Mahoney
Michael Mahoney
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Posts Tagged ‘should I join exp realty’

Should I Join eXp Realty?

September 21st, 2018 by Michael Mahoney

Should I Join eXp Realty?

There are a lot of real estate agents joining eXp Realty this year. Since I joined around January 2018, the company has doubled in size.  As a result of all these agents signing on,  many people call me to ask me the following question – “Should I Join eXp Realty?”

The answer to the question really depends. It depends on you. It’s not the brokerage for everyone. Every agent has their own specific needs and wants.

What I can say for sure is the following:

If you like paying desk fees and royalty fees and enjoy hearing about the vacation home your broker bought with your commissions, then you should stay where you are.

At eXp Realty, there are no desk fees. No royalty fees. No franchise fees. Agents keep 80-100% of their commissions. eXp Realty also offers every agent the unique opportunity to become a shareholder in their own company, and celebrate the company’s financial success.

The bottomline for mos agents is that this will be a very cost effective solution for them to operate their real estate practice within. The following is the current (9/18/2018) costs associated with affiliating with eXp Realty.

These are the costs associated with joining exp realty. This is helpful to understand while you are wondering if you should join exp realty

See more about eXp here

What’s different about eXp Realty?

Many agents are accustomed to “going to the office” even though after 17 years I pretty much stopped going into an office a long time ago.

The basis of eXp Realty is that it is an online cloud brokerage. Essentially, all brokerage operations and interaction with the back end of the company are done over the internet using an online campus where you communicate in real time with staff and support.

It’s an amazing platform where you don’t have to drive to the office to track down a check or a form that you need for your transaction. You can visit the brokerage operations online and speak with staff in real time from anywhere you are.  Remember the last time you drove to the office to track something down only to find out that the support staff member was not available that day to help because they were off site?

exp Realty virtual world

You can access accounting, tech support and brokerage operations from anywhere you have internet connection in real time at eXp Realty

 

Bricks and Mortar Brokerages Versus Online Brokerages Like eXp Realty

As an agent who has been at it a long time, I pretty much have not used the office in very long time. Although for many years, I always maintained a desk or an office in the brokerage, I realized that I never really used the office space that I was paying for. I have been with Coldwell Banker, Re/Max and Keller Williams. Each model has it’s own pros and cons.  I would say that I ultimately enjoyed all my time with Keller Williams the most in that it’s model aligned best with my personality.

However, when I was shown eXp Realty by some former Keller Williams agents it was a no brainer for me.

After realizing how much I was paying the broker that I was with for office space I did not use, eXp Realty was a “no brainer for me”.  Just in the commission splits alone, I probably saved over $10,000 a year basically doing the same business without the excessive office charges for space that was not being used. If you add in the monthly expenses, and the revenue sharing plus the stock awards it’s probably closer to a $15,000 per year savings.

Does Having an Office Space at The Street Matter?

Today, the clients are so mobile, they almost prefer to have you meet them at locations that work for them. In the Boston area where I work, there is pretty much a Panera or Starbucks in every town so I often meet clients there.

Many agents at eXp rent their own spaces with a couple friends.

 

 

 

Reviews

5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

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