This is one of the questions we came across when we were looking at brokerages. How much does it cost to join EXP Realty, and subsequently what are the fees as you run your business.
What are the transaction fees
Annual membership fees
Tech Fees? Are there any? Do you have to pay for KV CORE as an example?
What do the rebates etc look like and how do you get them? (By Capping?)
eXp is pretty affordable. There is a $149 fee to join which includes your business cards and first months fees. Monthly fee is $50 for tech (includes all our tech, KV Core, Skyslope, Show me Now, etc) and $35 for education (total $85 per month). Transactions fees are $40 E&O and $25 Broker review (total $65 per transaction).
There are multiple ways to earn stock. You earn stock on your first transaction each year, when you cap ($16,000 cap) and if you introduce someone to the company. Also, you can take 5% of your commission and buy the stock at a 20% discount. On top of that, if you become an ICON (Jeff and Renee Funk are ICON’s) you can earn up to the $16k you pay the company back in stock.
Always glad to answer any more questions. Jeff and Renee can answer any questions too… Moving my brokerage was pretty scary as we were the biggest brokerage at the time to switch. It’s turned out to be an incredibly great decision.
Hey Matt! Yes, it was a very tough decision to give up everything to do it. But in the end, it was best for my agents and definitely best for my family. I have agents now paying for college for introducing agents to the company, some are paying their mortgage and car payments. All my agents now have stock in an account which they never would have done. Always glad to answer any other questions. Most importantly, I’m having fun in my business again!
The actual cost can vary. Being with eXp for 2 years, I have found the reoccurring charges to be a minimal part of the overall equation. In 2018, the company benefits outweighed the costs. In fact, in 2018 we experienced a net gain of $77,300.76. Having closed 101 transactions in 2018, our actual “cost” per transaction equates to a positive +$765.35. We have found, we are essentially getting PAID to be with eXp.
That said, below are the overviews, including fee structures, based on regions…
When the benefits of Rev Share, Stock Purchase Program, *ICON Stock Award, & Transaction Fee Receivables, are removed from the equation…
Below are our Calendar Year 2018 Fees:
Total Monthly Reoccurring Charges: $1,020
80/20 Company Cap: $16,000
After Cap Transaction Fees: $6,342.57
Broker Review Fee: $711.81
Total Per Transaction (101 Closed Transactions): $243.63
An awesome per transaction cost, especially factoring in the tools, systems, the collaborative network & support which have been an instrumental contributor toward our growth from $20 million to $50 million, (production with 9 agents), in our first 12 months with the company.
*The ICON Award provides the qualified “ICON” with up to $16,000 in publicly traded EXPI stock.