Is eXp Realty Really Worth it – Why I Decided to Stay
Is eXp Realty Really Worth it – Why I Decided to Stay
I spent some time discussing the eXp Realty Negative Reviews and now its time to talk about why I ultimately stayed. I don’t like being the guy that focuses on the negative which is what I felt like so many were saying on my recent therapy session… I mean blog post, eXp Realty Bad Review – What I Don’t Like About eXp
I ended that article noting that I am still at the company and quite frankly it is for good reason. While there are not as many reasons as to why I am still at eXp Realty, I have come to the conclusion that these reasons far outweigh the negatives of eXp Realty. So back to the question of Is eXp Really Worth It?
I have always felt that where you work and for the reasons why are personal. I think it is absurd for people to get all wound up pounding their chest with a “my brokerage is better” attitude. That’s great. I am happy it works for you. But shut up and sell some real estate. Let’s improve the conversation by talking about how to continue to elevate the industry and provide more for our individual families.
To that end, here are the reasons why I have decided to stay at eXp Realty (for now! Because you never know when there will be another opportunity that comes along).
Lower Fees - $22k a Year
Agents ask How Much Does eXp Cost all the time. And the answer is… It depends. I am an Icon agent which means I “cap”. Long story short, that is me paying them $16,000 in fees. I also pay them about $5,000 in transaction fees. My last cost is the $85 per month in recurring fees. All in, I am at $22k a year as the team leader to operate a $40 to $50m a year business.
As I have said before, I am a high D personality and my mind works almost purely in a financial dollars and sense perspective. I have yet to find a big brokerage that can compete with what I get for $22k a year. When I left RE/MAX in July of 2018, I had paid them $50,000 in fees and was on track to pay a $100,000 in fees in ONE year. Before leaving RE/MAX for eXp, I did my homework and looked at Keller Williams where the office cap in Boston was $44,000 a year (before any transaction fees or the corporate fee).
In my opinion, there is no better value out there then eXp.
Less than Running an Independent Brokerage
Why Join eXp Realty and not go independent? I evaluated going independent when I had decided to leave RE/MAX. I had always thought that being independent would be the least expensive option and would net me more money as a team leader and company owner.
I was wrong. It wasn’t even close. eXp Realty Massachusetts was less when I sat down and examined it. I realized that I would need back office support for the new company which I put at a salary of at least $50,000 a year. I also realized that my accountant would have a lot more work with all the 1099s and additional accounting measures.
While shorter money, I also had to factor in the Errors and Emissions Insurance. While I do pay that at eXp, it is a fraction of the cost if I was to have to go out and get my own insurance premium.
In total, I figured there was at least $60,000 in additional expenses that I would accrue. $60,000 vs. $22,000. I will take $22,000 every time.
“My” Back Office
How does eXp Realty Work in the back office in the back office? To this day, I don’t 100% know how they make it all work being a 100% virtual… But they do. I can’t think of one time that a ball was dropped. What I do know is that I have a numerous people that support me and my team. This back office team keep’s track of my deal pipeline as well as the escrow and operating accounts. This part of my operation is mindless.
When I have a closing, it is eXp cutting the checks to co-brokes, sellers as well as my agents. The time savings is enormous. This time saved means that I can sell more real estate and spend more time with my family.
No Liability being the broker
I love sleep. I don’t know if there is a price I can put on my sanity. So we will say that being able to sleep soundly at night is Priceless. Not having to worry about losing my broker license because of an agent’s dumb decision is nice. It’s actually very nice.
While very unlikely that I could lose my broker license (if I had one and was an independent broker), it was still a thought and a concern when I was evaluating it all.
I would be lying if I didn’t admit that the stock that is waiting to be vested isn’t one of the reasons why I wouldn’t leave tomorrow. So, Is eXp Realty Worth It? Well, I have a couple hundred thousand of reasons why to not leave. It is a genius move that hand cuffs some agents for a period of time.
This is a handcuff while the value of the stock is going up. Eventually those huge gains will slow and quite frankly $36k (the value of 3 years of Icon Stock) wouldn’t be enough to hold me in place if a new opportunity came along… Let alone if the value of the stock decreased from the original Icon grant.
As it stands today, the eXp Realty stock rewards is a great reason as to Why to Join eXp Realty and ultimately stay an agent at eXp.
Loved my State Broker
What is it like dealing with the eXp Realty Massachusetts Broker? My state broker was a huge concern for me when leaving RE/MAX and going to eXp. It was a little bumpy in the beginning with another broker, but as eXp grew the talent they were able to get was exceptional. eXp listened to their agents and fixed these issues. I applaud them.
This was a worry and ultimately a weakness that ended up being a major strength.
The Legal Hotline – eXp’s Attorneys
RE/MAX is a big brokerage, but the offices are independently owned and operated. I even owned a franchise in what seemed like a lifetime ago… I didn’t have the resources available that other larger brokerages had as it was only that one small franchise… Which is the story for most brokerages.
Recently I got “served” (it was a BS lawsuit that wasn’t actually a lawsuit and really was a shakedown by some DC Attorneys) about my website saying that it was not compliant to people that are blind and was thereby discriminating against people based off the Disability Act. Naturally this all dropped on a Friday afternoon… I immediately called my broker who forwarded it to eXps attorneys. They reviewed and basically told me to tell them to bug off. They did tell me to go out and have my own legal counsel review (covering their back end), but I picked up what they were putting down. This ordeal cost me absolutely nothing. This is compared to other friends who ended up paying thousands in legal fees for this shakedown.
And for the record, my website is ADA compliant.
Love my own personal office space
Another eXp Realty Negative that was turned into a positive was the need to go out and get our own office space. I missed the people in my old office. But since then and getting my own office space, I have created my own culture and can truly say I enjoy going to the office each day.
My team office is my team office. Everything is for the Chubb Homes Team and is there to increase our productivity. We don’t get involved in eXp office politics… Because there aren’t any eXp office politics. Our culture is our culture which has actually greatly benefited our team.
If you are curious to know more about eXp Realty and are looking to have an honest conversation talking about eXp Realty Prose and Cons, then it would be a pleasure to do so. Obviously, our conversation is 100% confidential. eXp is not an opportunity for everyone and I think within a 15-minute conversation we could figure out if doing a cost benefit analysis of your current brokerage and eXp makes sense. You can reach me by email at [email protected] or go to BookChubb.com. Our office number is 617-480-2600.
If you fell on this site and were really looking for an application, then Click here to go to the eXp Realty Application. And if you are interested in eXp Realty and don’t have a sponsor, then it would be a pleasure to chat with you!
Other Articles on eXp Realty that May Interest You:
- eXp Realty Bad Review – What I Don’t Like About eXp
- Why Join eXp Realty - What Pushed Me Over the Cliff
- Lies Being Told About and By eXp