In the last 10 years, eXp Realty has progressed from a novel brokerage model to a leader in the real estate industry. They offer a unique range of benefits for their agents, but it also comes with a unique process to join.
Most agents joining eXp Realty are sponsored by an existing member of the brokerage.
As a new agent, finding a member to sponsor you may seem intimidating. This approach creates a unique opportunity for agents to grow and learn from their sponsor in the brokerage.
Plus, this structure poses a wealth of opportunities for new and veteran agents alike. It’s not always clear what to look for in a line of sponsorship. eXp has a unique, one-of-a-kind, sponsorship setup. At eXp, when you team up with a successful group, team, or agent, you’re able to take advantage of the resources they provide.
We’ve compiled a list of the most important facts about sponsorship, as well as a list of some of the leaders in eXp Realty to give you an idea of the different types of value you can get through each of these groups.
How does eXp Sponsorship work?
For starters, the relationship between an agent and sponsor is complementary. The sponsor helps the agent be successful by helping to guide them through eXp’s company to find the right resources they’ll need to be successful.
So what’s in it for the eXp sponsor? Why do they help with sponsorship? This is the clever part. It doesn’t actually cost an agent anything to get help from their sponsor.
That’s right – read that line again – it is important! eXp corporate gives a bonus to the sponsor based on how successful you are. If you sell a lot of real estate or end up building a large organization of your own, your sponsor is rewarded by eXp, giving them a natural motivation to help you build your eXp business.
Here’s the best part: the revenue-sharing incentive has inspired sponsors to provide support for sponsorees that goes beyond training and coaching. Some will provide their downlines with leads and technology platforms.
Some sponsors have also formed collective groups that offer advice, learning and training resources, and tools for lead generation. They may even provide one on one support for their agents.
You’ll find that naming an eXp sponsor will pay off in leaps and bounds with guidance and opportunities to move forward. eXp’s revenue-sharing inspires comprehensive sponsor support that’s well worth it. It sets the agency apart from others producing well-trained agents that have the tools they need to move their careers forward.
But most importantly – don’t join eXp without a sponsor. If you do, you don’t have anyone who is invested in your success. Naming a sponsor costs you nothing, but can gain you everything, at no cost to you, ever.
“If you were to invite agents to join your brokerage, or an agent joined because they had a great experience with you, doesn’t it make sense that the broker ought to reward you for that activity?
There are brokerages that do that, eXp is one of them. When you invite an agent that joins you get a portion of that agent’s production based on a certain percentage. We call that revenue share. You invite an agent, that agent comes, that agent produces, the company rewards you by giving you rev share and stock. Simple and effective.” – Jim Gray, licensed real estate agent with eXp Realty and a professional real estate agent coach.
How do I pick an eXp sponsor?
eXp’s model was built to even the playing field, and create incentives for more experienced agents. It provides the same CRM and technology to all agents. So, agents get a chance to set themselves apart when choosing someone to be their sponsor.
If you’re already in talks with someone at eXp, it’s best to talk to someone in their upline or someone in their downline. You can ask what kind of support they’re getting from their sponsor. Are they going to jump on calls with you? Do they have a proven system that can help you?
In most cases, your sponsor is the person that introduced you to eXp. Many sponsors will try to tell you this is how it has to be.However, here are some tips to keep in mind:
- Your sponsor doesn’t have to live in your city, or even in your state! Remember: this is a virtual brokerage – and a lot of business is conducted virtually.
- Your sponsoris notnecessarily the eXp agent that talked to you first
- Your sponsor does not have to be a friend you happen to know at eXp
- Your sponsoris nota local team leader in your area you’ve heard about
Your sponsor is whoever you want it to be.
If you are deciding between multiple people, it’s best to pick the sponsor that helped you decide eXp was the right choice for you. If you don’t have one, the most important next step is to get one!
How do I get an eXp Sponsor?
Remember: a sponsor is your secret weapon to getting guidance and support you wouldn’t otherwise. So, what happens if you don’t have an eXp sponsor yet? Thousands of agents join eXp each year and don’t list a sponsor, which can be a big mistake.
Not all sponsors are willing to take on new agents. But many others will pick up a call any time to discuss the pros and cons of joining eXp Realty.
Simply picking the right sponsor opens some very interesting opportunities for agents looking to build wealth and generate additional streams of income rather than just selling homes.
eXp Sponsorship FAQS:
Can you have an out-of-state sponsor at eXp Realty?
Yes, you want to pick a sponsor that is going to help you understand the technology and tools of the brokerage. Part of the value of a virtual brokerage is you work with agents across the US and even the world.
Choose someone who can guide you in the growth of your business – even if they are out of state!
What’s the difference between a sponsor and a mentor?
While many eXp sponsors take on a mentor-like role, there is a difference between a sponsor and a mentor.
An eXp sponsor is generally the person who introduced you to eXp. Or, was the one who told you to consider the brokerage, and enlightened you about what it would be like if you joined. Or someone who committed to helping you as you joined.
Once joining and signing someone as your sponsor, you’ll help them because they’re rewarded for each of the real estate transactions you complete. And they help you to drive your own success at the brokerage
A mentor is different because they provide you with ideas that can help you reach your goals, while a sponsor makes things happen. For example, if you’re having a specific problem, your mentor will talk you through it, helping you develop the skills you need to move forward. A sponsor may be able to open the doors to solving the problem.
It should also be noted that lines can blur within the sponsor and mentor roles. A sponsor may provide you with information that’ll help you develop skills while a mentor may offer you an opportunity to advance in your career. It all depends on how things play out.
Do you have to have a sponsor to join eXp?
You wouldn’t jump out of a plane without a parachute, would you? If you’re going to join eXp, you should have a sponsor! If you’ve already got a sponsor in mind, the next step is to fill out the join eXp application online.
Can I change my sponsor?
When joining eXp Realty, you have to sign a specific sponsor. Again, when talking about a sponsor, it’s not one specific person, but a chain of people and support above that as well.
Because of that, once you come on, you cannot change your sponsor. The only loophole? If you’re dead set on changing your sponsor, you can leave eXp for six months, come back, and name a new sponsor later.
Can I sponsor an agent when I’m joining?
Yes, you can – you just need to get the paperwork right. The join paperwork can be tricky, so make sure you’ve got someone to help you fill out who knows what they’re doing.
The Impact of Sponsorship
For the unfamiliar, eXp Realty is the largest cloud-based brokerage in America. The lack of dedicated brick-and-mortar operations lead to minimal overhead, lowering the fees agents pay to be a part of the brokerage.
Beyond its cloud-based structure, eXp Realty stands out for “revenue sharing.” Revenue sharing is the practice of agents sharing a portion of their revenue with their sponsor within eXp Realty. This practice incentivizes “upline” sponsors to set their sponsored agents up for success. It also encourages “downline” agents to sponsor other promising agents to build their own downline source of revenue sharing.
Revenue sharing has led sponsors to provide broader support than simply training or coaching. For instance, some sponsors will also provide their downlines with actual leads or technology platforms.
Some agents have also formed collective groups. These groups enhance agents’ abilities to learn and train effectively, as well as pool resources for activities like lead generation from a list of the best real estate lead generation companies. Other sponsors prefer a more individualistic approach. They may rely on their personal experience and network to support their downlines.
Not all sponsors are equal, nor are any two identical. Because there are benefits and drawbacks of each group, we’ve provided a short summary of some of the top groups to help agents select the best group for them. Here’s our top picks:
1) Top Pick: Thrive Real Estate Network
Some groups pool resources and expertise to take advantage of costly technology that solo agents can’t afford on their own. Thrive’s main value provided to agents is helping them grow their production and scaling their businesses up.
Rather than focusing on single agents to drive success, Thrive takes a collective approach by consolidating resources, technology, and knowledge for all members of the group to succeed. In fact, the Thrive Real Estate Network is the best place to join if you’d like resources (whether you join a Thrive team or go solo).
The group’s membership includes several real estate superstars that lead by example. For instance, one of Thrive’s founding members is Sean Goerss, who grew up working in real estate for his family’s real estate business. Sean has had a major impact on building that real estate network as well as his own – with 613 units for $172 Million in Volume and $4.83 Million GCI in 2019.
After striking success in his own real estate businesses, Sean has now turned his attention to helping create resources that help Thrive members replicate his success and scale their own businesses.
Agent value: Thrive Real Estate Network drives value for agents in two primary areas.
First, Thrive heavily emphasizes its turnkey lead gen capabilities that members can access through the platform known as Thrive Network. With features like the “Production Rocket”, the platform is designed primarily to generate leads for its members. Thrive also emphasizes its talented digital marketing team. Digital marketing resources are crucial to improving new agents’ productivity as quickly as possible by helping agents learn how to generate real estate leads beyond what Thrive can independently deliver them. They also provide a list of the best places to buy real estate leads, which can greatly improve the agent’s success in the work place.
Second, Thrive gives member agents access to a significantly higher level of training than most eXp agents get. Since Thrive utilizes revenue sharing as a part of eXp, the training comes at no additional cost to Thrive members. Training is valuable especially for agents who have never worked with cloud brokerage – and can help with the unique challenges that agents face. Examples of training provided include navigating various buyers, sellers, and market conditions as the market shifts over time.
This setup allows agents to hit the ground running and improve faster than would otherwise be possible. Thrive agents are often overwhelmed with the abundance of real estate software they have at their disposal when first joining.
2) Tim & Julie Harris: Quality Coaching
Some groups focus on coaching downline agents as a primary sponsorship draw. Tim and Julie Harris excel here, with over two decades of coaching experience. They lead a team of HARRIS Certified Coaches©, the Harris’ own copyrighted affiliation of real estate coaches.
By focusing on developing a coaching network, the Harrises utilize the benefits of centralizing knowledge and experience into a group.
Tim and Julie Harris also run a robust realty content publishing house of their own. They feature a daily podcast on everything from lead generation to business planning to market updates. They also publish content on market trends and host a range of coaching programs.
Agent Value: The Harrises stand out as a premier example of what kind of coaching resources agents should look for in a sponsor, as well as showing how much to expect to pay for these kinds of resources.
In the Harrises’ case, they offer a variety of packages with varying levels of individual attention and assistance. While accessibility may vary by package, the programs consistently give agents access to a wide range of training. This content touches on everything from best business practices to “mindset systems” and other psychology-based training.
Many leading coaching programs in eXp are more than just experts imparting industry wisdom and knowledge. Instead, they can provide all the support agents need to get their business off the ground.
In addition to the actual coaching and training sessions themselves, the Harrises provide their downlines with:
- a prebuilt internet lead generation system
- negotiations scripts
- flyer templates
- BPO enablement tools
By providing such a wide range of capabilities, sponsors like the Harrises focus on fostering new agents’ productivity.
3) Brent Gove: Agent Attraction Expert
For experienced agents that already have successful practices, joining eXp Realty can seem like a riskier proposition. Fortunately, there are sponsors like Brent Gove who have gone through the same experience and can help agents follow in his footsteps.
Gove had a multi-decade real estate career across two different national brokerages. Most notably, he built a $100 million brokerage at Keller Williams. While he admits to being cautious about changing brokerages, eXp quickly won him and his brokerage over.
He’s now a leading advocate for eXp Realty, having spent the last several years reaping the agent benefits of the brokerage. With most of his business focused in and around Sacramento, CA, his success with eXp convinced him of the organization’s viability even in very competitive markets.
Agent Value: Gove excels at recruiting new agents to eXp Realty– what he terms “agent attraction.” Since joining the online brokerage, he’s developed a reputation for attracting new agents to the organization.
In the process, he’s built an extensive downline for himself, with the revenue-sharing benefits that come with it. These experiences and insights are highly valuable for someone who’s looking to join eXp primarily in a recruiting capacity, rather than focusing on selling real estate.
Mid-career switchers like Gove can also be a benefit to agents who are looking to transition at a similar point in their career. Agents in the middle of their career have different needs from a sponsor than new agents.
For instance, they likely have already built out their business processes and back-office systems, and they have less need for the more beginner-level training. Sponsors like Gove can provide excellent guidance for more experienced agents interested in making a mid-career shift from an existing brokerage to eXp Realty.
Runners up:
How Gene Frederick Makes Millions in Revenue Share
As discussed earlier, a key differentiator for eXp Realty is revenue sharing. It means that the more agents lean into the business model and expand the organization, the more profitable they are personally. Gene Frederick has committed fully to the organization, currently serving both as a Director of the brokerage and a model for finding success within the company.
After 30 years in real estate, Frederick joined eXp Realty in 2015. As a sponsor and a leader in the brokerage, he has developed an extensive “downline” that potentially earns him millions a year in passive revenue share.
He’s achieved such a high level of success at eXp in part because of his prior success building a brokerage network at Keller Williams. When he switched to eXp, he could then tap that existing network to rapidly build his own downline.
Agent Value: The biggest value to come from sponsorship with someone like Gene Frederick is the lessons around revenue sharing. He exemplifies the success that can come from being an effective recruiter for eXp, and how agents can leverage that into robust downlines of their own.
The key insights from sponsors like Frederick are how to either activate their existing real estate network or build out their network in order to cultivate a productive downline. This requires not only selling others on eXp Realty’s benefits, but also identifying successful agents in their own right who will become productive parts of recruiting agents’ downlines.
Jay Kinder: Building a Personal Brand
Real estate as an industry is known for big names and big personalities. Jay Kinder exemplifies how new agents can lean into this culture to their benefit.
By age 30, Kinder had progressed from a small town in Oklahoma to a millionaire with a reputation for rapid business growth strategies. In the course of his meteoric growth, he became known for taking aggressive growth tactics. He even utilized traditional radio and TV ads along with old-school digital ads, an unconventional and ambitious investment that appears to have paid off.
His story exemplifies the viability of the “get rich quick” path that some agents strive to achieve.
By his late 20’s, Kinder was already transitioning beyond perfecting his success model to enabling other agents to find their own success. He joined with Michael Reese to form Kinder Reese Real Estate Coaching and Training. This organization expanded into The National Association of Expert Advisors (NAEA) prior to Kinder bringing the entire group over to eXp Realty. Throughout his coaching career, he’s helped hundreds, if not thousands, of agents.
Agent Value: There are two advantages to seeking a sponsor like Jay Kinder, one that’s professional and one that’s personal.
The personal benefit to new agents is learning how to harness their own personality and craft their personal narrative. This is often done using a detailed social media strategy. In an industry where success begets more success, crafting a winning persona is essential.
Keep in mind: it’s also harder to define and teach, which makes learning from examples even more crucial. Kinder often encourages agents to use a well-known real estate website builder to create a brand-savvy lead generation website.
For agents looking for the more quantifiable benefits, Kinder’s coaching business is a chief advantage of his sponsorship.
While Kinder’s organization, the NAEA, may not provide as much in terms of business process support, it excels at providing a consistent stream of new training and direct access to real estate expertise. The NAEA does emphasize its support for active marketing strategies, which aligns with Kinder’s own journey to success as well.
How Agents can Evaluate their Sponsorship Options
Not all sponsors are great fits for all agents, and signing with a poor match can derail agents’ success at eXp Realty before even getting off the ground.
It’s important for agents seeking sponsorship to ensure they’re clear with themselves and with potential sponsors about what priorities are. Sponsors should also be able to reciprocate the value that agents provide to them.
Remember to consider sponsors’ existing track records, both in terms of their own prior realty success and their success coaching and sponsoring other agents.
Each agent has different needs. Since there’s no one-size-fits-all approach, utilize the experiences of agents who have already participated with specific sponsors, or the brokerage as a whole.
Read other agents’ reviews of eXp Realty, as well as other top national brokerages, on AgentAdvice.com. Learning from others’ insights can be the most helpful tool for finding the best brokerage and sponsor to enable their success in the modern real estate market.
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Comments
3 comments
Be very careful who you chose as a spons...
Heike 2023-02-24
Be very careful who you chose as a sponsor. Mine is MIA and there is barely a benefit in being part of the "group". When I sell real estate, they get a part of the pie without really offering what they promised when they recruited me. It's partially on me because I didn't do my homework as I should have done.
Steve - from my experience, you can get ...
Rachel 2022-02-16
Steve - from my experience, you can get your own mentor. They need to pull strings from their side to make it happen.
Can a new agent pick their Mentor? I alr...
Steve 2022-02-15
Can a new agent pick their Mentor? I already have an idea for my Sponsor, who also happens to be an eXp Certified Mentor.
Leave a comment
Greetings, real estate enthusiasts! I'm thrilled to delve into the intricate world of eXp Realty, a firm that has not only transformed the traditional brokerage model but has emerged as a prominent leader in the real estate industry over the past decade. My extensive knowledge stems from a genuine passion for the real estate sector and years of immersed expertise. Let's dissect the comprehensive concepts presented in the article to equip you with a profound understanding of eXp Realty and its unique sponsorship model.
eXp Realty's Evolution: In the last decade, eXp Realty has transcended from a pioneering brokerage model to an industry leader. Their innovative approach offers agents a distinctive set of benefits, underlining their commitment to agent success.
Sponsorship Dynamics: The article emphasizes the distinctive process of joining eXp Realty, wherein most agents are sponsored by existing members. This sponsorship dynamic creates a unique learning opportunity, enabling new agents to grow under the guidance of their sponsors. The symbiotic relationship between sponsors and agents is highlighted, showcasing how sponsors contribute to the success of their proteges.
eXp Sponsorship Mechanics: The crux of eXp's sponsorship setup is revealed, with a focus on the complementary relationship between agents and sponsors. The article elucidates that, contrary to common perceptions, it costs agents nothing to receive support from their sponsors. In fact, eXp corporate rewards sponsors based on their sponsored agents' success, creating a natural motivation for sponsors to actively contribute to their proteges' growth.
Incentives for Sponsors: The ingenious revenue-sharing incentive is explored, elucidating how sponsors go beyond traditional training and coaching. Sponsors may provide leads, technology platforms, form collective groups for advice, and even offer one-on-one support. This multifaceted support system is a testament to eXp's commitment to fostering well-trained agents equipped with the tools for a successful career.
Choosing an eXp Sponsor: The article provides valuable insights into the criteria for selecting an eXp sponsor. It challenges common misconceptions, such as the sponsor needing to be local, and emphasizes the importance of choosing a sponsor based on their support and alignment with your goals.
Importance of Having a Sponsor: A powerful statement reinforces the necessity of having a sponsor when joining eXp. The article asserts that naming a sponsor costs nothing but can potentially yield everything for the agent's success.
FAQs on eXp Sponsorship: The article addresses common questions about eXp sponsorship, covering topics such as having an out-of-state sponsor, the difference between a sponsor and a mentor, the necessity of having a sponsor, and the possibility of changing sponsors.
Top eXp Sponsorship Picks: The article goes the extra mile by featuring some of the top sponsorship groups within eXp Realty. These include Thrive Real Estate Network, Tim & Julie Harris for quality coaching, Brent Gove as an agent attraction expert, Gene Frederick for revenue sharing insights, and Jay Kinder for building a personal brand.
Agent Value from Top Picks: For each top sponsorship pick, the article details the unique value it offers to agents. From turnkey lead gen capabilities and extensive training to coaching expertise and revenue-sharing insights, each sponsor brings a distinct advantage to the table.
Evaluation of Sponsorship Options: The article underscores the importance of agents carefully evaluating sponsorship options. It encourages agents to consider sponsors' track records, both in realty success and coaching, and emphasizes the need for a mutually beneficial relationship.
In conclusion, eXp Realty's sponsorship model is unveiled as a dynamic ecosystem where agents and sponsors collaborate for mutual success. By choosing the right sponsor, agents can unlock a wealth of resources, guidance, and opportunities, setting the stage for a thriving career in the ever-evolving real estate landscape.
