Just because we work in Real Estate and know how it works, we assume that the general population knows as well. Then as Realtors, we make decisions based on their opinion. Where am I going with this? Well, most Realtors decide to work with a large brokerage, a big brand name because they assume their clients care about that. Well, do me a favor, send a text or email to your past and present clientele and ask them a simple question: "Who's my broker?". See how many get it right and how many will just assume you are the broker or how many simply don’t care.
From my experiences, people work with you because of YOU and your reputation. Not what brokerage you work for. Most people don’t even know that we as Realtors even work for a brokerage. So, if your clients don’t care why do you? Why are we paying tens of thousands of dollars just to use their name? They giving you leads? An office? Nope. You have to pay for that yourself. I know what you may be thinking “But I get a free office!” Honey, nothing is free nowadays!
Let me ask you something…What’s your desk fee? At eXp Realty, you pay $16,000 at an 80/20 split and then you’re done. Like done-done. Not only are you done, but if you sell an additional 20 transactions, you get all of the $16,000 back in stock. Yes STOCK. Exp Realty is a publicly traded company so there’s your retirement. I don’t know if a single real estate company that gives you stock, or you have options to earn stock for your future.
Since I can speak 3 languages, I love numbers because I don't have to translate them. They are the same in every language. So, when I sat down with Curt and Mark from eXp Realty, they showed me the real numbers. Right away I thought of all the people I absolutely love at KW Advantage and felt like I was cheating on them. But those numbers…they haunted me for weeks.
Mark said something along the lines of "you can't un-see the numbers" and he was right. I realized I needed to put my big girl pants on and make a real business decision based on NUMBERS and nothing else. No feelings, no friendships, no BS. Just numbers and what's best for me, my family and Gogo's Real Estate. When you’re a Realtor, you’re an entrepreneur and you run a business! You are a business owner!!! WHY are you taking friendships or feelings into the decision making? You are in the business of making MONEY not making friends. Trust me, if those people are your real friends, they will ALWAYS be there for you and if they were only nice to you because you cut them a $30,000 (or more) check year after year, well then you didn't lose anything did you?
Even though it’s a decision based on numbers and best interests, you still have to make that phone call to those people and tell them yourself. You can't just send a text or email. It's not cool, it’s not professional and it’s not how you should do business. If you make a decision for yourself and your future, own it! Make that call no matter how hard it is. I'm happy to say that both of my calls went very well.
First, I called the Team Leader at the office since he was the one who recruited me to KW Advantage in the first place. He was the one who won me over from Real Estate One, who I was with for 6 years. He was able to show me few different ways how I can make money besides just chasing that next commission. I switched from REO to KW Advantage, Novi in February of 2018. I loved it there. Such a nice office, such nice people, but it was a good 45 min from my house and from the area I usually work in. So, I moved into my basement to not have to deal with traffic.
The second call I had to make was to the owner of the Novi office. I met her after I hired in and she was such an inspiration, so smart and so successful. Having to part ways with her was a very hard decision. To my surprise, she took it so well and invited me back any time if the grass is not greener on the other side. In order to see how green it is though, you have to take that leap of faith...
So here I am, officially part of eXp Realty. FREE to work from wherever and whenever and to truly be my own boss! The ability to have multiple income sources, recurring/passive income and most importantly to have a plan for retirement because no other real estate company, that I know of, offers that. I totally feel like I grew up in this industry! I feel like I took my cute little LLC and turned it into a corporation.
You may be wondering at this point: “What the heck is eXp Realty?” Well, it’s a cloud based virtual brokerage where agents can become shareholders of the company, keep more of their commissions and have more freedom. It’s a one of a kind company. There are only about 15,000 agents nationwide, along with Canada and Mexico, but we are growing substantially. We have been the fastest growing brokerage ever and I'm happy to be a part of it so early. I believe this is the future of Real Estate. When I got into the industry, the average agent was 63 years old here in Michigan. Now I walk in the office and I'm old at 37. There are a lot of young millennials because making money on your own time is huge in Real Estate. Most millennials don't want a boss breathing down their neck, telling them where they need to be, at what time or what they can or cannot wear. The office setting and typical 9-5 business hours will never work for a millennial. The future of many jobs, including real estate is in the "cloud" or internet based. Sadly, if the old-fashioned brick and mortar Real Estate brokers don't come to their senses and change their ways, they won’t be around for long.
So here are the reasons why I switched:
In January of this year I went to Business Mastery, one of Tony Robbin’s seminars in West Palm Beach, Florida. Five days of intensive classes about all the different aspects of being a business owner/entrepreneur. At this seminar we learned we’re supposed to have at least 7 different sources of income. Yes, I make very good money, but all my eggs were in the same basket and that's scary. So, my goal for this year was to figure out the ways to do just that. eXp Realty helps me with that. They provide 3 out of the 7. I’ll break them down for you.
First, every brokerage will charge you a desk fee. Some are capped some aren't. For example, KW Advantage charged me $18,000 at a 70/30 split, plus a 3% royalty fee capped at $3000. I ended up paying $21,000 a year. eXp Realty charges everyone $16,000 at an 80/20 split. Not only am I saving $5000 every year, but each time I close I keep 10% more. Plus, if I sell 20 more transactions in the same year, I get all $16,000 back in stock.
The second income stream comes from the stock I can get in the company and the dividends I can make from that stock. That’s my retirement. My nest egg.
Lastly, one of the biggest reasons I switched is because at eXp Realty you get rewarded when you help the company grow. If you are familiar with the KW model, this is very similar. The main difference though is between "profit share at KW" vs "revenue share at eXp". The difference is this: for every person you refer to the company you will make 3.5% of their commission every time they close and they pay their 20% to the company, year after year, as long as both of you are with eXp anywhere in this country, Mexico or Canada. You remember that passive/recurring income I was talking about? This is it!!! Tell me you don't know 10 agents somewhere in this country, that if you switched and you told them about eXp that they wouldn't follow you. That's a potential $2800 per person, per year as income to you. They can also refer agents to the company, 7 generations down. Each generation pays you a different percentage but pays you a certain percentage of each of those agent's commission every time they close. I know, it’s crazy.
As for chasing the next commission everything is the same. I am working just as hard to get sellers and buyers to work with Gogo’s Real Estate. None of that is changing. I'm just working smarter not harder.
Here is a great video you can watch to understand eXp Realty furthermore:
So my new goal in 2019 is to help as many agents as I possible can to become “rockstars” in this industry. I would love to have you a part of my tribe. Here’s the link where you can join my Nationwide Rockstar Team because you’re convinced this is the future of Real Estate: