Listen to this articleBelow is our recent interview with Brad Schmett, President at Brad Schmett Real Estate Group:
Q: You recently transitioned your 15-person, 100 million dollar producing real estate team to a new brokerage called eXp Realty. Why did you move to eXp?
A: Because of the incredible OPPORTUNITY that eXp offers! That’s why I made the move to eXp Realty!
eXp Realty is a true “game changer” and is revolutionizing the real estate industry by “disrupting” the old school traditional bricks and mortar business model.
Q: What is eXp Realty?
A: eXp Realty is the world’s first “Agent-Owned 100% Cloud-Environment Brokerage”. Company founder, Glenn Sanford, realized that a true 100% cloud-based brokerage that offered a more efficient business model, provided better tools, technology and support to agents, offered stock equity and “true” revenue share program was the future of real estate. Glenn Sanford was right! Sanford founded eXp Realty in 2009.
The eXp platform is positioned to revolutionize the real estate industry, just like Netflix, Amazon and Uber have done in their respective industries.
The five (5) main pillars of the eXp Realty business model are:
1. The Cloud Office Environment (No bricks and mortar, no desk fees, no royalty fees, no franchise fees).
2. The Economic Business Model (Low cost/high value, 1st income stream).
3. The Technology Platform (Revolutionary technology).
4. The Equity – Company Stock Program (2nd income stream).
5. The Revenue Share Program (3rd income stream, which is passive residual income).
Photo Credit: Imagine Imagery
Q: What does “Agent-Owned” mean?
A: eXp agents and broker associates are eligible to participate in a company stock equity program. There are several ways agents can acquire eXp stock from purchasing it at a discount to being awarded stock attaining certain performance levels. eXp stock is publicly traded on Nasdaq under the ticker symbol EXPI.
Q: What is revenue share?
A: It’s basically passive residual income. A true exit strategy for agent, when ready! For every agent introduced to eXp Realty by another agent, the introducing agent receives a portion of the annual commissions of the agent they introduced. Revenue share is paid by eXp Realty from their portion an agent’s commission split. Agents also receive passive revenue from agents they and their revenue share group attract up to 7 levels deep. This gives agents the opportunity to earn passive residual income as they grow their core real estate business.
Q: How does an agent build revenue share?
A: We simply help share information about the eXp Realty program with other agents that we know and if they join, we become their sponsor. Once they join the company and begin producing, we will receive up to $2800 annually from each of them (3.5% of GCI until they cap, on an annual basis). We also get revenue share from whoever they recruit, 7 levels deep.
Q: You mentioned that agents can buy and/or be awarded stock in the company. Where is eXp stock traded?
A: eXp stock is traded on the NASDAQ stock market exchange and the ticker symbol is EXPI.
Photo Credit: Imagine Imagery
Q: Does eXp Realty charge an annual “Royalty Fee” like some companies?
A: No. eXp Realty is not a franchise and there are no franchise or royalty fees.
Q: What is the process of joining eXp Realty?
A: Anyone interested in learning more about eXp Realty should call or text Mark Wasserman, Vice President, Business Development at Brad Schmett Real Estate Group at (760) 397-3270.
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