eXp Realty is a cloud real estate brokerage. It employs real estate agents as independent contractors and offers software and support to these agents. As a cloud brokerage, eXp Realty does not have any local real estate offices. eXp Realty is owned by one corporate entity and does not operate franchises in the US.
Agents join eXp Realty and access its suite of services via online portal. eXp Realty provides traditional real estate brokerage services as well as a number of software offerings and virtual services to its agents. For example, eXp Realty offers access to co-working spaces, marketing tools, a virtual campus, and transaction management tools. Like other brokerages, eXp Realty charges agents a commission split and assorted fees.
Similar to most traditional brokerages, real estate commissions charged to buyers and sellers working with eXp Realty are negotiated on a case-by-case basis with agents.
EXp Realty is publicly traded on NASDAQ under the ticker EXPI.
According to most public sources, eXp Realty has an 80% commission split with a $16,000 annual cap. Essentially, an agent will pay 20% of their commissions (they keep 80%) until they have paid eXp Realty $16,000 in commissions. After that, the agent will keep all remaining commissions. There are also a number of other flat fees, including a software fee (~$85 monthly), a startup fee (~$150 one time), an errors and omissions insurance fee per transaction (capped at $500), and a broker review fee per transaction (~$25 per transaction).
EXp Realty reduced headcount by roughly 15% in April 2020 in response to the Covid-19 pandemic.
As of late 2020, eXp Realty had just under 36,000 agents.
eXp Realty acquired VirBELA, the provider of its virtual campus services, in November of 2018.