Becoming a successful real estate agent requires more than just selling homes as a full time job. And those that sustain in the business for the long haul understand that in order to survive, you need multiple streams of income. At eXp Realty, there are several opportunities that are built into the core of the Brokerages programming that offer simple ways to generate multiple streams of income for agents who have an interest in selling Real Estate and those who are leaders in the industry. Let’s explore the different ways you can generate multiple streams of income as a real estate agent with EXP Realty.
Real Estate Transacting
One of the primary ways we generate income is through sales transactions. We earn commissions by helping clients buy or sell properties. We can assist investors with building an investment portfolio. We can help tenants find a rental home to live in. To increase transactions, you need to work with more clients, expand your referral network, and develop new marketing strategies.
One effective way to expand your referral network is by building relationships with other professionals in the industry, such as mortgage brokers, real estate attorneys, and home inspectors. By networking with these professionals, you can increase your chances of getting more referrals, which can help you generate more income.
Mentoring New Agents on income streams
As an experienced real estate agent, you can also generate income by becoming a mentor to other agents. By mentoring other agents, you can help them improve their skills and knowledge, and in return, earn a percentage of their transactions.
Mentoring can be a great way to share your expertise and knowledge while also generating additional income. To become a mentor, you need to have a good track record of success, be willing to share your knowledge, and have strong communication skills.
At some Brokerages, more experienced agents mentor less experienced agents without compensation, systems for quality control, or additional support that help to ensure a positive experience for both the experienced and the new agent . At eXp, there are streamlined processes for becoming a mentor and also training, support, and tools available for any eXp Mentor to help the mentor guide and support the newer agents in the Brokerage. New eXp agents are required to have a mentor for their first three transactions and the mentor is compensated by receiving a 10% commission split whenever their mentee closes a sales transaction up until they graduate from the program
Another way to generate income as an EXP Realty agent is through the company's revenue-sharing program. Part of what makes eXp Realty unique is that our agents can receive revenue share from the people they sponsor into the company. Sustainability is one of the fundamental core values of eXp Realty and it is the collective intent of the agents and brokers of eXp Realty to attract credible, ethical and productive real estate professionals who are aligned with eXp Realty’s culture and core values. A recruitment program that compensates the individuals who attract the talent is a beneficial model for any business.
Agent Equity Program
The EXP Realty Agent Equity Program is another income stream as a real estate agent. Through the program, agents can earn equity in the company based on their production. Agents enrolled in the program will automatically assign 5% of their gross commissions to purchase EXP Stock at a 10% discount. Your investment has the potential to grow exponentially over time. With investing there is alway the potential for risk and reward.
Finally, EXP Realty also offers stock awards to all agents who meet certain milestones and production levels. The stock awards are designed to reward agents who are successful in growing their businesses and contributing to the company's growth.
To qualify for the stock awards, agents need to meet certain production levels, and the awards are issued in the form of restricted stock units. This can be a great way to generate additional income and build long-term wealth.
- Earn shares on your first (full unit) transaction in an anniversary year
- Earn shares when you fully cap during your anniversary year.
- Earn shares when an agent you sponsor closes their first transaction
- Earn shares when you achieve ICON production status
Global Referral Partnerships income stream
Real estate referral partnerships can be an excellent way to expand your business and generate passive income. One way to capitalize on these partnerships is by leveraging the power of technology and working with experienced agents in other states and countries through the online platforms that eXp provides such as the Workplace app and the eXp Agent Referral website . By using these platforms, you can connect with real estate professionals in different parts of the world and offer your clients the best possible service. This can be particularly beneficial if you work with clients who are relocating or investing in properties in other states or countries. You can refer your clients to your partners, who will handle the transaction and pay you a referral fee for your services. This allows you to earn passive income without having to do any of the heavy lifting. Another way to capitalize on real estate referral partnerships is by building relationships with local real estate agents in other states or countries. You can do this by attending the National or Regional conference that are regularly hosted by eXp Realty including eXp Con and the eXp Shareholder Summit. By building strong relationships with these agents, you can increase your referral business and generate more passive income. You can also offer your expertise and knowledge of your local market to your partners, which can help them serve their clients more effectively.
Generating multiple streams of income as a real estate agent with EXP Realty requires a combination of hard work, dedication, and leveraging the various programs and opportunities offered by the company for active income streams. By focusing on transactions, becoming a mentor, participating in the revenue-sharing program, earning equity through the agent equity program, and receiving stock awards, you can create multiple streams of income and build long-term wealth. So, get started today, and take advantage of these opportunities to maximize your earning potential as a real estate agent with EXP Realty.
Meet Rachel Allen
Rachel Allen is a skilled Team Leader at the Rachel Allen Real Estate Group in the Houston, Texas Market who find out how to achieve financial freedom. With over 12 years of experience in Real Estate, Rachel is dedicated to delivering exceptional customer service and negotiating on behalf of her clients.
Having started her career in 2010 as a Real Estate investor, Rachel has a unique perspective on the industry, having participated in house fix-and-flips and buyer-and-hold rentals. In 2020, Rachel joined eXp Realty, where she is able to leverage her knowledge, expertise, and passion for the field to provide her clients with the best possible service.
Rachel's areas of expertise include First Time Homebuyers, New Construction, and Investment Rentals. Her focus is always on making each transaction as smooth and stress-free as possible for her clients. Thanks to her resourcefulness and excellent communication skills, Rachel is well-known in the industry for her ability to get results.